 | |
| Company type | Subsidiary |
|---|---|
| Industry | Loyalty marketing, Insurance, Identity theft protection, membership programs |
| Founded | 1973 |
| Headquarters | 6 High Ridge Park Road, Stamford, Connecticut, U.S.[1] |
Key people | Todd Siegel (CEO)[1] |
| Revenue | US 1.1698 billion 2015) [2] |
Number of employees | 3,369 (2016) |
| Parent | JPMorgan Chase |
| Website | AffinionGroup.com |
CXLoyalty (formerly Affinion Group and CUC) is a private company based in Stamford, Connecticut that provides customer engagement and loyalty programs. Affinion designs, markets, and services programs that deal with customer relationships for other businesses. The company says it reaches 250 million consumers in 20 countries. In 2006, Affinion Group was cited by Forbes as number 321 on its list of largest private companies.[3]
In 2016, Affinion reported a worldwide workforce of approximately 3,000. As of March 2015, the company had not reported a profit since 2004.[4] According to its Bloomberg Business profile at the end of 2014, Affinion had about 5,500 marketing partners, 59 million subscribers in membership and insurance services, and 62 million customers for loyalty programs and credit or debit card enhancement services.[5] In 2021, CXLoyalty's Global Loyalty division was acquired by JPMorgan Chase.[6][7] The remaining Global Customer Engagement division announced a rebranding to Tenerity, Inc. in April 2021.[8]
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Transcription
History
Affinion has paid millions of dollars in civil claims and state attorney general claims, in 47 states, for unfair and deceptive trade practices, and faces multiple class-action lawsuits.[9][10]
In December 2006, Trilegiant settled allegations of deceptive selling practices for failing to inform customers of auto-renewal on their membership products.[11]
In 2013, Affinion settled allegations with 47 states that its companies misled consumers regarding membership in discount clubs. A $19 million fund was instituted to refund customers who had been subject to unauthorized charges.[12]
Affinion acted as a third-party vendor for US Bank, which in 2014 was fined $9 million and compelled to pay $47 million in restitution, to resolve allegations that it had charged consumers for services that had not been provided. A spokesman for the bank said "We will be compensating customers who did not receive full services from Affinion, and providing our apology." According to an Affinion spokesman, some consumers were mistakenly billed for services, even though they had not provided the necessary authenticating information. In 2012, Capital One Financial was also fined over add-on services provided by Affinion.[13]
In July 2015, the Consumer Financial Protection Bureau announced that Affinion had billed customers for services that had not actually been provided, claiming that the company owed consumers $6.8 million in refunds, and would have to pay civil penalties amounting to $1.9 million.[14]
References
- ^ a b "Affinion Group: Private Company Information". www.bloomberg.com. Retrieved 2018-06-26.
- ^ 10-K, Affinion Group Holdings, 2015
- ^ "#321 Affinion Group - Forbes.com". Forbes.
- ^ Alexander Soule, Affinion maintains Stamford workforce despite sales drop, Connecticut Post, March 23, 2015
- ^ "Tenerity LLC - Company Profile and News". Bloomberg News. Archived from the original on 2018-06-26.
- ^ "JPMorgan Chase acquires travel and loyalty business from cxLoyalty". 4 January 2021.
- ^ "Who we are".
- ^ Yahoo Finance
- ^ "Affinion has already paid millions of dollars in civil claims and state attorney general claims in 47 states for unfair and deceptive trade practice". 12 February 2014.
- ^ "Marketing Firm Agrees To $30 Million Settlement: Affinion Accused of Misleading Customers Into Paying Monthly Fees for Discount Clubs".
- ^ "Chase Bank, Trilegaint, Settle Negative Option Fraud Charges". consumeraffairs.com. Archived from the original on 2008-03-17. Retrieved 2008-03-04.
- ^ Affinion settles with 47 states over misleading practices, Stamford Advocate, October 11, 2013
- ^ Emily Stephenson, US Bank to pay $57 million over 'add-on' products, Reuters, Sep 25, 2014
- ^ Feds Take Action Against Sellers of Non-Existent Credit or Identity Theft Monitoring Services, Forbes, July 2, 2015
This page was last edited on 4 March 2024, at 20:52