CarHop’s Credit Reporting Practices Trigger $6.4M Fine

The Consumer Financial Protection Bureau recently reached a settlement with CarHop and its financing company, Universal Acceptance Corporation, for $6.4 million for inaccurate credit reporting allegations. The CFPB alleged CarHop and UAC failed to provide positive information to credit bureaus for more than 84,000 accounts, causing a widespread issue that negatively affected credit scores and credit histories for all impacted customers.