Consumer Tips

PROTECTING YOURSELF IN A COMPLEX MARKETPLACE — Our researchers and attorneys provide key tips for how you can shop for the best bank, get the best car loan, protect against identity theft, and more.

The Best Ways to Protect Yourself

Being a consumer in today’s marketplace can be tough. Financial decisions in particular often require navigating a torrent of misleading advertisements and pages of jargon-filled small print. Even the simplest choices — everyday financial decisions like opening a credit card, creating a bank account, applying for a loan, or sorting through cell phone contracts — can take time, energy and knowledge that too many of us don’t have.
   
Many financial institutions don’t set out to make it easier for their customers:

  • 1 out of every 20 Americans — millions of consumers — have errors on their credit reports significant enough to raise their rate on loans.
  • Financing cars through dealerships costs consumers more than $25.8 billion in additional hidden interest.
  • From 2005 to 2010, identity theft rose by 33%. In 2012, an estimated 12.6 million Americans became victims. That is 1 victim every 3 seconds. 
  • Banks made around $11 billion in overdraft fees in 2015, fees they pitched as “overdraft protection” but actually cost consumers more.

Despite these practices, there are ways to protect yourself. We want to help. This is why we’ve created the following tip sheets based on common complaints to the Consumer Financial Protection Bureau and the Federal Trade Commission. Read on. Protect yourself from becoming a statistic.

File a complaint if you have a problem

For all sorts of everyday consumer problems, there are government resources that can help. Federal agencies like the Consumer Financial Protection Bureau and Consumer Product Safety Commission exist to protect us from unfair or dangerous products. Submitting complaints to government agencies can help resolve your problem AND it helps these agencies hold companies accountable for unfair practices. For more information, consult our tip sheet on the subject, which includes information on how to contact the CFPB with financial complaints, the CPSC with toy and other product safety complaints, the NHTSA with car safety complaints, and DOT with air travel complaints: How to File a Consumer Complaint and Use Government Databases.

Keeping Track of Your Money:

Credit Reports, Credit Scores, and Identity Theft:

Common Consumer Problems:

Please note that these tips are not intended as, nor should they be construed as, legal advice. If you need legal advice dealing with a consumer problem, consult an attorney.

Issue updates

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News Release | WISPIRG Foundation | Consumer Protection

Report: Equifax/Experian/TransUnion Get Big Complaints

A new report by WISPIRG Foundation found that the most complained-about credit reporting agency in Wisconsin is Experian.  Millions of Americans have errors on their credit reports, which can affect the ability to get a loan, buy a house, rent an apartment, or even get a job.

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Survey Finds Dangerous Toys on Store Shelves

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Free checking can still be found at financial institutions in Wisconsin and nationwide, but consumers are more likely to see it at smaller banks and at credit unions than at some of the biggest banks, according to a survey by Public Interest Research Groupsaround the country. 

Read more: http://host.madison.com/business/free-checking-still-widely-available-report-says-some-banks-mum/article_a45e708c-2f79-11e2-8638-001a4bcf887a.html#ixzz2CVvvHGyc

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News Release | WISPIRG Foundation | Consumer Protection

New Survey Shows Free Checking Widely Available At Small Banks

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News Release | WISPIRG | Consumer Protection

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Cover graphic courtesy Student Borrower Protection Center, used by permission

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