CFPB Complaint Filing: Financial Services Recourse
The Consumer Financial Protection Bureau accepts complaints about banks, credit cards, mortgages, debt collection, credit reporting, and other consumer financial products. Unlike the FTC, the CFPB forwards complaints to companies and tracks responses. This makes CFPB complaints particularly effective for individual resolution. Companies typically respond within 15 days. This guide explains effective complaint filing.
Prerequisites
- Account information for the financial product involved
- Documentation of the issue
- Description of resolution sought
Visit CFPB Complaint Portal
Go to consumerfinance.gov/complaint to access the CFPB complaint system. Choose the type of financial product or service involved. The portal walks you through specific questions for each type of complaint. Each product type has tailored questions to capture relevant details.
Provide Specific Details
Describe what happened with specific dates, amounts, and names. Include account numbers (which are protected from public disclosure), names of representatives you spoke with, and the resolution you are seeking. The more specific the complaint, the more effective the response from the company.
Specify Desired Resolution
Tell the CFPB what you want the company to do. Refund a fee. Correct an error. Update credit reporting. Provide an explanation. Specifying the resolution helps the company respond appropriately and gives you a clear measure of success.
Submit and Track
Submit your complaint through the portal. You will receive a confirmation number and access to track the status. The CFPB forwards your complaint to the company within 24 hours. Companies have 15 days to respond and 60 days to resolve. You can review the company response through the portal.
Tip: Companies face regulatory pressure to respond to CFPB complaints, making this often more effective than direct customer service.
Review Company Response
When the company responds, review whether their proposed resolution addresses your issue. You can dispute responses you find inadequate through the portal. The CFPB tracks complaint outcomes and uses the data for enforcement priorities. Successful resolutions often happen because of CFPB visibility.