Honda Faces $12.8M Penalty for Inaccurate Credit Information

Honda Motor Co.'s (HMC) auto financing arm, American Honda Finance Corp., has been fined $12.8 million by the U.S. Consumer Financial Protection Bureau (CFPB) for allegedly providing inaccurate information that affected the credit reports of hundreds of thousands of Honda and Acura customers.During the COVID-19 pandemic, Honda Finance allowed customers to defer auto loan payments. However, the CFPB found that these accounts were mistakenly reported as delinquent instead of current to credit bureaus. The CFP ...