Ever wonder what everyone else has to say about the same agencies that extend you credit, issue private student loans or mortgages? The Consumer Financial Protection Bureau (CFPB) goes live with the complaints its received from consumers like you starting today. Here’s the link to the CFPB’s database: http://www.consumerfinance.gov/complaintdatabase/ Check it out.
The CFPB, which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011, established the agency to safeguard consumers from unfair treatment at the hands of the financial product market.
Here’s a snapshot of the what the CFSB has received so far in the one year its been open for business accepting complaints from the public. A total of 45,630 complaints have been received. They break down as follows: 16,840 credit card complaints; 19,250 mortgage complaints; 6,490 bank product/service complaints; and 1,750 private student loan complaints.
Now some highlights:
*Billing disputes were the most frequent type of credit card complaints, followed by beefs over the credit card company’s annual percentage rate, identity thefts, fraud and embezzlement.
*With regard to mortgage complaints: numero uno were complaints about the process and requirements for obtaining loan modification when a consumer was unable to pay. “Though consumers must provide documents within short time period and income documents generally remain valid for up to 60 days, lengthy evaluation periods can result in consumers having to resubmit documentation — sometimes more than once,” CFPB states in “Consumer Response: A Snapshot of Complaints Received.”