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Consumer bureau hits medical financing company CareCredit with $34.1 million action

The Washington Post, December 11, 2013
Patients who signed up for a credit card to pay for braces or eye surgery through CareCredit, an arm of General Electric, were given no warning of the high fees tied to the loans and racked up thousands of dollars in debt as a result, the Consumer Financial Protection Bureau said Tuesday. The government watchdog ordered the medical financing company to pay $34.1 million for providing inadequate disclosures and engaging in deceptive enrollment practices. All of the money will go toward reimbursing the more than 1.2 million CareCredit customers who have incurred credit card penalties and fees since 2009. Eligible consumers will be notified by the company.