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January 15, 2014

Capital One records most number of consumer complaints: US PIRG report

Capital One has received the most number of credit card related consumer complaints at Consumer Financial Protection Bureau (CFPB), according to a report by US PIRG Education Fund.

By Verdict Staff

Capital One has received the most number of credit card related consumer complaints at Consumer Financial Protection Bureau (CFPB), according to a report by US PIRG Education Fund.

The report titled ‘Credit Cards, Consumer Complaints: The CFPB’s Consumer Complaint Database Gets Real Results for Credit Card Holders’ was based on CFPB’s public consumer complaints database, which has been recording credit card complaints since July 2011.

The report, which was based on complaints per 100,000 residents, found that consumers in the District of Columbia and Delaware were most likely to raise credit card complaints.

In terms of overall banking services, GE Capital Retail received the most complaints, followed by Capital One and Barclays.

US PIRG Education Fund Consumer Associate, Laura Murray, said the CFPB is empowering consumers to demand accountability from their credit card companies.

"Finally, consumers ripped off by junky credit card add-ons or unfair billing disputes have somewhere to turn," Murray added.

In addition to complaint database, the CFPB has many tools for making credit cards work better for consumers.

Murray said the CFPB has taken great strides in holding credit card companies accountable.

"Thanks to its work with consumer complaints and enforcement actions, the CFPB is getting results for credit card holders," Murray added.

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