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CFPB Receives 5,000 Credit Card Complaits, Most Resolved

Posted on 12/1/2011

The Consumer Financial Protection Bureau received about 5,000 credit card complaints during its first three months, but companies resolved more than 3,100 of them and consumers disputed the adequacy of responses in only 400 cases, according to a report released by the bureau. The report shows that confusion about credit card terms, third-party fraud and factual disputes are among the most common consumer complaints. The CFPB said it is using the report information to help identify problems in the market. "After careful analysis, the bureau will determine how best to address these issues through a variety of means, ranging from consumer education and engagement to new regulatory policies," CFPB officials said in a press release. It is noted that there are more than 383 million U.S. credit card accounts, and less than one-tenth of one percent of them sent complaints to the bureau.

To view the report visit: http://www.consumerfinance.gov/wp-content/themes/cfpb_theme/reports/CFPB%20Consumer%20Response%20Interim%20Report%20on%20Credit%20Card%20Complaint%20Data.pdf


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