Honda To Pay $12.8 Million For Wrecking Consumer Credit Scores

The Consumer Financial Protection Bureau has ordered the American Honda Finance Corporation to pay $12.8 (£10.2 / €12.2) million for wrecking the credit scores of approximately 300,000 customers. That’s an alarming number of victims and it appears to have been the result of mistakes, oversights, and bad business practices.

 

According to the government, Honda Finance deferred certain vehicle loan payments during the COVID-19 pandemic. While this gave Acura and Honda borrowers a little bit of breathing room, the company reported customers as delinquent on their loans even though they were current.