Had to finally open a Consumer Financial Protection Bureau dispute on a big bank called Citibank.

Anonymous — Fri, 01 May 2015 00:38:36 GMT

Hey everybody, I recently opened a CFPB dispute last week against Citibank because of phantom fees on my credit card, inaccurate credit reporting and many other things. Is it likely that the CFPB will pull everything out in my favor when it is all said and done. I have seen a lot of reviews that attest to the stance that the CFPB stands up for the "average person" and makes financial institutions accountable when necessary, can anyone vouch for these glowng reviews about the CFPB?

Re: Had to finally open a Consumer Financial Protection Bureau dispute on a big bank called Citibank

RobertEG — Fri, 01 May 2015 21:05:13 GMT

The CFPB has been very agressive in many areas.

They are currently very active in debt collection practices revisions, having already initiated the begin of the federal rulemaking process.

They publisihed request for comments as a preliminary to publication of proposed rules, which are soon to be published in the federal register.

They ahve also publshed directives to the CRAs advising them that they will be strictly enforcing the requirements to foward all documentation to furnishers when conduction reinvestigation of a dispute filed with teh CRA. That has led to revision of the CRA e-Oscar process.

The CFPB has administrative regulation of both the FCRA and the FDCPA.

However, complaints to the CFPB should not be made without first exhausting the administrative procedures provided under those statutes.

For example, issues of inaccuracy of reporting should first be disputed under either the FCRA direct dispute process or disputed through a CRA before filing a complaint with the CFPB.

Additionally, the CFPB does not have the discovery powers of a court, and should be used when the consumer feels there is a specific violation of the statute.

Most disagreements over the facts of a case rather than clear non-compliance with the statute will usually require civil action rather than use of the CFPB complaint process.

(Note that the CFPB process is a complaint process, not a dispute process).

topic Re: Had to finally open a Consumer Financial Protection Bureau dispute on a big bank called Citibank in General Credit Topics

Had to finally open a Consumer Financial Protection Bureau dispute on a big bank called Citibank.

Re: Had to finally open a Consumer Financial Protection Bureau dispute on a big bank called Citibank