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April 30, 2021
On Thursday, the Federal Trade Commission (FTC) announced that it reached a settlement with Vivint Smart Homes Inc., a smart home security and monitoring company, thus settling claims that the company âmisused credit reported to help unqualified customers obtain financing for the companyâs products and services.â
Previously, the United States, acting on behalf of the FTC, filed a complaint in the District of Utah against Vivint, alleging that Vivint violated the Fair Credit Reporting Act (FCRA) by improperly obtaining credit reports in order to qualify potential customers for financing for its smart home monitoring and security products. The FTC also averred that Vivint violated its Red Flags Rule because it failed to implement an identity theft prevention program as required for companies that regularly use or obtain credit reports. The agency claimed that Vivint used door-to-door salespeople who worked on a commission basis to se
Vivint reaches $20M settlement with FTC over allegations of fraudulent use of credit reports
This isn’t the first time the company’s salespeople have been accused of deceptive conduct.
| April 30, 2021, 2:29 a.m.
Utah home security company Vivint Smart Home Inc. has agreed to pay $20 million as part of a settlement with the Federal Trade Commission after allegedly using credit reports fraudulently to help unqualified customers obtain financing for its products.
An FTC news release says Vivint’s door-to-door sales representatives would help customers qualify for loans by finding another consumer on the White Pages app with a similar-sounding name and using that unwitting person’s credit history in the application process. The sales representatives would also allegedly ask customers for the name of someone they knew who had better credit history, and then they would add that person as a co-signer to the account without their permission.