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.

NewsCFPB

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.

Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn  group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org.  Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse. Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training website to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.

NEWSROOM

Loading...

Loading...

Scroll to Top