What Is The CFPB And How Can They Help Me?
The inner workings of the United States Government are a mystery to many American citizens. There are agencies that handle just about every kind of issue, but just how those agencies benefit you as a taxpayer can sometimes be hard to know. By and large, the one issue with which most people seek assistance is their finances. This is especially true when the economy is in bad shape, and having somewhere to turn for enforcement of the ideals of fair play and equality can be beneficial. Consumer protection agencies have existed for decades, and they offer a wide range of help to those that have been wronged in the marketplace. One of the more popular agencies is the Better Business Bureau and if you have ever been the victim of unscrupulous business practices you may be familiar with this non-profit organization. Or, if you are a savvy consumer, you may consult the BBB before patronizing a store or other merchant, to see if there are any complaints against the company.
In the world of finance there exists an agency that was created to help ensure fairness in lending and practices related to lending. The Consumer Finance Protection Bureau (CFPB) is this agency. Here are a few background facts about the CFPB:
- The CFPB strives to make sure the lending practices in place at major banks and institutions are clear. This means when you take out a loan, you should be given clear and easily understood information about your loan terms. If there are hidden fees or exorbitant rates being charged, there is a lack of transparency in the lending process and the CFPB can take action to enforce fairness.
- The CFPB provides financial education to those in need, so smart decisions can be made about your money.
- Abusive and harassing practices are prohibited, and if a borrower believes they are a victim of this type of lending pattern a complaint can be made to the CFPB in this regard.
You do have options if you have been targeted for a predatory loan, or are being harassed by a collector. Call us to find out what those options are, and whether the CFPB will get involved in your case.
For more information about debt and debt management and collection, contact our office at www.DsouzaLegalGroup.com. We work with you to come up with solutions that work.