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AFNI Collection Agency - Fined $500,000 by the Consumer Financial Protection Bureau

IncreasingFICO
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AFNI Collection Agency - Fined $500,000 by the Consumer Financial Protection Bureau

UPDATE:  AFNI GOT HIT HARD! 

Check out this:  https://www.consumerfinance.gov/enforcement/actions/afni-inc/

On November 12, 2020, the Bureau issued a consent order against Afni, Inc. (Afni), a non-bank third-party debt collector based in Illinois that specializes in collecting telecommunications debt.

The Bureau found that Afni violated the Fair Credit Reporting Act (FCRA) and its implementing rule, Regulation V, by furnishing information to CRAs that it knew or had reasonable cause to believe was inaccurate; failing to report to CRAs an appropriate date of first delinquency on certain accounts; failing to conduct reasonable investigations of disputes made by consumers both to Afni and to CRAs about furnished information or failing to conduct investigations of disputes made to Afni in a timely manner; failing to send required notices to consumers about the results of such investigations; and failing to establish, implement, and update its policies and procedures regarding its furnishing of consumer information to CRAs. The Bureau also determined, based on these violations of the FCRA and Regulation V, that Afni violated the Consumer Financial Protection Act. The consent order requires Afni to take certain steps to improve and ensure the accuracy of its furnishing and its policies and procedures relating to credit reporting and dispute investigation.

AFNI also got hit with a $500,000 civil money penalty.

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Taurus22
Valued Contributor

Re: AFNI Collection Agency - Fined $500,000 by the Consumer Financial Protection Bureau

Then you think about the impact that single collection agency has had on thousands of peoples' credit profiles which has ultimately cost those consumers potential credit opportunities. There really isn't a monetary value that can be placed on that.

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SOGGIE
Valued Contributor

Re: AFNI Collection Agency - Fined $500,000 by the Consumer Financial Protection Bureau


@Taurus22 wrote:

Then you think about the impact that single collection agency has had on thousands of peoples' credit profiles which has ultimately cost those consumers potential credit opportunities. There really isn't a monetary value that can be placed on that.


💯 The penalty should have been much higher considering your point.

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