New Bureau Says Credit Misunderstood

The new Consumer Financial Protection bureau (CFPB) has been focused on collecting credit card complaints since it began on July 21, 2011. So far, more than 5,000 complaints about credit cards have been submitted, and CFPB is using the information to help identify basic problems in the marketplace.

CFPB made three observations about the complaints:

• Consumer confusion…we struggle to understand the terms of credit cards and associated products.

• Third-party fraud…alleged false charges are made by unauthorized parties

• Factual disputes…factual disputes between consumer and issuer are rampant

Beginning December 1, the Bureau will tackle complaints related to home mortgages. The Bureau hopes to be ready to handle complains on all financial products and services by the end of 2012.

The complaint system includes a toll-free number and a form on the CFPB website.