Credit Reporting Considerations Brochure

Consumer Financial Services

In 2022, the Consumer Financial Protection Bureau ("CFPB") announced a public enforcement action against a large captive auto finance company. The enforcement action includes $19.2 million in penalties and customer redress, representing a significant amount per impacted customer. This enforcement action marked the first time the CFPB has required customer redress to individuals impacted by credit furnishing errors. With this enforcement action, the stakes of furnishing inaccurate information became higher than ever before.

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