New consumer protection bureau may help resolve your complaints

The Consumer Financial Protection Bureau (CFPB) is now helping consumers resolve complaints. They are now handling mortgage and credit card complaints but they have plans to handle other types of complaint as well.

In its first three months of taking credit card complaints, the CFPB received more than 5,000.  The top three problems were billing disputes,  disputes about interest rates and issues around identity fraud.  84% were sent to the credit card company (the rest were incomplete or the complainant did not want it sent to the company).  The credit card issuers claim they have resolved 74% of the complaints they received.

This could be an easy way to get your problems resolved.  The creditor is going to be more careful with a complaint that comes in from the CFPB than one from a lone consumer, I bet.  And the CFPB is now taking mortgage complaints as well (that should bring in a flood of business).

You have to go online to file.  The form they have seems easy to use.  Click here to the Consumer Financial Protection Bureau.

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