Servicemembers Complain About Consumer Problems
Recently the Consumer Financial Protection Bureau, a key watchdog agency of the consumer marketplace in the United States, released a report on the complaints it has received from members of the United States armed services since the Bureau began accepting consumer complaints in July 2011. This report is interesting reading especially for those who doubt that our military servicemen and servicewomen are frequently being taken advantage of by unscrupulous businesses. Some of the report’s findings include:
- A steady rise in the number of complaints filed including a sharp increase from November 2013 to January 2014
- The most commonly reported problem relating to credit cards was not unfair or harassing debt collection but instead billing issues
- Over one-third of the complaints relating to debt collection revolved (no pun intended) around collection on a debt that was not owed
- Almost 75% of the complaints about credit reporting related to incorrect information on a credit report
In fairness, a complaint does not necessarily mean that any law was violated or that the business in question did anything wrong. However given the over 14,000 complaints made to the CFPB in an approximately 2 1/2 year period it makes one wonder how many of our servicemembers are victims of abuse or illegal practices yet do not complain or take action. Servicemembers have enough to worry about without having to train and fight battles against mortgage lenders, payday lenders, vehicle dealers, and other businesses. If you or anyone you know in the United States military has experienced problems contact an experienced consumer law attorney for a consultation.