The March CFPB monthly complaint snapshot focused on credit cards, revealing billing disputes and identity theft as the top issues consumers had with credit card issuers. The CFPB has handled over 116,200 credit card complaints since 2011 and forwarded 94,000 of those complaints to companies for review and response.
Diving deeper into consumers’ top issues, consumers complained specifically about:
- Fraudulent charges
- Confusing guidance from banks
- Problems with rewards program benefits
- Late fees for payments not processed in a timely manner
- Unsolicited credit cards
- And more…
Many of these complaints are a result of miscommunication. Banks need to provide clearer guidance from the get-go, or provide clear instructions on how customers should reach out to banks to resolve issues with their accounts. Then fewer customers would have the need to resort to submitting complaints to the CFPB. We know the consequences that companies may face if they receive too many complaints submitted to the CFPB. (Download our CFPB Risk Signal Report for stats on company risk trends associated with complaint counts.) Credit card issuers should make it a priority to review their consumer-facing communications channels—online and in contact centers—for red flags that would result in poor customer experiences.
Learn more about consumer complaints at the annual compliance and RegTech conference COMPLY2017. On June 7-8 in NYC, we’ll have speakers from the CFPB, American Express, MasterCard, Barclaycard, and others discuss current regulatory trends and technologies. You won’t want to miss our Consumer Complaints session on Day 2 to learn what’s actually inside the CFPB’s Consumer Complaint Database, in addition to sessions on credit card and payments compliance.
Let’s meet up in June and discuss solutions to help your company mitigate your compliance risk. Email me at email@example.com to set up time to chat.