Answer:
Inaccurate credit reporting is one of is=f not the top complaint the CFPB gets and tracks year after year. There was a case when a mortgage was reported as past due but had been paid current. There was confusion between the lender, servicer and the credit bureau. In the end, it wasn’t corrected as it should have been, and the consumer was awarded over $6,000 in compensation and $2.5 million for punitive damages. It was a simple 15-year balloon mortgage. On a larger scale, there’s Hyundai, which was ordered to pay $19.2 million for allegedly providing inaccurate information to credit reporting agencies, stating consumers were delinquent on loans and leases when they weren’t, or not as was reported.
-------------------------
Learn more about Andy Zavoina’s, Handling Daily FCRA Duties
webinar.
print
share