Australia: Equifax sued by regulator for misleading consumers

Australia’s competition regulator said on Friday it was suing credit reporting company Equifax Pty Ltd, owned by US-based Equifax Inc, alleging it misled consumers and used unfair tactics with people in financial hardship.

The alleged consumer law breaches by Equifax’s Australian unit, which it bought in February 2016 and rebranded from Veda Advantage, mark the second legal challenge this week involving the Atlanta-based company.

The Australian Competition and Consumer Commission (ACCC) alleged that from June 2013 to March 2017, Equifax misled consumers, telling them its paid credit reports provided more complete information than its free reports, which they did not.

“It is alleged that Equifax acted unconscionably in its dealings with vulnerable consumers including by making false or misleading representations, and using unfair tactics and undue pressure when dealing with people in financial hardship,” the ACCC said.

Full Content: Lexology

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