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  • Hyundai Finance Company Must Pay $19 Million For Credit Reporting Inaccuracies

    Hyundai Finance Company Must Pay $19 Million For Credit Reporting Inaccuracies

    Hyundai Capital America (Hyundai) is being ordered to pay $19 million in compensation and fines for widespread credit reporting failures. The order, announced last week ,handed down by the Consumer Financial Protection Bureau (CFPB).  

    The federal agency says Hyundai furnished inaccurate account info to credit reporting companies -  information that included wrongly reporting that consumers were delinquent on loans or leases.  The CFPB says in total,  Hyundai furnished inaccurate information in more than 8.7 million instances on more than 2.2 million consumer accounts between 2016 and 2020.  

    “Hyundai illegally tarnished credit reports for millions of borrowers, including by falsely reporting them to credit reporting companies as being delinquent on their loans and leases,” said CFPB Director Rohit Chopra. “Loan servicers must be complete and accurate when furnishing information that affects a borrower’s credit report.”

    The $19 million includes $13.2 million in compensation to current and former customers and a $6 million fine.

    Click here read the full CFPB press release.

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    Photo Credit:  Hyundai .