Hyundai Gets Slapped With $19.2 Million Penalty For Tarnishing Millions Of Customer Credit Reports

Hyundai Capital America – the captive finance partner of Hyundai, Kia, and Genesis in the United States – has been slammed by the U.S. Consumer Financial Protection Bureau for “widespread credit reporting failures” that harmed millions of customers.

According to the government, HCA repeatedly provided inaccurate information to credit reporting companies and didn’t take proper steps once problems were identified. Furthermore, the Consumer Financial Protection Bureau alleges the company used “manual and outdated systems, processes, and procedures to furnish credit reporting information – which led to widespread inaccuracies – and resulted in negative inaccurate information being placed on consumers’ credit reports through no fault of their own.”

The scale of the problem was massive as the Consumer Financial Protection Bureau found HCA furnished inaccurate information about 2.2+ million customers on more than 8.7 million occasions between 2016 and 2020. Even worse, “In many cases, Hyundai knew it was providing inaccurate information and failed to take reasonable measures” to address the issue.

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Buy a new Hyundai or Kia, lower your credit score! LOL!