Advertisement
CFPB Assesses $4.75 Million Civil Penalty Against Santander For Systemic Errors Leading to Inaccurate Credit Reporting Of Millions of Accounts Thursday, January 14, 2021
On December 22, 2020, the Consumer Financial Protection Bureau (“CFPB”) reached a $4,750,000 settlement with automobile lender Santander Consumer USA Inc. in connection with its alleged failure to accurately report its consumers’ data to the credit reporting agencies (“CRAs”).
According to the Consent Order, between January 2016 and August 2019, Santander knew or should have known that it was reporting inaccurate information on millions of accounts as it had received notice from at least one CRA of the errors as early as 2016, its own internal investigation revealed several errors, and the information reported was inconsistent. One of the primary errors – which occurred over 23 million times – related to the inaccurate reporting of the Date of Account Information (