New Consumer Financial Protection Bureau Begins July 21 – Consolidated Credit ...
Fort Lauderdale, FL (PRWEB) July 20, 2011
The Consumer Financial Protection Bureau (CFPB) starts official operations on July 21, 2011, and the credit experts at Consolidated Credit Counseling Services, Inc. are gearing up to keep Americans in the know about this new financial watchdog agency.
As a part of the Wall Street reform law that was passed by Congress last year, the CFPB’s primary mission will be to make sure financial institutions, primarily banks and mortgage lenders, provide consumers with the information they need to make proper decisions about credit, mortgages and loans.
“The Consumer Financial Protection Bureau will help prevent consumers from being taken advantage of as well as prevent financial scams by identifying and stopping unfair and deceptive financial practices,” said Howard Dvorkin, CPA and founder of Consolidated Credit, a national credit counseling and financial literacy provider that has helped more than 5 million Americans deal with debt problems.
Consolidated Credit is informing its clients and encouraging all Americans to become familiar with the CFPB and its new laws. “As part of the changes, the CFPB will require lenders to provide consumers with their credit score if they are denied credit; in the past, people had to purchase their credit score on their own,” said Dvorkin. “This vital piece of information will help people make better choices and lead to an understanding of their own credit situation. Once people see their credit score in black and white, they can investigate how to improve it.”.
Overall, the CFPB will be the go-to government agency that will fight for American families and provide them with a voice in the financial market regarding fairness, transparency and clarity. According to the experts at Consolidated Credit, the CFPB will offer greater consumer protections if executed properly.
The CFPB will be offering the following consumer protections as of July 21:
1. Enforce financial laws – Not only will the CFPB have the power to enforce laws such as the Truth in Lending Act or the Frank-Dodd Act, they will have the authority to penalize financial institutions that fail to follow these laws.
2. Ensure that financial institutions collect and respond to consumer complaints through a toll-free hotline and online form – For individuals who believe they have been victimized by a credit card company or mortgage lender, a hotline will be free and readily available to address and rectify issues. People can also submit a complaint to http://www.consumerfinance.gov .
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Howard Dvorkin, CPA, founder of Consolidated Credit Counseling Services, Inc. This will prevent people from being taken advantage of and help prevent financial scams by identifying and stopping unfair and deceptive practices.
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