The Consumer Financial Protection Bureau (CFPB) is a government organization, which accepts and assists with complaints about the following consumer product or service issues:
- Bank accounts or services
- Credit cards
- Money transfers
- Student loans
- Vehicle or consumer loans
The process is pretty simple. First, go online to their website (consumerfinance.gov/complaint) or call them at 1-855-411-2372, then submit your complaint about a product or service that relates to the above areas. CFPB will send you email updates and you can even track the status of your complaint as it regards the possible violation of consumer protection laws.
Once CFPB receives your complaint, they will forward it to the company for a response. If there happens to be a more appropriate government agency that would better assist, they will forward your complaint to that agency for you and let you know.
The company receiving the complaint will review and communicate with you about the issue. The company will also have to report back to the CFPB the steps that were taken or that will be taken by them regarding resolution to your complaint of possible violations to consumer protection laws. CFPB will let you know when the company responds and you will be allowed to look at the response and provide feedback.
The data from complaints reported in to CFPB is shared with other state and federal law enforcement agencies. They use this information that comes in from all over the nation to identify business practices that put consumers at risk. The CFPB monitors companies, enforces federal consumer protection laws, and works to make better rules and regulations that will provide more protection to consumers. This group also reports to Congress the data they receive from consumers.
If you think you have been a victim of predatory lending, predatory servicing, or some other form of consumer product or services abuse, which has violated consumer protection laws – seek counsel from an experienced consumer protection attorney to protect your rights. Then take a few moments to let your voice be heard nationally – the more people that join together to do so, the louder that voice will be.