CFPB is now accepting complaints on more financial products

Being an informed consumer can protect you from abusive financial practices

“Today we are taking another important step to expand the Bureau’s handling of consumer complaints,” said Consumer Financial Protection Bureau (CFPB) Director Richard Cordray. “By accepting consumer complaints about prepaid products and certain other services we will be giving people a greater voice in these markets and a place to turn to when they encounter problems.”

As of July 21, 2014 the CFPB now accepts complaints from consumers concerning prepaid cards, such as gift cards, benefit cards and general purpose reloadable cards. You can also submit complaints about additional nonbank products, including debt settlement services, credit repair services and pawn and title loans. Michigan State University Extension advises that consumers protect themselves by understanding the terms of their agreements with financial companies.

The CFPB states that consumers can submit complaints about the following:

Prepaid cards

  • Problems managing, opening, or closing their account
  • Overdraft issues and incorrect or unexpected fees
  • Frauds, scams or unauthorized transactions
  • Advertising, disclosures and marketing practices
  • Adding money and savings or rewards features

Debt settlement and credit repair

  • Excessive or unexpected fees
  • Advertising, disclosures and marketing practices
  • Customer service issues
  • Frauds or scams

Pawn loans and title loans

  • Unexpected charges or interest fees
  • Loan application issues
  • Problems with the lender correctly charging and crediting payments
  • Issues with the lender repossessing, selling, or damaging the consumer’s property or vehicle
  • Unable to contact lender

You can submit a complaint in the following ways:

  • Visit the consumer finance website
  • Call the toll-free phone number at 1-855-411-CFPB (2372) or TTY/TDD phone number at 1-855-729-CFPB (2372)
  • Fax the CFPB to 1-855-237-2392
  • Mail a letter to: Consumer Financial Protection Bureau, P.O. Box 4503, Iowa City, Iowa 52244

The CFPB provides complaint-handling services to consumers in more than 180 languages and to consumers who are deaf, have hearing impairments or speech disabilities via the CFPB’s toll-free telephone number.

You can also utilize AskCFPB, where consumers can get clear, unbiased answers to their questions about financial products and services or by calling 1-855-411-CFPB (2372).

The CFPB focuses on ensuring consumers get the information they need to make the financial decisions they believe are best for themselves and their families. This means that prices are clear up front, that risks are visible and that nothing is buried in fine print. Consumers should be able to make direct comparisons among products and no provider should be able to use unfair, deceptive or abusive practices.

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