Since Sept. 21, the CFPB has taken action against six loan companies and a credit repair firm for deceiving consumers in a variety of ways.
On Sept. 26, the CFPB took administrative action against TitleMax parent company TMX Finance for luring consumers into expensive loan renewals by presenting them with misleading information. The agency also said the company used unfair debt collection tactics that illegally exposed information about a borrower's debts to employers, friends and relatives. The bureau ordered TMX to stop those practices and pay a $9 million fine.
On Sept. 23, the CFPB filed suit in federal court against a credit repair company, Prime Marketing Holdings, which allegedly charged consumers illegal advance fees and misrepresented the cost and effectiveness of its services. The agency wants the company to stop those practices; the CFPB is also seeking financial relief for consumers, including fees paid to the company.
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The agency contends that the company claimed it could remove virtually all negative information from credit reports and boost credit scores by significant amounts.
On Sept. 21, the CFPB filed suit against five Arizona auto title lenders, Auto Cash Leasing, LLC; Interstate Lending, LLC; Oasis Title Loans, LLC; Phoenix Title Loans, LLC and Presto Auto Loans, Inc. for failing to disclose the annual percentage rate in online advertising.
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