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CFPB Helps Servicemembers with Financial Problems

Ways the CFPB Helps Servicemembers with Financial Issues

Last Updated: May 20, 2016

Every single one of us needs consumer protection relative to personal finance products and services. However, those serving in our military not only have unique consumer rights afforded to them, but are also particularly vulnerable to violations of these rights.

Thus, the Consumer Financial Protection Bureau's creation of the Office of Servicemember Affairs.

As stated on the CFPB website, the Office of Servicemember Affairs exists:

Here's how the CFPB aims to help.

Responds to Complaints About Financial Products and Services

If you believe your consumer rights are being violated, the CFPB wants to hear about it.

The CFPB accepts complaints on any product or service relative to the financial industry, including debt collection, student loans, payday loans, mortgages, credit cards, credit reporting, auto loans, money transfers, and banking issues.

Of all the categories, complaints by servicemembers are most often relative to debt collection practices.

The CFPB is particularly concerned with debt collectors illegally:

The CFPB is also concerned about servicemember violations of consumer rights relative to:

Once the CFPB receives it, your complaint and any supporting documentation is forwarded on to the company for their review. The company has 15 days to respond to the CFPB and to you.

During this 15-day period, you can expect to receive from the CFPB email updates on your complaint status. You can also check the status online at ConsumerFinance.gov.

Links You to Helpful Financial Resources

Saving Money

Paying for Education

Emergency Assistance

Other Helpful Resources

The CFPB also provides numerous links to various external resources on strategic money management.

Provides Tips On Protecting Your Finances

Avoiding VA Benefit Scams - If you have yet to sign up for your VA benefits, be leery of anyone offering to help via phone or at your doorstep. They're scammers, as the VA does not participate in telemarketing and rarely makes house calls. What these scammers want is to steal your personal information and, subsequently, your identity, good credit, and money. Sign up for the real deal via the Department of Veteran Affairs.

Avoiding High Credit Card Rates - If you have a credit card balance prior to entering into active duty, your credit card company cannot charge you more than 6 percent on your pre-active duty balance. (Note, the 6 percent cap does not apply to new credit card debt acquired while active.) So let your credit card company know as soon as you enter active duty. If they fail to comply with the 6 percent cap, submit a complaint to the CFPB.

Publishes Free Financial Guides

"How to Choose a Financial Professional" and "Action Guide for Servicemembers with Student Loans". Find links and details to all of the aforementioned resources at ConsumerFinance.gov.

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