Data Privacy,
Administrative/Regulatory
Sep. 26, 2023
CFPB notches multibillion dollar settlement with credit repair operation
In recent years, the CFPB and FTC have taken aggressive enforcement actions against debt relief companies, putting the credit repair industry on notice to cease upfront fees and misleading practices.
Moorari Shah
Partner
Sheppard, Mullin, Richter & Hampton LLP
Moorari is a partner in the firm's Finance and Bankruptcy Practice Group.
A.J. Dhaliwal
Partner
Sheppard, Mullin, Richter &
AJ is special counsel in the firm's Finance and Bankruptcy Practice Group.
Federal regulators scored a significant victory last month in their multi-year effort to rein in credit repair companies, reaching a $2.7 billion settlement with an industry heavyweight. On Aug. 28, the CFPB announced a proposed settlement with Utah-based PGX Holdings, Inc. and its subsidiaries, Progrexion Marketing, Inc., Progrexion Teleservices, Inc., CreditRepair.com, Inc., and eFolks, LLC (collectively, Progrexion) and against Lexington Law (collectively, defenda...
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