The finance arm for a chain of buy-here, pay-here dealerships agreed to pay more than $82,000 to settle Federal Trade Commission charges that the lender violated the rules for furnishing accurate consumer data to credit reporting agencies.
“An inaccurate credit report can have a huge impact on consumers,” said Jessica Rich, director of
the FTC’s Bureau of Consumer Protection, in a statement last week.
The FTC said Tricolor Auto Acceptance LLC lacked written policies and procedures to check the accuracy of its credit information, and failed to properly investigate consumer disputes. Tricolor Auto, based in Irving, Texas, has 17 locations in Texas and Oklahoma, according to the company’s website.
Tricolor Auto Acceptance neither admits nor denies the charges. Since last year, the FTC and the Consumer Financial Protection Bureau have settled at least three other auto finance cases citing the Furnisher Rule.
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