Billing Disputes Main Cause of Card Complaints to CFPB
Billing disputes, interest rates and identity theft are the biggest reasons for complaints about credit cards filed with the Consumer Financial Protection Bureau, the new agency said Wednesday.
The CFPB said it had received 5,074 complaints about credit cards during its first three months of operation. Of those, 13% were related to billing disputes, 11% concerned APRs and interest rates and 10.8% were related to identity theft, fraud and embezzlement.
The CFPB, an independent agency which began operating on July 21, said other sources of complaints were: Non-late and non-over-limit fees, 4.4%; billing statements 4.1%; and collection practices, 4%.
The agency said 83% of the complaints were sent to the card issuers. And of those 74% have been resolved, the CFPB said.
The CFPB didn’t break down the complaints by type of card issuer.