CFPB v. American Honda Finance Corporation

American Honda Finance Corporation allegedly violated the Fair Credit Reporting Act (FCRA), its implementing regulation, Regulation V, and the Consumer Financial Protection Act of 2010 (CFPA). According to CFPB, during the COVID-19 crisis, Honda Finance allowed consumers to defer payments and promised to continue reporting those consumers to the consumer reporting agencies (CRAs) as current, but instead, reported those consumers as delinquent when they did not make payments during the deferral period. American Honda Finance Corporation also allegedly violated FCRA and its implementing Regulation V by continuing to furnish inaccurate and incomplete information after it determined the information was incomplete or inaccurate; failing to timely complete indirect dispute investigations and report the results of the investigations to CRAs; failing to establish and implement reasonable written policies and procedures regarding the accuracy and integrity of the information it furnished to CRAs; and failing to conduct reasonable investigations of direct disputes and timely report the results to consumers.

Summary generated from official Consumer Financial Protection Bureau press release