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Approximately 9,000 people will soon be getting notices with instructions on filing a claim related to a settlement between the Federal Trade Commission and Vivint Smart Homes Inc. over misuse of personal information. Vivint, a home security firm headquartered in Provo, was ordered pay $20 million in 2021 under charges of misusing credit reports of […] ....
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FTC enters its largest FCRA settlement with home security company On April 29, 2021, Vivint Smart Homes, Inc. (Vivint), a home security and monitoring company, entered into an agreement with the Federal Trade Commission (FTC) regarding alleged violations of the Fair Credit Reporting Act (FCRA), including the Red Flags Rule. Under this agreement, Vivint will pay a $15 million civil penalty and $5 million in compensation to consumers. According to the FTC press release, this is the largest monetary judgement to date for an FTC FCRA case. So, what did Vivint allegedly do that ran afoul of the FCRA? According to the complaint filed by the Department of Justice on behalf of the FTC, Vivint’s smart home security systems cost over $1,000, so many consumers will finance the cost. Some of this financing is through a third-party bank, but a significant portion are also financed by Vivint using retail installment contracts where the seller of goods also finances the purchase. Consu ....
Tech your username April 30, 2021 On Thursday, the Federal Trade Commission (FTC) announced that it reached a settlement with Vivint Smart Homes Inc., a smart home security and monitoring company, thus settling claims that the company âmisused credit reported to help unqualified customers obtain financing for the companyâs products and services.â Previously, the United States, acting on behalf of the FTC, filed a complaint in the District of Utah against Vivint, alleging that Vivint violated the Fair Credit Reporting Act (FCRA) by improperly obtaining credit reports in order to qualify potential customers for financing for its smart home monitoring and security products. The FTC also averred that Vivint violated its Red Flags Rule because it failed to implement an identity theft prevention program as required for companies that regularly use or obtain credit reports. The agency claimed that Vivint used door-to-door salespeople who worked on a commiss ....