Issues with interest rates, billing problems and unsolicited issuance of credit cards are some of the biggest gripes consumers have with credit card companies, according to a new report.
Since opening in July, the Consumer Financial Protection Bureau fielded thousands of credit card complaints from consumers. In its first three months, more than 5,000 people responded to the CFPB with a variety of credit card grievances. Of these, approximately 3,100 complaints were resolved.
Other credit card issues consumers cited involved collection practices and late fees.
Raj Date, special advisor to the treasury secretary for the CFPB, said that many of the grievances are an indication consumers may be confused about their 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," said Date.
Creditors that leave inaccurate or unfair marks on financial histories can be frustrating for consumers. In addition to informing the CFPB about these inaccuracies, consumers may also want to contact credit repair specialists so that the discrepancies can be corrected.