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Credit-Reporting Firms to Pay $2.5 Million Settlement in Federal Case.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, January, 2000 by McCabe, Diana
Jan. 14--Orange-based Experian and two other credit-reporting companies said Thursday that they will pay a total of $2.5 million to settle federal charges that they failed to answer millions of calls from consumers wanting to discuss their credit reports.
According to the Federal Trade Commission, since 1997, consumers calling toll-free numbers to the nation's three largest reporting agencies -- Experian, Equifax and Trans Union -- were met with busy signals or recorded messages. Other callers were placed on hold for "unreasonably long periods of time" or their calls were blocked, the FTC alleged.
"Consumers never got the access to the consumer-reporting agencies that the law guarantees," said the FTC's Jodie Bernstein in a statement.
The...
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