If you encounter a problem reaching a resolution with a financial company, this government agency would like to hear about it. The Consumer Financial Protection Bureau (CFPB) was established in 2011 to protect consumers and uphold their rights in financial products and services. In 2013, the CFPB created a complaint tool that enables consumers to communicate directly with the relevant party, addressing concerns related to credit reports and consumer responses, debt collection, credit card accounts, savings or checking accounts, and mortgage issues.
How does the Consumer Financial Protection Bureau complaint process work?
The Consumer Financial Protection Bureau (CFPB) accepts complaints regarding financial products such as credit cards, loans, credit reports, debts, and bank accounts. The complaint process at the CFPB can act as a bridge between you and the company you wish to complain against. If you are unable to resolve the issue or reach the appropriate person within the company, the CFPB process can assist you.
When should you file a complaint?
Before filing a complaint, you should verify whether your case warrants a complaint to the Consumer Financial Protection Bureau (CFPB). You can search the CFPB database for answers to frequently asked questions about finances on the AskCFPB site. This tool can help you determine whether your complaint may require filing with the CFPB regarding unfair practices by the company or another issue that needs further action.
How to file a complaint with the Consumer Financial Protection Bureau?
Once you confirm that your case should be brought to the Consumer Financial Protection Bureau (CFPB), follow these steps:
- Gather information: Collect as much information as possible before filing the complaint, such as dates, amounts, case numbers, customer numbers, and the reasons for the complaint.
- Choose a category: Identify the general category of the complaint from the multiple-choice questions provided by the CFPB.
- Specify the type of problem: Select the type of problem you are facing, such as finding incorrect information in your credit report. You may also need to choose from some additional options, such as incorrect personal information or account status errors.
- Draft the complaint and add documents: Write a detailed account of what happened, including dates, amounts, and the steps you took. Note that it should not include any personal information such as your name or social security number. You can also describe what you consider a “fair resolution” to your problem. You may also add supporting documents for your claim.
- Name the company and add your personal information: Provide the name of the company (or companies) you want to file a complaint against. Then, specify who is involved in the complaint – you, another person, or you and another person – and provide contact information such as phone numbers and email addresses.
- Review and submit the complaint: Review the entire complaint before submitting it and make any necessary adjustments. Then check the box to acknowledge that the information is accurate and that you understand that the CFPB is not a financial advisor, attorney, or court.
What happens after filing a complaint?
After submitting the complaint, the government agency for consumer financial protection (CFPB) forwards it along with any supporting documents to the company that provided the financial service. Before responding, the company may contact you directly to confirm your identity or handle the matter.
Within 15 days, the company will review your complaint and is expected to respond regarding how they will address your issue. In other cases, you may hear from the company that they are working on a response and will provide a final response within 60 days.
Then, the bureau will publish your complaint in its database, including the subject matter, date, and if you grant approval, the actual content of the complaint will be published without any identifiers. After reviewing the company’s response, you have 60 days to provide feedback on how the matter was handled.
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Regarding the outcome of an individual complaint, consumer complaints and feedback about the company’s response are shared with the company itself and used to assist the committee in addressing consumer complaints.
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