The Consumer Financial Protection Bureau is targeting violations of strict rules for so-called “furnishers,” including auto lenders, plus in many cases their vendors, and potentially some independent dealers and buy-here, pay-here dealers, assuming they all furnish consumers’ nonpublic personal information to credit reporting bureaus.

For instance in August 2014, the CFPB reached a consent order with First Investors Financial Services Group of Houston, for failing to furnish accurate customer data to credit reporting agencies. The lender agreed to pay a fine of $2.75 million.

 

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How ‘Furnishers’ Can Avoid Trouble with the Feds

The Consumer Financial Protection Bureau is targeting violations of strict rules for so-called “furnishers,” including auto lenders, plus in many cases their vendors, and potentially some independent dealers and buy-here, pay-here dealers, assuming they all furnish consumers’ nonpublic personal information to credit reporting bureaus.

For instance in August 2014, the CFPB reached a consent order with First Investors Financial Services Group of Houston, for failing to furnish accurate customer data to credit reporting agencies. The lender agreed to pay a fine of $2.75 million.

 

Read the rest here.

 

Financial Solutions



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