The Real Deal: Tracking Complaints about your Money
Updated: Friday, August 2 2013, 10:24 PM EDT
ALBANY - We've all been there, stuck in a maze of prompts trying to get through to a real person at the credit card or mortgage company. When you've got an issue it can be quite frustrating to deal with it but now there's an agency meant to keep all banks, credit card and loan companies in line.
Like many of us, Rich Margiasso has had his fair share of issues with his credit card company. "They're just ridiculous with the high interest rates and never really willing to work with you or anything like that...it takes a lot of time and effort, you gotta work all day then come home and spend up to a couple of hours on the phone to them going over things," Margiasso says. He's not alone and that's why the Consumer Financial Protection Bureau was set up by the Federal government.
The CFPB's purpose is to make sure financial companies are playing by the rules and when there are issues, to help consumers. Between July 2011 and June 2012, the CFPB received 45,630 consumer complaints. 16,840 were issues with credit card companies, 19,250 were mortgage complaints, 6,490 bank products and services complaints, and 1,270 private student loan complaints. Some of those complaints were solved to the consumers satisfaction, others are still be investigated.
The specific complaint information is search-able on the agency's website and will be updated often so you can track just how your bank does.
To file a complaint or learn more about the CFPB:
Toll-free telephone number:
(8 a.m. to 8 p.m. EST, Monday through Friday)
TTY/TDD telephone number:
Mail: Consumer Financial Protection Bureau
P.O. Box 4503
Iowa City, Iowa 52244