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Auto dealer to pay penalty for furnisher’s inaccurate information
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Case Law, Consumer Protection
Friday, December 18, 2015
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Buy-here, pay-here auto dealer, CarHop, and its financing company, Universal Acceptance Corporation, have been hit with a $6,465,000 civil money penalty for violations of the Consumer Financial Protection Act’s prohibition of UDAAP and the Fair Credit Reporting Act. The Consumer Financial Protection Bureau determined that the companies furnished inaccurate information regarding customers’ accounts to credit reporting agencies. Read on for more details.
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