Hyundai Financing Unit Settles CFPB Allegations for $19 Million
27 July 2022 - 2:53AM
Dow Jones News
By Dean Seal
Hyundai Motor Co.'s automotive financing unit will pay the
Consumer Financial Protection Bureau $19 million to resolve claims
that for years it sent inaccurate account information to credit
reporting companies, the consumer protection agency said
Tuesday.
The CFPB alleges that between 2016 and 2020, Hyundai Capital
America used systems for furnishing credit report information that
were outdated and resulted in negative, inaccurate information
being placed on consumers' credit reports.
The agency claims the Hyundai subsidiary reported false
information in more than 8.7 million instances on more than 2.2
million customer accounts, including for some borrowers who were
incorrectly reported as being delinquent on their loans and leases,
the CFPB said.
Without admitting or denying the allegations, the subsidiary
agreed to pay $13.2 million as redress to affected consumers who
were inaccurately reported as being delinquent. Hyundai Capital
America will also pay a $6 million fine, the agency said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 26, 2022 12:38 ET (16:38 GMT)
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