In the Matter of Phoenix Financial Services, LLC

Phoenix Financial Services, LLC allegedly violated the Fair Credit Reporting Act and its implementing Regulation V by failing to establish and implement reasonable written policies and procedures regarding the accuracy and integrity of information it furnishes to CRAs; failing to conduct reasonable investigations of consumer disputes about information Phoenix furnished to CRAs; and failing to report the results of direct dispute investigations to consumers. Phoenix Financial Services, LLC also allegedly violated the Fair Debt Collection Practices Act by sending debt collection letters to consumers before providing the consumer a verification of the debt and by misrepresenting to consumers that they owed alleged debts in certain circumstances when Phoenix lacked a reasonable basis to make those representations, according to CFPB.

Summary generated from official Consumer Financial Protection Bureau press release