The CFPB has ordered First Investors Financial Services Group Inc. to pay a $2.75 million fine for allegedly failing to correct known computer errors, which sent false information to credit reporting agencies.
The CFPB said the errors potentially hurt thousands of consumers over a three-year period. The company lends directly to consumers for automobile purchases, focusing its services on individuals who have gone through bankruptcy.
First Investors President/CEO Tommy A. Moore co-founded the Houston-based company in 1989. A spokesperson with Goodwill Industries International confirmed that Moore had previously served as the company's chairman.
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