The Consumer Financial Protection Bureau took action against a software company for providing what it said was a flawed product that caused auto lenders to incorrectly report information on consumers to credit reporting agencies.
The public enforcement action cites five lenders which reported the incorrect information, but does not contain any penalties or action for the lenders in the consent order. Instead, the software company is told to identify and correct errors, file a compliance plan with the bureau and pay a $1.1 million penalty.
Read on for more about the company and the case.
TO READ THE FULL STORY
Cover Story: