Military Consumer Protection Day
July 8, 2015
Military service members, veterans and their families are often subject to unfair, deceptive or abusive financial practices. The Consumer Financial Protection Bureau (CFPB) began collecting data specific to military personnel and their families in 2011 and reports approximately 29,500 complaints were submitted through 2014.
The CFPB reports 39 percent of those complaints were on debt collection, with the majority of those regarding continued attempts to collect debt that is not owed.
Arkansas Attorney General Leslie Rutledge issued today’s consumer alert to help recognize Military Consumer Protection Day on July 15 and to make military service members, veterans and families aware of the top consumer complaints so they will know how to get help with these issues.
“Our military men and women are our everyday heroes,” said Attorney General Rutledge. “These service members protect this great country. We owe it to these brave men and women to help educate them on how to protect themselves and their families regarding financial practices.”
Attorney General Rutledge shared the following list from the CFPB of the most common complaints filed by service members.
- Debt collection – approximately 11,600 complaints filed
- Mortgage payment and loan – approximately 7,100 complaints filed
- Credit reporting – approximately 2,700 complaints filed
- Credit card – approximately 2,500 complaints filed
- Bank account or service – approximately 2,400 complaints filed
- Consumer loan – approximately 1,400 complaints filed
- Student loan – approximately 700 complaints filed
- Payday loan – approximately 600 complaints filed
Arkansas military service members, veterans and families should file complaints with the Attorney General’s Office on ArkansasAG.gov or by calling (800) 482-8982. Upon submission, the complaint will be entered into the tracking system and assigned a number and an investigator. Within five business days, a postcard should be received in the mail acknowledging receipt of the complaint, and a copy of the complaint will be sent to the business. It is requested that the business respond within 10 business days. Once it does, the Attorney General will provide a copy of the response to the consumer.
Military Consumer Protection Day is a partnership between attorneys general from across the country, the Consumer Financial Protection Bureau, Better Business Bureau, Federal Trade Commission, and many more organizations. Military Consumer Protection Day is an initiative to empower active duty and retired service members, veterans and families and help them defend against fraud and make better-informed decisions when managing money.