Top Credit Card Complaints to the New Consumer Bureau
Top Credit Card Complaints to the New Consumer Bureau
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Home Page > Finance > Personal Finance > Top Credit Card Complaints to the New Consumer Bureau
Top Credit Card Complaints to the New Consumer Bureau
Posted: Dec 16, 2011 |Comments: 0
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In July 2011, a new government agency took over that role. In three months since they’ve been active in the consumer protection role, the Consumer Financial Protection Bureau has taken more than 5,000 complaints from consumers and many of them apply to a certain few categories. According to a recent report from the CFPB, billing disputes, APR or interest rate issues, and fraud and identity theft are the top complaints from consumers.
Handling Your Own Credit Card Issues
Of course, the best course of action is to try to resolve these issuers with the credit card issuer first. For example, with billing error disputes, consumers have the right to make a written dispute in 60 days from the date the bill containing the error was sent. However, if the creditor doesn’t respond the way you think is fair, you can get the CFPB involved. Once you complain to the CFPB, the credit card issuer is supposed to let the bureau know what steps they’re taking to resolve the issue. And, you still have a change to dispute the resolution if you don’t like it.
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You can also get the CFPB involved if you have a dispute with a credit card issuer, especially one that’s affecting your credit repair process. For example, if a credit card issuer continues to report inaccurate information on your credit report, the CFPB is the agency to contact. The website is pretty easy to navigate to: consumerfinance.gov. You can give a description of your issue, choose a category that fits your issue, state whether you’ve lost any money because of the issue, and select which steps you’ve already taken to solve the issuer on your own.
It’s important that you use the complaint system to report issues that are illegal vs. those you think are unfair. For example, while you may not like it, it’s perfectly legal for a credit card issuer to increase your interest rate as long as they’ve notified you 45 days in advance. And if you wait more than 60 days to report a billing error, you may be held liable for the charges, even if the charge is legitimately inaccurate.
Look for More Protection in the Future
While you can only use the CFPB for credit card complaints, the bureau is getting ready to take on mortgage complaints, too. And next year, you can use the bureau to submit your complaints about other businesses in the credit industry, like credit bureaus and debt collectors. Until then, you can still go through the FTC to handle disputes from businesses who are illegally impeding your credit repair progress.
Keep in mind, the CFPB more facilitates issue resolution. They don’t necessarily strong arm creditors into giving you your way. The good news is that 75% of issues reported were either fully or partially resolved.
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About the Author:
Steve Dowell is an expert writer on subjects related to credit repair, money management, and much more. Read more of his work at his blog CreditRepair.org!
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