The Consumer Financial Protection Bureau brought suit against Sterling Infosystems earlier this year for failure to follow three key guidelines in the Fair Credit Reporting Act:
- Failure to employ reasonable procedures that ensured maximum accuracy of reported consumer information.
- Failure to to maintain procedures that ensured the public record information it was supplying was up to date.
- Reporting criminal history outside of the reporting scope.
At the end of November, Sterling was ordered to pay $6 million in monetary relief to the affected consumers and a $2.5 million fine.
For more information about this settlement, and to learn more about these FCRA guidlines, please see the judgment and the CFPB press release: