Here’s a New Way to Exit Customer Service Hell

The U.S. Consumer Financial Protection Bureau started taking complaints about financial products, such as credit cards and mortgages, as soon as it opened in July 2011. Four years later, submissions to the CFPB are surging, and consumers are finding it's a good way to get companies' attention.

A record 26,704 complaints were registered in July, up 15 percent from the previous month and up 20 percent from a year ago. The CFPB regulates a wide range of consumer financial products, with the notable exceptions of investments and insurance. Debt collectors inspire the most complaints, followed by problems with credit reports and with mortgages. Rather than once again calling customer service and waiting on hold, people can complain to the CFPB online or over the phone. Within days, those complaints are reviewed and routed to companies electronically. Companies must respond within 60 days.