Hyundai Gets Slapped With $19.2 Million Penalty For Tarnishing Millions Of Customer Credit Reports | Carscoops carscoops
Hyundai Capital America – the captive finance partner of Hyundai, Kia, and Genesis in the United States – has been slammed by the U.S. Consumer Financial Protection Bureau for “widespread credit reporting failures” that harmed millions of customers.
The scale of the problem was massive as the Consumer Financial Protection Bureau found HCA furnished inaccurate information about 2.2+ million customers on more than 8.7 million occasions between 2016 and 2020. Even worse, “In many cases, Hyundai knew it was providing inaccurate information and failed to take reasonable measures” to address the issue.This hurt consumers as HCA would report customers delinquent on loans and leases, despite having been paid on time.
Following an investigation, the Consumer Financial Protection Bureau determined HCA violated the Fair Credit Reporting Act by failing to report complete and accurate loan and lease account information, failing to provide date of first delinquency information when required, failing to modify or delete information when required, failing to have reasonable identity theft procedures, and failing to have reasonable accuracy and integrity policies and procedures.
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