TransUnion Company Banned From Working With Consumer Financial Protection Bureau

Argus Information and Advisory Services made a deal with the government. The company agreed to forego contracts with the Consumer Financial Protection Bureau, a federal agency, for three years.  There were some allegations that Argus did not follow the law.

Argus is owned by TransUnion. TransUnion is one of the three big credit reporting companies in America. These companies keep track of people’s credit scores and payment history.

The Consumer Financial Protection Bureau is the government agency involved. The CFPB watches over banks and other financial companies. It makes sure these companies follow the rules.

Argus put this promise in writing. For three years, it will not ask the CFPB for any work contracts. This means Argus cannot bid on government jobs with this agency until the ban ends.

TransUnion and its companies collect data about millions of Americans. They sell this information to banks, landlords, and other businesses. These businesses use the data to decide if they will lend money or rent apartments to people.

The CFPB often makes deals like this with financial companies. When companies break rules or cause problems, they sometimes agree to limits on their business. This helps them avoid lawsuits or bigger punishments.

The three-year ban started when Argus signed the agreement. After three years, the company can try to get CFPB contracts again.