Good news, the Consumer Financial Protection Bureau has launched a website to help “the little guy” get his voice heard. The site says it will, “Forward your issue to your credit card company, give you a tracking number, and keep you updated on the status of your complaint”.
Before the Consumer Financial Protection Bureau was created, if you had a problem you had to contact the regulatory agency for your specific type of financial institution. It was dreary work: tracking down the right agency, filing a complaint, and then trying to keep up with the complaint. Now, a one-stop-shop has been created to streamline the process.
What is the CFPB?
The Consumer Financial Protection Bureau was created to monitor how banks, credit unions, debt collectors, payday lenders and other financial services companies conduct business with their customers. It’s one of the many legislative changes that President Obama put into place. The agency is still quite new, the Bureau officially began functioning July 21, 2011, so right now they are only receiving complaints about credit card lenders on the Consumer Financial Protection Bureau website.
What does the new site do?
If you’ve tried to resolve an issue directly with the credit card issuer and you’re not getting the results you want, you can file a complaint with the Consumer Financial Protection Bureau by internet or phone. The website allows consumers to file complaints online about a myriad of problems. Consumers can also file a complaint via a toll-free number: 1-855-411-CFPB (2372). Some of the reasons that you may want to file a complaint include: credit card problems, including billing, advertising, fees, interest rates, rewards and collection problems.
The upside of the recent financial debacle is that financial education and protection is becoming top-of-mind to all Americans, but even with these improvements it’s up to each of us as individuals to make good choices and speak up when we feel we’re being taken advantage of.
Shay Olivarria is the most dynamic financial education speaker working today. She has written three books on personal finance, contributes to multiple online media platforms, and is a foster care alumni. She's been quoted on Bankrate.com, FoxBusiness.com, and The Credit Union Times, among others. Visit www.BiggerThanYourBlock.com to find out more about her work.
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