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Thursday, August 21, 2014

CFPB Takes Action Against Auto Finance Company

The CFPB is ordering a Texas-based auto finance company to pay a $2.75 million fine, fix its errors and change its business practices. The company is charged with distorting consumer credit records.

The auto finance company, which offers loans directly to consumers to finance the purchase of motor vehicles, was found to have reported wrong payments and overdue amounts, distorted the dates of first delinquency, inflated the number of delinquencies for some customers and mischaracterized of the vehicle surrender.

Read more.

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