American Honda Finance consumer credit report error lawsuit investigation

Honda credit report errors: Who’s affected?

Did you finance your vehicle through American Honda Finance Corp.? The company is being investigated in connection with reporting errors to consumer credit bureaus, and those errors could damage your credit rating.

The Consumer Financial Protection Bureau is conducting an investigation into American Honda Finance Corp. about alleged errors on consumer credit reports. Details have not been released. 

Honda announced the investigation in its 10-Q report for the quarter ended Dec. 31, 2023, and said it was cooperating with the investigators.

“In November 2023, the Company received a civil investigative demand issued by the Consumer Financial Protection Bureau (CFPB) in connection with the Company’s furnishing of credit reporting information on consumer credit accounts,” the filing with the U.S. Securities and Exchange Commission says. “The Company is cooperating with the CFPB and is responding to their information requests. Management cannot predict the eventual scope, duration or outcome of this investigation and is unable to estimate the amount or range of potential losses, if any, at this time.”

If you financed your car through Honda Finance, you may have cause for concern that your credit report contains misinformation about your payments, negatively affecting your credit rating and financial health.

CFPB complaint 7936692 was submitted in California.

Fatal errors

If you financed your car through Honda, it is vital you check for mistakes on your credit reports as soon as possible.

You have three credit reports compiled by three credit bureaus that use information provided to them by lenders, credit card companies, insurance companies and others with whom you do business. 

Lenders use these credit reports issued by the bureaus to decide if they will do business with you and/or what interest rates to offer you. Credit card companies also use them to decide your credit limit. If you rent, your credit report is screened before you are accepted as a tenant, and insurance companies make decisions about coverage based on the report. 

About 35% of companies say they use credit reports to determine whom they will hire, according to a CBS report.

If Honda inaccurately reported you as having missed or being late on payments, it may be reflected in your credit report, if not by line item then by a lowering of the credit score assigned to you. 

The credit score is called your FICO Score; FICO is an acronym for Fair Isaac Corp., an analytics software company in business since 1956, which provides credit scores based on information provided by the credit bureaus. The scores are rated:

• 800-850, excellent/exceptional
• 740-799, very good
• 670-739, good
• 580-669, fair
• 300-579, very poor

FICO scores move frequently depending on how you’ve been spending and borrowing, and If yours has dropped because of erroneous reporting by Honda, you may be eligible to join a Honda lawsuit.

The three credit bureaus — Equifax, Experian and TransUnion — have a centralized website, toll-free telephone number and mailing address through which you can order all three reports, without cost, at one time:

• Visit AnnualCreditReport.com
• Call 1-877-322-8228
• Complete the Annual Credit Report Request Form and mail it to:
  • Annual Credit Report Request Service 
    P.O. Box 105281 
    Atlanta, GA 30348-5281

It is wise to check your reports often. 

Were you damaged?

If Honda reported false information about your payment history to a credit bureau, you may have been damaged financially and may not yet know about the repercussions. 

Join a Honda Finance credit report errors lawsuit investigation

If you bought or leased your car financed through American Honda Finance Corp. and the company compromised your credit report, you may qualify to participate in a lawsuit investigation. 

Please fill out the form on this page to see if you qualify for a FREE case evaluation.