Texas-based subprime lender First Investors Financial Services Group Inc. “failed to fix known flaws in a computer system that was providing inaccurate information to credit reporting agencies,” the Consumer Financial Protection Bureau (CFPB) stated in a recent press release. The CFPB ordered First Investors to pay a $2.75 million fine in addition to correcting the errors and changing its business practices. First Investors “understated the amounts its customers were paying” and “substantially inflated the number of delinquencies for some customers,” among other findings. CFPB Director Richard Cordray said, “First Investors showed careless disregard for its customers’ financial lives by knowingly distorting their credit profiles for years. … Today’s action sends a signal that the CFPB will hold companies accountable for sending inaccurate information to credit reporting agencies.” For more, read the full release.