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Home » Hyundai Capital hit with $19M CFPB settlement

Hyundai Capital hit with $19M CFPB settlement

The case is the Bureau’s largest Fair Credit Reporting action against an auto lender

Amanda HarrisbyAmanda Harris
July 26, 2022
in Compliance
Reading Time: 3 mins read
0
Hyundai Motor Co. vehicles bound for shipment parked at the company's Ulsan plant lot in Ulsan, South Korea, on Thursday, Jan. 20, 2022. The last time Hyundai Motor sold a car in Japan was in 2009, when it pulled out after years of dismal sales. Now, South Korea’s top automaker is back, but with a twist: it’s only going to sell electric vehicles, and only online. Photographer: SeongJoon Cho/Bloomberg

(Photo/Bloomberg)

Hyundai Capital America (HCA) has entered into a $19 million settlement with the Consumer Financial Protection Bureau (CFPB) after the lender was accused of providing inaccurate information to credit reporting companies.   The CFPB alleged that the captive used “outdated systems, processes and procedures to furnish credit reporting information,” leading to inaccuracies that resulted in negative, […]

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Tags: CFPBcomplianceFair Credit Reporting ActHyundai Capital AmericaPremiumUDAAP
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