The Consumer Financial Protection Bureau on Wednesday fined an auto lender $2.75 million for providing inaccurate information about borrowers to credit-reporting agencies.
Texas-based First Investors Financial Services Group Inc. allegedly provided wrong information about how much consumers were paying toward their debts, the number of late payments they made and whether they had their cars repossessed. According to the CFPB, the company knew it was reporting inaccurate information to credit agencies such as Experian, TransUnion and Equifax. It notified its software vendor about the flaws, the agency said, but then did nothing further to correct the problem.
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