Is your credit card company driving you crazy? Think they are trying to rip you off or aren’t taking your complaints seriously? The Dodd-Frank Act created the Consumer Financial Protection Bureau (CFPB), an agency to whom you can voice concerns regarding your credit card companies. Since their opening in July 2011, the office has fielded more than 5,000 consumer complaints. Some of the most common complaints dealt with collection practices, debt protection services, account closures, identification theft, fraud, and fees.
After a complaint is filed, the CFPB acts as a go-between in order to resolve the issue between you and your credit card company. So far, approximately three quarters of the complaints have been either partially or fully resolved by the credit card company. The rest are either still under review or there was no relief found.
Consumers can submit their complaints either online with Consumer Finance’s Government Site or by calling 855-411-CFPB (855-411-2372). In the near future, CFPB will be fielding complaints for all kinds of consumer financial products, including mortgages and other loans.