The Consumer Financial Protection Bureau released a report on Wednesday on its first three months of collecting credit card complaint data that reveals consumers are frustrated with confusing terms and services.
“When consumers contact us, we get a snapshot of how the consumer finance markets are working,” Special Advisor to the Secretary of the Treasury on the CFPB Raj Date said. “And we are learning that there is a lot of consumer confusion about credit card terms. We will continue to work with consumers, credit card companies, government agencies, and others to improve consumer education and ensure CFPB’s regulation, supervision, and enforcement efforts are effective.”
In addition to the complex terms of credit cards and related products such as debt protection services, consumers also filed many complaints that alleged fraudulent credit card charges.
Other complaints were related to factual disputes that often occur between the consumer and the issuer. The CFPB has found that credit card issuers are generally willing to resolve complaints regarding factual disputes.
The bureau is giving the public until Jan. 30 to provide feedback on a proposed policy to release consumer complaint data in the future.
The bureau received 5,000 credit card complaints during its first three months of accepting the complaints. The report provides a complete breakdown of complaints by type as well as the bureau’s progress through the complaint processing system.