Fair Credit Reporting Act Case Study

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Texas Auto Dealer Receives Hefty Fine of $82,777 for Credit Reporting Requirement Violations In September of this year, Tricolor Acceptance, the loan servicing arm of Texas auto dealer Tricolor Auto Group, was hit with a fine of $82,777 for violation of what is known as the “Furnisher Rule”. This rule is part of the Fair Credit Reporting Act (FCRA), which establishes requirements for companies that provide customers’ information to consumer reporting agencies (CRAs). Two basic requirements of the FCRA state that: Companies furnishing customer data to CRAs must have written policies that seek to guarantee the integrity and accuracy of any information gathered Companies are required to investigate and respond to any customer disputes regarding
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