Reports Reveal Worst Credit Company Disputes

: Chris Lee Law Firm

  Filed under: Credit

credit card disputeHave you had trouble with your credit card company? Have you had to dispute information or wrongdoing with a lender? Were you turned down by a creditor for debt negotiation despite your good faith effort to prove financial hardship? If you answered “yes” to these questions, the good news is that you are not alone. The bad news is that credit negotiations and credit disputes are on the rise, many of which haveĀ  left consumers without the help or answers they were looking for.

Fighting The Big Boys

It is reported that the number of disputes between banks and consumers increased nearly 30 percent this year alone. These figures don’t just estimate the number of unhappy American consumers, but internationally as well. It seems as though the effects of a troubled global economy are hitting both close to and far from home.

A consumer survey reports that non-bank lenders are among the worst offenders for settling disputes with consumers. GE Money averaged 434 disputes for every 100,000 consumers. American credit card companies such as HSBC and Citigroup, and international companies such as Lion Finance, ACM and Credit CorpĀ  Services, are trailing closely behind. With the number of disputes on the rise, it was reported that only 70 percent of those were resolved to consumer satisfaction.

 


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