There’s at least one thing a finance company should never do after receiving a consumer complaint: ignore it. According to guidance from the Consumer Financial Protection Bureau, the complaint resolution process should begin as soon as a complaint comes in. Intake may lead to escalation, and escalation leads to response, analysis, and resolution.
That’s the 5-step process we’ve outlined and explored here on this blog in the past. But what does consumer complaint response look like from the other side? We’ve dug up something else you can’t afford to ignore: the CFPB’s examination procedures.