Afni Settles with CFPB Over Credit Reporting Practices

On Thursday, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it settled with Afni, Inc., a debt collector, for credit reporting practices. The settlement includes the imposition of $500,000 fines, in addition to certain compliance requirements on Afni's part.

According to the the Bureau's press release: 

The Bureau found that Afni furnished information to CRAs that it knew or had reasonable cause to believe was inaccurate and failed to report to CRAs an appropriate date of first delinquency on certain accounts. The Bureau also found that Afni failed to conduct reasonable investigations of disputes made by consumers both to Afni and to CRAs about furnished information and failed to conduct investigations of disputes made to Afni in a timely manner. In addition, the Bureau found that Anfi failed to send required notices to consumers about the results of such investigations and failed to establish, implement, and update its policies and procedures regarding its furnishing of consumer information to CRAs. 

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