Credit Card Users Now Have An Official Place to Complain About Credit Cards
Credit cardholders now have a place to file a complaint against their credit card issuer. The brand new Consumer Financial Protection Bureau (CFPB) is open and has a webpage just for credit card complaints. You file the complaint and the CFPB will forward it to the credit card issuer and then keep you updated on the status of your complaint.
Some of the complaint categories include: application and processing delay, billing disputes, collection practices, credit reporting, and delinquent account.
“It is good that cardholders now have a place to complain about credit card issuers, says Bill Hardekopf, CEO of LowCards.com. “In the past, if you couldn’t get the credit card issuer to help you, you were on your own and arbitration was your best option to press for a resolution. It will be interesting to see how banks and issuers respond to these complaints.
The Dodd-Frank regulations require the CFPB to create a way for banking customers to report their problems with financial products and services, and send them to the appropriate state or federal agency. The bureau must also make sure the financial firms respond to consumers. Until now, agencies could receive complaints, but had little power or incentive to push for changes. The CFPB will have the power to set and enforce rules on credit cards as well as mortgages and other consumer loans. The CFPB can also impose fines of as much as $1 million a day on companies that break consumer protection laws.
The CFPB supervises banks, credit unions, and other financial companies and will enforce Federal consumer financial laws.