Even the slightest bad rating on a credit report can have long-lasting negative affects on consumers’ lives – from getting jobs to renting or buying a home. And while most bad credit behavior detailed on credit reports are of the consumers’ own doing, sometimes it’s the result of inaccurately furnished information from financial institutions. That appears to be the case for a Houston-based financial group that now faces a hefty fine from the Consumer Financial Protection Bureau.
The CFPB announced today that it fined subprime lender First Investors Financial Services Group Inc. $2.75 million for knowingly providing inaccurate consumer information, including wrong payment and overdue amounts, distorted dates, inflated delinquencies and mischaracterization of vehicle surrender, to credit reporting agencies.
According to a CFPB consent order [PDF], First Investors continued to provide inaccurate information to credit reporting agencies even after discovering the issue in April 2011.
Subprime Auto Lender Fined $2.75M For Providing Inaccurate Information To Credit Agencies – Consumerist
No comments:
Post a Comment