If you are having trouble resolving a problem with your bank, a credit card company or some other type of creditor there are some things you should be aware of. While most conflicts can be worked out with a little communication, there are times when matters are not resolved quite so easily.

There are several agencies in the USA that can help you when you cannot come to an understanding with the institution you are having a problem with. There are some steps you should take before you resort to filing any kind of complaint with these agencies however.

1. Call the creditor or financial institution and speak with a manager. Be sure to write down who you spoke to in case you need this information later on. Do not use a hostile tone but be patient while you explain your situation and what the problem is. Ask for their help in sorting out the problem. Let them know exactly what you would consider to be an appropriate resolution of the matter.
2. If an agreement is made during this conversation, follow up with a written confirmation that states the name of the person you spoke with and the exact terms of the agreement. Be sure to keep a copy of this letter for your records.
3. Contact the Better Business Bureau in your area. They can sometimes suggest a resolution process that will help you avoid having to file a complaint with any Federal agencies.

File Credit Card Complaint When Necessary

If you simply cannot resolve the matter directly with the creditor, you should consider filing a complaint with one or more agencies. Because your problem may affect your credit score you should consider filing a complaint even if the dollar amount of the unresolved matter is not high. Future credit card offers and financing can be affected if your good credit is suddenly bad credit because of this problem.

You will want to have on hand any documents showing how you tried to resolve your problem with a creditor for when you go ahead with a formal complaint.

Complaints About Banks and Chartered Financial Institutions

If your problem is with these types of businesses you will make a formal complaint to the Federal Reserve System at:

Division of Consumer and Community Affairs
Board of Governors of the Federal Reserve System
Washington, DC 20551

Write them a letter stating your complaint in a concise manner and be sure to give the name and address of the institution in question as well as your name, address and contact information. Make photocopies of the documentation you have to send along that can help illustrate your problem. Let them know the steps you have taken to try to resolve the matter already. Be sure to keep a copy of this communication for your files and do not send any original documents.

The Federal Reserve System responds within 15 business days to written complaints to acknowledge their receipt. It may take them much longer to investigate the complaint or to respond to you further. Once you receive their acknowledgement of receipt you can be sure that they will get to the matter as soon as they possibly can.

Sometimes this agency determines that your complaint is not something that they can deal with. Many times they refer complaints to other Federal agencies for resolution. They will inform you of this if it occurs in your case.

When the Federal Reserve System has finished with an investigation, they will inform you of their findings. They will let you know if they have determined that a financial institution has breached any of their regulations and what the corrective action will be.

Credit Reporting Agencies

If your problem is with a credit card company, a department store credit issuer or some other creditor who reports to Equifax, TransUnion or Experian then you should contact these agencies if you have been unsuccessful in your efforts to resolve the problem directly.

The CRA’s may be able to advise you of any further actions you can take to resolve the matter and how you can file further complaints if needed. It is a good idea to follow up this conversation with a written version as well. Again, be sure to make notes and keep all communications you have filed for future reference.

When you speak to the CRA’s you should discuss exactly how your particular problem will affect your credit score and ask them if there is anything you can do to protect it.

Government Regulations of Credit Issues

There are several laws at work in the area of credit and financing that are meant to protect you from any inappropriate actions on the part of your creditors.

Fair Credit Billing Act
This legislation requires that creditors correct their billing errors properly.

Fair Credit Reporting Act
This requires that creditors and credit reporting agencies correct errors on your file and that they do not share your information with anyone who does not legally have access to it.

Truth in Lending and Consumer Leasing Acts
A creditor is legally required to give truthful information about you to anyone who is legally entitled to it. These acts also deal with your right to cancel some types of home loans.

Legal Action To Solve Credit Controversy

If you have suffered considerable financial losses because a creditor did not abide by the Federal regulations that apply to credit cards, banks, loans or your credit report then you may want to consider taking legal action to seek a remedy.

Remember that you are entitled to fair treatment and that there are laws to protect you. Be sure you have tried every avenue for resolution before you consider legal action.