Billing disputes lead list of credit complaints in latest monthly survey from the Consumer Financial Protection Bureau
Many card users said they were confused about how to challenge inaccuracies on their billing statements. For example, some people said they didn’t realize that they have only 60 days to dispute a charge, or that the credit company would not override a merchant’s “no-return” policy.
The CFPB’s report on September complaints also found card users say the assessment of late fees is confusing, deferred interest programs aren’t adequately explained and accounts were closed without the card user’s knowledge. Other complaints include interest rates are raised without notice and not being informed that their credit limit could be decreased.
The CFPB has handled around 79,500 credit card complaints, representing about 11 percent of total complaints. The chart shows the most common type of credit card complaints as a percentage of all credit complaints handled.
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