FTC: Consumer finance website favored companies that paid
DOVER, Del. (AP) — Federal regulators say a personal finance website founded by former University of Delaware students has agreed to pay $350,000 to settle allegations that it posted fake reviews and steered users toward companies that paid the site. The Federal Trade Commission on Monday announced a proposed consent agreement with LendEDU.com and company officials. The FTC’s complaint says the New Jersey-based operators of LendEDU claimed that the website provided “objective,” “accurate” and “unbiased” information about consumer financial products, including student loans, personal loans, and credit cards. But authorities say it failed to disclose that information on its website was actually influenced by compensation from advertisers.