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be cautious - filing complaint with CFPB/FRCH...closed credit cards/accounts

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Anonymous
Not applicable

be cautious - filing complaint with CFPB/FRCH...closed credit cards/accounts

Be cautious if you have any other credit accounts with the same lender/bank when filing any complaint with CFPB/FRCH..., my case BofA closed my other credit cards without any notice right after i made a complaint regarding some fees (different account/remained open after/but closed my 2 other credit cards).....

 

 

profile - no late payments / badies, 28 accounts in good standing, 720 FICO all CRAs.

Message 1 of 16
15 REPLIES 15
Anonymous
Not applicable

Re: be cautious - filing complaint with CFPB/FRCH...closed credit cards/accounts

My apologies this happened to you, it could be a blessing in disguise. This isn't the first time I heard this.

Message 2 of 16
Anonymous
Not applicable

Re: be cautious - filing complaint with CFPB/FRCH...closed credit cards/accounts

Almost sounds retaliatory, which I thought was illegal.

But big Banks can do anything they want.

Message 3 of 16
dragontears
Senior Contributor

Re: be cautious - filing complaint with CFPB/FRCH...closed credit cards/accounts


@Anonymous wrote:

Be cautious if you have any other credit accounts with the same lender/bank when filing any complaint with CFPB/FRCH..., my case BofA closed my other credit cards without any notice right after i made a complaint regarding some fees (different account/remained open after/but closed my 2 other credit cards).....

 

 

profile - no late payments / badies, 28 accounts in good standing, 720 FICO all CRAs.


What happened to your profile recently? In your previous thread about penfed you stated a score of 836?

Message 4 of 16
Anonymous
Not applicable

Re: be cautious - filing complaint with CFPB/FRCH...closed credit cards/accounts


@Anonymous wrote:

... i made a complaint regarding some fees ...


What sort of fees? What sort of complaint? 

Message 5 of 16
a1canesfan
Established Member

Re: be cautious - filing complaint with CFPB/FRCH...closed credit cards/accounts

Financial institutions (banks, collection agencies, etc) track consumers who have filed regulatory complaints and lawsuits...once they identify a consumer who has shown themselves to be a regulatory or litigious risk your accounts are flagged.  They all subscribe to a service like Web Recon (google it) which they scrub against their entire inventory regularly which will tell them if you've ever filed suit against any financial institution (not just them) and if so you're seen as a risk to do the same to them.   With regulatory complaints it's not as easy as suits because suits are all public record which is how these databases like Web Recon update real-time (like PACER for financial institutions)....BUT if you file a regulatory complaint (CFPB, state AG, etc) against them OR anyone they are connected to (i.e a collection company they use) all your accounts will show up on their radar and be flagged as a risk to them.

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Message 6 of 16
Anonymous
Not applicable

Re: be cautious - filing complaint with CFPB/FRCH...closed credit cards/accounts


@a1canesfan wrote:

Financial institutions (banks, collection agencies, etc) track consumers who have filed regulatory complaints and lawsuits...once they identify a consumer who has shown themselves to be a regulatory or litigious risk your accounts are flagged.  They all subscribe to a service like Web Recon (google it) which they scrub against their entire inventory regularly which will tell them if you've ever filed suit against any financial institution (not just them) and if so you're seen as a risk to do the same to them.   With regulatory complaints it's not as easy as suits because suits are all public record which is how these databases like Web Recon update real-time (like PACER for financial institutions)....BUT if you file a regulatory complaint (CFPB, state AG, etc) against them OR anyone they are connected to (i.e a collection company they use) all your accounts will show up on their radar and be flagged as a risk to them.


Wow... learn something new every day... It blows my mind that services like this are legal because it encourages discrimination against people who have been wronged in the past and were vocal about it. You even end up in here if you sue a debt collector for being shady or file a complaint with your AG!

 

https://webrecon.com

Message 7 of 16
longtimelurker
Epic Contributor

Re: be cautious - filing complaint with CFPB/FRCH...closed credit cards/accounts


@Anonymous wrote:

@a1canesfan wrote:

Financial institutions (banks, collection agencies, etc) track consumers who have filed regulatory complaints and lawsuits...once they identify a consumer who has shown themselves to be a regulatory or litigious risk your accounts are flagged.  They all subscribe to a service like Web Recon (google it) which they scrub against their entire inventory regularly which will tell them if you've ever filed suit against any financial institution (not just them) and if so you're seen as a risk to do the same to them.   With regulatory complaints it's not as easy as suits because suits are all public record which is how these databases like Web Recon update real-time (like PACER for financial institutions)....BUT if you file a regulatory complaint (CFPB, state AG, etc) against them OR anyone they are connected to (i.e a collection company they use) all your accounts will show up on their radar and be flagged as a risk to them.


Wow... learn something new every day... It blows my mind that services like this are legal because it encourages discrimination against people who have been wronged in the past and were vocal about it. You even end up in here if you sue a debt collector for being shady or file a complaint with your AG!

 

https://webrecon.com


But to be fair, remember that not all complaints are valid or even created in good faith.   (We frequently see here "wronged" people where after a bit of explanation it transpires that nothing unjustified happened).   Webrecon claims to go after frequent litigators, so one complaint against someone else probably won't hurt, but a history of frequent complaints will.    Now someone who fires off lots of complaints MIGHT really be justified in each and every one, but probably not, any more than frequent litigants in the court system really have justified grievances.    But it really comes down to how each FI treats the information, if they don't want to do business with someone who has ever complained about anything, that's harsh.   But also, from their viewpoint, understandable!

Message 8 of 16
Deuter
Regular Contributor

Re: be cautious - filing complaint with CFPB/FRCH...closed credit cards/accounts

I don't understand does this www.fltreasurehunt.gov is a part of what you are saying? My name recently appeared here telling me that Citibank (which is my main bank) owned me around $900. I don't know if to apply myself for that or leave it alone. 

 

If what you are saying is true then i leave this stuff without action as i don't want any problems in my relationship with Citibank for $900 or a much larger sum. I don't quite understand if this type of stuff is the same you're mentioning (not from USA, have to research)

Message 9 of 16
kdm31091
Super Contributor

Re: be cautious - filing complaint with CFPB/FRCH...closed credit cards/accounts


@longtimelurker wrote:

@Anonymous wrote:

@a1canesfan wrote:

Financial institutions (banks, collection agencies, etc) track consumers who have filed regulatory complaints and lawsuits...once they identify a consumer who has shown themselves to be a regulatory or litigious risk your accounts are flagged.  They all subscribe to a service like Web Recon (google it) which they scrub against their entire inventory regularly which will tell them if you've ever filed suit against any financial institution (not just them) and if so you're seen as a risk to do the same to them.   With regulatory complaints it's not as easy as suits because suits are all public record which is how these databases like Web Recon update real-time (like PACER for financial institutions)....BUT if you file a regulatory complaint (CFPB, state AG, etc) against them OR anyone they are connected to (i.e a collection company they use) all your accounts will show up on their radar and be flagged as a risk to them.


Wow... learn something new every day... It blows my mind that services like this are legal because it encourages discrimination against people who have been wronged in the past and were vocal about it. You even end up in here if you sue a debt collector for being shady or file a complaint with your AG!

 

https://webrecon.com


But to be fair, remember that not all complaints are valid or even created in good faith.   (We frequently see here "wronged" people where after a bit of explanation it transpires that nothing unjustified happened).   Webrecon claims to go after frequent litigators, so one complaint against someone else probably won't hurt, but a history of frequent complaints will.    Now someone who fires off lots of complaints MIGHT really be justified in each and every one, but probably not, any more than frequent litigants in the court system really have justified grievances.    But it really comes down to how each FI treats the information, if they don't want to do business with someone who has ever complained about anything, that's harsh.   But also, from their viewpoint, understandable!


Yes, unfortunately, I would agree with this. While there's plenty of reason for legitimate complaints, I doubt the average consumer is going to have so many legitimate ones that it would cause an issue. What's more likely are the people who "complain" about things that are not legitimate and/or their own fault ("I didn't pay my bill and the bank charged me this outrageous late fee!", etc). Some people just complain to get things for free. So, I understand having some sort of database to prevent abuse because abuse can and does happen.

Message 10 of 16
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