New Hot Line Takes Aim At Consumers’ Credit Card Complaints
The Consumer Financial Protection Bureau on Thursday will roll out a new tool to help consumers in search of debt relief. The toll-free hot line will assist people with complaints related to their credit cards.
The CFPB is in its early days, and it’s taking a simple approach in dealing with some of the Federal Reserve and other governmental agencies’ former duties. The three-tiered approach to helping consumers includes studies, education and enforcement, it says.
Other areas of focus include protecting military members from unlawful financial products and creating mortgage documents that are more easily deciphered. Consumer advocates say focusing on core areas will help establish the CFPB’s credibility, according to MarketWatch.
“That’s a prime example of how this agency, before it’s even opened its doors, has shown that it can be of value to individuals and industry by taking something as complex and onerous as mortgage forms and trying to simplify and clarify them,” Ruth Susswein, deputy director of national priorities for Consumer Action, said to MarketWatch.
CFPB is researching the variation between credit scores consumers and lenders receive. The bureau also is taking to social media outlets, YouTube and its own website - on which it will post the hot line’s number on Thursday - to spread the word and reach consumers.