Fix credit issues by telling the feds

If your credit card issuer is mistreating you, or if you’re having trouble with your mortgage lender, you’ve got a new place to turn for help.

The Consumer Financial Protection Bureau accepts consumer complaints about credit cards, consumer loans, student loans, mortgages and more.

When you file a complaint with CFPB, they do two things. First, they catalog and code it and use a database management system to figure out if there’s a pattern of problems that call for further investigation.

Second, they send the complaint on to the bank or lender or whoever you’re questioning. The bank is allowed to contact the consumer and try to solve the problem. If they think they’ve solved it, the bank will tell the CFPB, acknowledging that it’s been taking care of.

This can be a useful process. The opportunity to fix problems and have the feds look for patterns is great. Those of certain political persuasions seem to have it out for the CFPB. But consider this: Taxpayers spent $7.4 trillion to save the banks during the bailouts of the Great Recession. Wouldn’t it be nice if they followed the laws of the land?

The goal of the CFPB is to bring them to accountability.

Meanwhile, did you know there’s a way you can stop unauthorized monthly drafts?

The Federal Reserve’s rules governing pre-authorized transfers states: “Once a financial institution has been notified that the customer’s authorization is no longer valid, it must block all future payments for the particular debit transmitted by the designated payee-originator.”

That means if you notify your bank in writing, they must block all future payments to the party or parties who are wrongly dinging your account. Clark Howard helps you save more, spend less, and avoid ripoffs. Visit ClarkHoward.com for more info, or get his bestselling books signed with free shipping at GetClarkSmart.com.