Consumer Tips
PROTECTING YOURSELF IN A COMPLEX MARKETPLACE — Our researchers and attorneys provide key tips for how you can shop for the best bank, get the best car loan, protect against identity theft, and more.
The Best Ways to Protect Yourself
Being a consumer in today’s marketplace can be tough. Financial decisions in particular often require navigating a torrent of misleading advertisements and pages of jargon-filled small print. Even the simplest choices — everyday financial decisions like opening a credit card, creating a bank account, applying for a loan, or sorting through cell phone contracts — can take time, energy and knowledge that too many of us don’t have.
Many financial institutions don’t set out to make it easier for their customers:
- 1 out of every 20 Americans — millions of consumers — have errors on their credit reports significant enough to raise their rate on loans.
- Financing cars through dealerships costs consumers more than $25.8 billion in additional hidden interest.
- From 2005 to 2010, identity theft rose by 33%. In 2012, an estimated 12.6 million Americans became victims. That is 1 victim every 3 seconds.
- Banks made around $11 billion in overdraft fees in 2015, fees they pitched as “overdraft protection” but actually cost consumers more.
Despite these practices, there are ways to protect yourself. We want to help. This is why we’ve created the following tip sheets based on common complaints to the Consumer Financial Protection Bureau and the Federal Trade Commission. Read on. Protect yourself from becoming a statistic.
File a complaint if you have a problem
For all sorts of everyday consumer problems, there are government resources that can help. Federal agencies like the Consumer Financial Protection Bureau and Consumer Product Safety Commission exist to protect us from unfair or dangerous products. Submitting complaints to government agencies can help resolve your problem AND it helps these agencies hold companies accountable for unfair practices. For more information, consult our tip sheet on the subject, which includes information on how to contact the CFPB with financial complaints, the CPSC with toy and other product safety complaints, the NHTSA with car safety complaints, and DOT with air travel complaints: How to File a Consumer Complaint and Use Government Databases.
Keeping Track of Your Money:
- Top Ten Ways the CFPB Can Help You With Financial Questions
- How to Choose a Bank
- How to Avoid Problems When Paying Taxes
- How to Choose a Credit Card
Credit Reports, Credit Scores, and Identity Theft:
- How to Access Your Credit Report and Avoid 'Free' Credit Report Scams
- How to Fix Mistakes on Your Credit Report
- How to Protect Yourself from Identity Theft
Common Consumer Problems:
- How to Pick a Cell Phone Plan
- How Tenants Can Protect Themselves from Predatory Landlords
- How to Avoid Common Mistakes When Buying a Car
- How to Avoid Dangerous Toys
- Your Rights As an Air Traveler
Please note that these tips are not intended as, nor should they be construed as, legal advice. If you need legal advice dealing with a consumer problem, consult an attorney.
Issue updates
Three months after nearly 5.4 million infant sleepers were recalled for causing 36 infant deaths, a new survey by the U.S. Public Interest Research Group Education (U.S. PIRG) and Kids in Danger (KID) revealed that many child care facilities continue to use these dangerous inclined sleepers. The survey began after PIRG Consumer Watchdog Adam Garber discovered that his own son’s daycare in Philadelphia was using the recalled products.
“Every day, millions of parents drop their kids off, assuming their daycares have the information they need to keep their kids safe,” said Garber. “This failed recall is a wakeup call that our current system leaves too many infants at risk from these dangerous sleepers.”
U.S. PIRG and KID blamed the situation on confusing messages about the recall. Initially, a consumer warning for the Fisher-Price Rock ‘n Play on April 4th linked deaths to infant rollovers, leading some parents and facilities to conclude that proper use would keep babies safe. But a more complete analysis revealed some deaths occurred when the child was buckled in, leading the company and the U.S. Consumer Product Safety Commission (CPSC) to fully recall the 4.7 million Rock ‘n Play sleepers soon after on April 14. On April 26, nearly 700,000 units of the Kids II Rocking Sleeper were recalled.
Everyone should assume that their social security number has been exposed between this breach and breaches of other major companies’ databases, such as Equifax’s. With that in mind, U.S. PIRG recommends all Americans should use their right by law to freeze their credit reports for free
Our response to Equifax paying a $650 million penalty for exposing the social security numbers of 148 million Americans to identity theft.
Fisher-Price recalled 4.7 million Rock n’Play baby sleepers on Friday. U.S. PIRG Consumer Watchdog Adam Garber issued a response: "“While we’re pleased that Fisher-Price is finally recalling these dangerous sleepers, 30 deaths in 10 years is 30 deaths too many and 10 years too late."
Read U.S. PIRG's statement on Wells Fargo eliminating some fees for student on debit cards.
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