Most people feel that fighting the unfair business practices of credit card companies is futile; however, there are agencies that collect credit card complaints and aggressively pursue creditors and help initiate new laws to protect consumers from being exploited financially.
Thanks to credit card reform that began in February 2010, credit card companies can no longer raise the interest rates on credit cards unless the borrower is more than two months late. Also, credit card companies can no longer raise interest rates if a borrower is late on another credit card. Unfortunately, credit card companies began raising interest rates long before the credit card reform laws took effect and looked for other egregious ways to extort money from people. Since President Obama initiated credit card reform, complaining to credit card companies about excess fees and interest rates directly has proved futile for many borrowers. There are other actions consumers can take to make credit card complaints.
Credit Card Complaints and the Federal Trade Commission
The Federal Trade Commission is a national consumer protection agency. The organization collects and tracks complaints from consumers. While the Federal Trade Commission does not help resolve individual complaints, it does look for patterns of egregious business practices that will lead to investigations and prosecutions.
The Federal Trade Commission enters all the complaints it receives into a database called the Consumer Sentinel, which is accessed by criminal and civil law enforcement authorities worldwide. People can access the Federal Trade Commission’s complaint form easily online and file a complaint about a credit card company. It only take a few minutes to file a complaint.
Credit Card Complaints and the Better Business Bureau
Many credit card companies are members of the Better Business Bureau (BBB). To make a complaint about a credit card company, it is important to list all the details about the issue. People should keep detailed notes about any issues with a credit card company. If a person speaks to someone at a credit card company, it is important to make a note of the representative’s name and the date. People should also keep copies of any written correspondence.
Many credit card companies like Citibank, Bank of America and Wells Fargo are listed as accredited members of the Better Business Bureau. Most companies that are members of the BBB do not want its images littered with consumer complaints.
Credit Card Complaints and the State Attorney’s Office
People can find each state’s Attorney General’s office at the National Association of Attorneys General Web site. Filing a credit card complaint with a state’s Attorney General’s office can be a very effective way to deal with the unscrupulous business practices of credit card companies.
Like The Federal Trade Commission, the State Attorney will not handle individual complaints about credit card companies; however, if enough people make similar credit card complaints about a company’s business practices, the issue or issues will be investigated.
Credit Card Compaints
Credit card companies count on people not complaining or reporting things like higher interest rates, shorter billing cycles, and gratuitous fees. The more assertive people become at making credit card complaints to consumer agencies, the sooner credit card companies will stop charging usurious interest rates and fees.