The Consumer Finance Protection Bureau (CFPB) is an agency of the United States government. It was set up to protect all of us regular people from financial scams, fraud, over-charges, bogus charges, false financial reporting, etc.
The CFPB is a powerful agency. When it goes after a finance company, mortgage lender, bank, or credit company, the end result can be a fine of millions of dollars, a lawsuit, or even getting shut down. This is not fun for the guilty party.
If you have been a victim of a financial scam, fraud, bank injustice (such as when Wells Fargo opened new accounts in people’s names without their knowledge or consent), or if one of the credit bureaus refuses to delete false information that is damaging your credit profile, then yes, you should file a complaint.
However, if there is a negative mark on your credit report, a late payment, a collection, or other derogatory, and it really did happen, then you must not file a complaint with the CFPB.
Never lie to a government agency!
Never attempt to throw a business under the bus because you don’t like that they are reporting you late, when you were actually late. That is fraud on your part and can get you in trouble.
Some unscrupulous so-called credit repair businesses have filed CFPB complaints as a so-called strategy to remove negative information. THAT IS FRAUD. There are cases where the credit repair business owner was handcuffed and booked into jail for doing this!
You cannot file a complaint as a bluff. Only file a complaint if what you are saying is 100% true.
If are are a victim, then DO file a complaint, and write with specific details, including dates, dollar amounts, and how you attempted to make it right with the company.
If you have a question about this, feel free to post a reply. The system requires me to read and approve in order to keep out all the spam bots, but I do read every one and I will reply.
Thank you for reading. I truly appreciate you.