Experian to Pay $24 Million for Letting Payday Loans Hurt Credit Scores

Experian has agreed to settle with 56,000 Americans who had their credit reports tainted by data from a beleaguered online payday lender.

The $24 million settlement comes in response to a federal class-action suit filed in 2016 by a Gwinnett County, Ga., woman who, like the others, saw her credit report suffer because of a delinquency from Western Sky Financial. The South Dakota-based company sold more than 18,000 loans in Georgia with interest rates as high as 340%, according to the Georgia Attorney General's office.

https://www.cpapracticeadvisor.com/payroll/news/21120128/experian-to-pay-24-million-for-letting-payday-loans-hurt-credit-scores