New Consumer Agency Issues First Report on Credit Card Compliants
The Consumer Financial Protection Bureau (CFPB) released its first report about credit card complaints yesterday.
In its first three months of operation (July 21 through October 21), the agency received 5,074 complaints. The most common complaints involved billing disputes (13.4%), interest rates (11.0%), and identity theft or
Most of the complaints (84%) were sent to credit card issuers for review and response. Issuers reported either full or partial resolution of 74% of the forwarded complaints, and 71 percent of these consumers did not dispute the responses provided.
The CFPB complaint system includes a toll-free number and a form on its website. The bureau’s toll-free phone number provides services in 191 languages.
The CFPB was established by Congress through the Dodd-Frank Act. The bureau’s complaint system began with credit cards, but it is expanding to include mortgages and other home-secured loans by the end of 2011.
The CFPB plans to handle the majority of consumer financial product complaints and inquires by the end of next year.