Debt Collector Settles CFPB Charges For Furnishing Inaccurate Data
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A non-bank debt collector settled CFPB charges for furnishing inaccurate
information to consumer reporting agencies (“CRAs”).
As described in the Consent Order, the CFPB found that the debt
The CFPB also found that the debt collector, as a “covered
person” engaging in violations of consumer financial law,
violated Section 1036(a)(1)(A) of the Consumer Financial Protection Act.
To settle the charges, the debt collector agreed, among other
things, to (i) pay a $500,000 civil money penalty, (ii) review
account information on a monthly basis to assess accuracy and
integrity, (iii) retain an independent consultant with
“specialized experience in FCRA and Regulation V
compliance” to conduct a compliance review, and (iv) not
engage in future violations.
- CFPB Press Release: Consumer Financial Protection
Bureau Announces Settlement with Debt Collector for Credit
- CFPB Order: Consumer Financial Protection Bureau
Announces Settlement with Debt Collector for Credit Reporting
Violation – 11/02/2020
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