Since we launched on July 21st 2011, we’ve heard directly from consumers about the challenges they face in the marketplace, brought their concerns to the attention of financial institutions, and helped address their complaints. Accepting, resolving, and analyzing consumer complaints is an integral part of our work.
This week, we’ll be featuring stories from consumers who we have helped, and who have agreed to let the CFPB make their stories public.
Ronald, a 77-year-old Army veteran and retired businessman from Georgia believed he had paid off his mortgage but found his mortgage servicer said he still owed money.
Ronald, who bought his home in 1979 for $38,000, was blind and had trouble finding the paperwork to prove he owned his home free and clear. So he continued to hand over $100 each month to the lender. After the CFPB got involved at the end of 2011, the bank determined that Ronald had in fact paid off his mortgage in 2007 before the current servicer took over the loan. The bank refunded Ronald’s money at 3 percent interest and sent him a check for $30,000.
Nelda, a 67-year-old data entry clerk from California, received a $2,000 charge on her credit card for purchases she never made.
She says she contacted the card issuer to report the mistake and found out the charges were systematically accrued on one day by someone withdrawing $200 at a time. She told the issuer it was fraud. But she says the issuer said she was still on the hook for the money because it was her card. The charges set off a cascade of bad events for Nelda that lasted nearly a year. Eventually, the debt was sold to a collection agency that took Nelda to court.
After the CFPB got involved, the card issuer accepted that the charges were fraudulent and agreed that Nelda was not responsible.