First Investors Financial Services Group Inc.
Enforcement, Credit Cards, Add-On Products, Credit Reporting, Auto Loans
In August 2014, the CFPB issued an order against First Investors Financial Services Group alleging that First Investors “provided wrong data on how much customers were paying toward their loans, misreported delinquency dates and total amounts of delinquencies and mischaracterized whether a vehicle was repossessed or ‘voluntarily surrendered’ by the consumer.” The company “attributed [the errors] to software purchased by a vendor” but First Investors took no action beyond reporting the problem to the vendor to rectify the situation. The company was ordered to pay a “$2.75 million fine.”
Inactive or Resolved