BOSTON (CBS) — The number of complaints about credit card companies is growing, but more of those complaints are being resolved.
WBZ NewsRadio 1030’s New England Business Editor Anthony Silva reports
That’s the conclusion of a MASSPIRG study of the new Consumer Financial Protection Bureau and its response to consumer problems.
“Over 10,000 consumers had the issue they were complaining about resolved. In many cases, it was resolved with some financial restitution,” according to MASSPIRG’s Deirdre Cummings.
She says most of the complaints focus on just a few credit card companies, including CapitalOne, Citibank, Bank of America, J.P. Morgan, and GE Capital Retail.
Cummings adds that the largest number of credit card complaints comes from the Northeast. Massachusetts comes in 8th.
“The biggest amount of complaints came in under billing disputes. That represented about 16-percent of the 25,000 complaints that the CFPB took,” according to Cummings. “The next was complaints specifically about the interest rates being charged. The third: identity theft.”
But Cummings says about 30-percent of the complaints processed by the bureau led to some monetary compensation for consumers.