The Consumer Financial Protection Bureau has been busy thus far in 2012, the agency announced in its semi-annual report, which shows exactly what it has worked on during the first six months of the year.
The agency, created through the Dodd-Frank Wall Street Reform and Consumer Protection Act, revealed it continues to make progress in relation to helping consumers with issues related to improper lending.
Many Americans with a mortgage loan, credit card and other lines of credit have been able to report discrepancies and errors, as well as file complaints, with the CFPB this year, as the agency continues to expand its role in shaping the marketplace.
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More than two in five complaints the agency has received from Americans since its inception have been about mortgages, according to the report. This was followed by credit cards, which accounted for 34 percent of all complaints this year.
“The Consumer Bureau is establishing evenhanded and reasonable oversight to the marketplace,” CFPB director Richard Cordray said in the report. “We are working to root out unfair, deceptive, or abusive practices. Consumers deserve to be treated fairly, and to have someone stand on their side when they are not. Congress directed us to fix grave problems in the mortgage market, and we are well on our way to fulfilling that goal.”
While the agency noted it has helped numerous consumers nationwide in resolving matters related to credit and loan issues, there are still millions of Americans facing challenges in the lending market.
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The CFPB implemented the “Tell Your Story” feature on its website to get consumers to discuss ways in which they are being blocked from securing various loans. Some of the prime issues they face include roadblocks to refinancing, lack of transparency in credit reporting practices and overall inability to qualify for loans.
Consumers may be able to better their financial situations by resolving their debt situations, which in turn will improve their credit reports and make lenders more willing to offer them loans.
Image: rpongsaj, via Flickr
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When will the CFPB’s second study on credit score variability be released?