CFPB Fines Xerox for Furnishing Incorrect Information to Credit Reporting Agencies
11/22/2017 9:00 AM
Company’s software flaws allegedly led to distribution of incorrect information about more than 1 million borrowers.
The Consumer Financial Protection Bureau has issued a consent order against Xerox Business Services LLC, now Conduent Business Services, for providing incorrect or incomplete information about consumers to credit reporting agencies. The company reportedly experienced software flaws that led to the erroneous information shared about more than 1 million borrowers.
“The company also failed to notify all of its auto lender clients about known flaws in its software that led to the errors,” according to a news release from the CFPB.
It seeks a $1.1 million civil penalty from the company, an explanation of the mistakes to its clients and a compliance plan to show fixes to the software and prevention of errors in furnishing information in the future.
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