Credit Card Issuers Working to Build Complaint... - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Credit Card Issuers Working to Build Complaint Resolution System

Credit Card Issuers Working to Build Complaint Resolution System

Credit Card Issuers Working to Build Complaint Resolution System

The Consumer Financial Protection Bureau is currently working with the five largest credit card companies to develop a system for resolving consumer complaints. Each of the five companies — Chase, AmEx, Discover, Capital One, and Bank of America — may be required to form dedicated teams to handle the complaints. The program is scheduled to roll out on July 21.

FTC is a Baseline

Currently, the Federal Trade Commission (FTC) takes phone calls, emails and online submission forms that equate to about 16,000 consumer complaints per week. The agency then compiles the information gathered from the complaints to create an annual report that is available to the public. In turn, the agency also works with law enforcement to investigate the complaints, which include fraud and other criminal acts. According to the chief operating officer of the Consumer Financial Protection Bureau, Catherine West, the bureau will be using the FTC standards and guidelines as its baseline for creating its own complaint system.

Private or Not Private

The Consumer Financial Protection Bureau is struggling with whether or not the consumer complaint information should be made public or not. Consumer advocacy groups, such as the Consumers Union, say the bureau should make the information public. These groups also argue that the information should be made available in a searchable database format, so that complaints can be researched using various search criteria and variables.

Businesses, on the other hand, have a different take on the situation. Their concern is valid because if complaints are unverified, it could harm the reputation of the business, which can ultimately affect sales. According to groups, such as the American Bankers Association, these groups are urging the bureau to hold back making the complaint information public until after the system officially launches on July 21. Even when the system launches, these groups are also urging the bureau to establish a formal set of rules for the complaint process, including allowing businesses an ample amount of time to provide feedback on the proposed rules.

Mortgage Shopping Sheet

While rolling out the new complaint resolution system, the bureau is simultaneously releasing a simplified two-page mortgage form for a trial run. This form would replace the five-page form used today. The two-page format provides consumers with basic mortgage information on the first page, which includes the interest rate, monthly mortgage payments and closing costs. The second page then provides the details of the information provided on page one. The new form would give the pertinent information right on page one with the purpose of making it easier for consumers to evaluate whether or not they can afford the mortgage they are considering. It would also enable them to shop and compare offers from different lenders.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

New SPG Amex Luxury Card Arrives This Summer

Posted: April 26, 2018

The Starwood Preferred Guest American Express Luxury card is coming this August, along with the new SPG and Marriott combined rewards program. This card offers 6x the points when booking stays at SPG and Marriott Rewards hotels and 3x ... Continue reading
Masterpass Comes to BJ’s Wholesale Club

Posted: April 25, 2018

Have you been wondering when you would be able to use Masterpass, to check out at BJ's Wholesale Club? If you have, you don't have to wonder any more. The pair recently inked a deal, bringing Masterpass, MasterCard's digital wallet, to ... Continue reading
A New Unified Marriott and SPG Rewards Program is Coming

Posted: April 24, 2018

When Marriott acquired SPG, it was unclear what would happen with their rewards programs. But now the cat is out of the bag. SPG, Marriott Rewards and Ritz-Carlton Rewards will all become one loyalty program this August. At that point, all ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!