Operational for just barely four months, the Consumer Financial Protection Bureau has received some 5,000 complaints about credit card companies. The bureau issued an interim report on the nature of the complaints, ranging from objectionable advertising and marketing practices, application processing delays and high interest rates, to identity theft, privacy intrusions, and the unsolicited issuance of cards. A theme running through all of these complaints was companies’ manner of disclosing their policies on these issues: densely written and difficult-to-understand statements.
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CFPB: Consumers Struggle to Understand Credit Card Policies
Posted by: Erika Morphy December 2, 2011 09:58 AMOperational for just barely four months, the Consumer Financial Protection Bureau has received some 5,000 complaints about credit card companies. The bureau issued an interim report on the nature of the complaints, ranging from objectionable advertising and marketing practices, application processing delays and high interest rates, to identity theft, privacy intrusions, and the unsolicited issuance of cards. A theme running through all of these complaints was companies’ manner of disclosing their policies on these issues: densely written and difficult-to-understand statements.