Wisconsin credit card customers have filed the most federal complaints against Citibank and Capital One, according to information from the Consumer Financial Protection Bureau (CFPB).
Since 2011, consumers have been able to file formal complaints with the CFPB on mortgages, credit reporting, and debt collection. Wisconsin Public Interest Research Group (WISPIRG) and its national group have been studying that data. Its most recent analysis is on the credit card industry.
Citibank, Capital One, JPMorgan Chase and Bank of America credit cards generated the most consumer complaints in Wisconsin. Most consumers had problems with billing disputes, interest rate issues, and identity theft and fraud.
Stay informed on the latest news
Sign up for WPR’s email newsletter.
WISPIRG director Bruce Speight said understanding the trends can help prevent future problems.
“Consumers are already getting results thanks to the work of the Consumer Financial Protection Bureau,” said Speight. “They’re getting monetary relief. Companies are being held accountable for deceptive or risky practices, so the proof is in the pudding, so to speak.”
The report found that 40 percent of credit card complaints submitted to the CFPB resulted in some sort of relief, including financial compensation.
A Capital One spokeswoman said they’re committed to working with customers to resolve issues. A JPMorgan Chase spokesman said they welcome feedback and have been working towards improving communication with customers.
Bank of America declined to comment. Citibank didn’t respond to an interview request.
Wisconsin Public Radio, © Copyright 2024, Board of Regents of the University of Wisconsin System and Wisconsin Educational Communications Board.
