The Consumer Financial Protection Bureau (CFPB) by design is supposed to handle all consumer complaints due to the authority of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Mortgages and other financial loan services such as bank accounts, student loans and other consumer loans are recent additions that go into the CFPB's complaint department, as they were included to be handled in 20012. In 2013, money transfers, debt collections and payday loans were added, but the Bureau began their complaint department in 2011 with credit card complaints. As you can see, the Bureau is always updating its complaint handling capabilities to better aid all consumers.
When complaints are made, the CFPB expects Companies to:
- Respond within 15 days
- Describe what steps they have taken or plan to take
- Close all but the most complicated complaints within 60 days
Over 93% of the complaints have been responded to thus far, and only 21% of the responses have been disputed by consumers.
If you are a consumer who has made a complaint, it is important to know that companies sometimes respond through non-monetary relief. Around 1 out of 3 complaints are responded to this way, and about 11% of complaints have been categorized in this fashion already.
Non-monetary relief that consumers have been offered include:
1. Foreclosure alternatives
These alternatives help borrowers stay in their home.
2. Debt collector protection
This is where the CFPB works to get debt collectors to stop excessively contacting consumer.
3. Restored lines of credit
In this situation, consumers can have their credit lines restored or removed if desired by the consumer.
4. Credit report corrections
Credit bureaus have either fixed errors on credit reports by completely removing the information or changing the entry to the proper history.
5. Better customer service
Many complaints stem from unanswered inquiries or incorrect information. When the CFPB steps in customers have had their formerly unmet needs resolved.
Monetary relief for the 7% of consumers that made such a complaint includes:
- A median amount of $460 for mortgages;
- A median amount of $126 for credit cards; and
- A median amount of $111 for bank accounts or services.
Consumers can access public information through the CFPB's Public Consumer Complaint Database which can be found at this CFPB link.The function of this database is to enable the public to see what is being complained about and why. All complaints are listed in the database once the company responds or after the company has not responded within 15 days; Whichever comes first. Companies also have the right to present that the complaint has been wrongly identified. This right must be within the 15 day period. Updates are made nightly.
Complaints can be submitted at http://www.consumerfinance.gov/complaint/. Anyone can also call them toll-free at 1-855-411-CFPB (2372) or TTY/TDD phone number at 1-855-729-CFPB (2372); Or fax them at 1-855-237-2392.
If this does not help unbiased answers can be found by calling 1-855-411-CFPB (2372).
CFPB mailing address: P.O. Box 4503, Iowa City, Iowa 52244
Remember there is a difference between a typical complaint and being a victim of fraud. Scams and fraud schemes are very serious matters that need to be reported as soon as you identify the problem. You can check out a variety of other federal sources listed below to report fraud crimes.
Financial Fraud Enforcement Task Force
US Government Accountability Office
United States Computer Emergency Readiness Team
FTC
Attorney General by state
If you don't know where to begin with making a complaint or reporting a crime, you can post it here on the LoanSafe online forum. We strive to get only accurate information out to consumers on a daily basis through news, useful knowledge and reports such as this post.
When complaints are made, the CFPB expects Companies to:
- Respond within 15 days
- Describe what steps they have taken or plan to take
- Close all but the most complicated complaints within 60 days
Over 93% of the complaints have been responded to thus far, and only 21% of the responses have been disputed by consumers.
If you are a consumer who has made a complaint, it is important to know that companies sometimes respond through non-monetary relief. Around 1 out of 3 complaints are responded to this way, and about 11% of complaints have been categorized in this fashion already.
Non-monetary relief that consumers have been offered include:
1. Foreclosure alternatives
These alternatives help borrowers stay in their home.
2. Debt collector protection
This is where the CFPB works to get debt collectors to stop excessively contacting consumer.
3. Restored lines of credit
In this situation, consumers can have their credit lines restored or removed if desired by the consumer.
4. Credit report corrections
Credit bureaus have either fixed errors on credit reports by completely removing the information or changing the entry to the proper history.
5. Better customer service
Many complaints stem from unanswered inquiries or incorrect information. When the CFPB steps in customers have had their formerly unmet needs resolved.
Monetary relief for the 7% of consumers that made such a complaint includes:
- A median amount of $460 for mortgages;
- A median amount of $126 for credit cards; and
- A median amount of $111 for bank accounts or services.
Consumers can access public information through the CFPB's Public Consumer Complaint Database which can be found at this CFPB link.The function of this database is to enable the public to see what is being complained about and why. All complaints are listed in the database once the company responds or after the company has not responded within 15 days; Whichever comes first. Companies also have the right to present that the complaint has been wrongly identified. This right must be within the 15 day period. Updates are made nightly.
Complaints can be submitted at http://www.consumerfinance.gov/complaint/. Anyone can also call them toll-free at 1-855-411-CFPB (2372) or TTY/TDD phone number at 1-855-729-CFPB (2372); Or fax them at 1-855-237-2392.
If this does not help unbiased answers can be found by calling 1-855-411-CFPB (2372).
CFPB mailing address: P.O. Box 4503, Iowa City, Iowa 52244
Remember there is a difference between a typical complaint and being a victim of fraud. Scams and fraud schemes are very serious matters that need to be reported as soon as you identify the problem. You can check out a variety of other federal sources listed below to report fraud crimes.
Financial Fraud Enforcement Task Force
US Government Accountability Office
United States Computer Emergency Readiness Team
FTC
Attorney General by state
If you don't know where to begin with making a complaint or reporting a crime, you can post it here on the LoanSafe online forum. We strive to get only accurate information out to consumers on a daily basis through news, useful knowledge and reports such as this post.
