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Bureau Settles with Security Group, Inc.
On Wednesday, June 13, 2018, the Bureau of Consumer Financial Protection announced a settlement with Security Group Inc. and its subsidiaries. In its Consent Order, the Bureau found alleged Security Group entities violated the Consumer Financial Protection Act by making improper in-person and telephonic collection attempts on consumer installment loans and retail sales installment contracts. The Bureau also claimed the Security Group entities violated the Fair Credit Reporting Act by regularly furnishing inaccurate and incomplete information about consumers to credit reporting agencies. Under the terms of the consent order, the Security Group and its subsidiaries will pay a $5 million civil money penalty. The company also is barred from certain collection practices and must correct certain inaccurate information about consumers they furnished to credit reporting agencies.