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CFPB fines auto dealer for alleged credit reporting violations
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Consumer Protection
Friday, November 21, 2014
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An Arizona-based “buy-here, pay-here” used car dealer agreed to pay an $8 million civil penalty to resolve Consumer Financial Protection Bureau claims that its collections activities violated Dodd-Frank’s unfair acts and practices ban. The CFPB also said the company, DriveTime Automotive Group Inc., violated the Fair Credit Reporting Act and the furnisher rule by furnishing information to credit bureaus that it had reasonable cause to believe was inaccurate. Read on to learn about the CFPB’s enforcement action.
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