LAS VEGAS (KXNT) – Some good news for consumers in Southern Nevada — new research from a group called Value Penguin shows that Las Vegas has the 5th highest credit card complaints in the nation.
That’s out of 150 U.S. cities surveyed.
Robert Harrow, a credit card analyst for Value Penguin,said being ranked 5th highest in complaints is actually a good thing, even though it sounds bad. He said it means 78 percent of all complainants found a resolution to their problem with the Consumer Financial Protection Bureau (CFPB).
One in five people received monetary compensation.
“This is why consumers should submit a complaint to the CFPB if they feel that their bank has wronged them,” said Harrow. “The CFPB also makes it easy to submit a complaint using an online form, and are quick to follow up on behalf of consumers with the card issuer.”
He also reminds consumers to make sure to read the terms and conditions when handing over their private information to a store to take advantage of an offer. He found a significant number of complaints against store credit cards, from consumers who responded to an offer and unwittingly opened a credit account without fully understanding what they were signing up for.
Harrow said Las Vegas residents should take advantage of the CFPB if they feel they have been wronged by their banks, and soon. The current political administration has alluded to severely cutting down the power of the CFPB, which means the CFPB may not be able to handle complaints so effectively in the future.
Value Penguin contributed to this story.
You can read their full report: https://www.valuepenguin.com/credit-cards/complaints-study-2017