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RESOURCES FOR FINANCIAL CAPABILITY MONTH

Did you know that April is Financial Capability Month? To help you prepare for Financial Capability Month, we are sharing resources on the most common consumer complaints that we receive. Each day consumers come to the CFPB looking for answers to their questions about consumer financial products and services and to submit complaints when they encounter problems with those products and services. Debt collection, credit reporting and mortgage complaints have been the most common types of complaints submitted by consumers in each of the last three years. The CFPB has resources for consumers on each of these topics.

1.Resources on debt collection

• The CFPB has tools on debt collection that you can share with the people you serve, including:
• Know Your Rights When a Debt Collector Calls: This handout provides information to consumers about their rights related to debt collection, along with strategies on how to handle calls from debt collectors.
• CFPB has sample letters on debt collection that can help consumers who:
  • Need more information
  • Do not owe the debt
  • Want the debt collector to stop contacting them while they dispute the debt
  • Want the debt collector to only contact them through their lawyer
  • Want to specify how the debt collector can contact them

2. Resources on credit reporting

The CFPB has tools on credit reports and scores that you can share with the people you serve, including:

• Understand your credit score: An overview of credit scores and tips on how to build and improve credit scores.
• How to rebuild your credit: Steps and tips on how to rebuild credit.
• Sample letter to dispute information on a credit report: Letter and instructions to help consumers dispute errors on their credit reports.

Where to find free access to a credit score:Handout providing information on obtaining free credit scores, and listing companies that said they offer existing credit card customers free access to one of their credit scores.

• My credit report rule to live by: Help your clients create their own “rule to live by” on when and how to check their credit report

3. Resources on mortgages

The CFPB has tools on mortgages that you can share with the people you serve, including:

Buying a House: An online suite of tools and resources to help consumers navigate the home-buying process. The tools included in Buying a House are:

oLoan Estimate explainer helps consumers review their Loan Estimate and get definitions for unfamiliar terms.

oClosing Disclosure explainer helps consumers double-check that all the details in a Closing Disclosure are correct.

oExplore interest rates allows consumers to explore lending data from real lenders, updated every business day in the evening.

oClosing checklist helps consumers prepare for closing, one of the most important parts of the home-buying process.

oGuide to closing forms provides descriptions of four important closing forms: the Promissory Note, the Mortgage/Security Instrument, the Initial Escrow Disclosure, and the Right to Cancel form.

Your Home Loan Toolkit:that can help homebuyers get the best mortgage for their situation, understand the closing costs and what it takes to buy a home, and a few ways to be a successful homeowner.

Last updated October 23, 2024