Consumer Financial Protection Bureau
Whether you want to know how you can dispute something in your credit report or what your rights are when you deal with debt collectors…well now you can find answers to these and more questions on one website. Our Certified Financial Planner, Denisa Tova, is here to tell us more details.
Congress created the Consumer Financial Protection Bureau, or CFPB, in response to the recent financial crisis. Its main role is to protect consumers from fraudulent financial practice by providing them with financial education. That’s why they launched an online tool called Ask CFPB.
Here is what you can find there:
Easy explanation of financial products; tips on mortgages and other loans
Answers to questions like, “what’s a credit report” or “is reverse mortgage right for me”. Soon it will expand the database to answer questions about student loans, auto loans, and checking and savings accounts.
Help consumers understand their rights dealing with credit-card and mortgage companies.
Help address complaints about financial products, such as mortgages, student loans and credit cards.
Basically hoping to become this one-stop financial education center for the consumer
What are some other examples of questions and concerns it helps to address?
But also tips on what you need to know before you decide to buy a home
It also offers many helpful resources for situations like:
What can I do if I can’t pay my mortgage?