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Complaint management: What to ignore, what not to ignore and how to handle them
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Industry News, Regulatory Updates
Tuesday, November 11, 2014
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In this day and age, reputation is everything to companies in any sphere. One bad blog post or tweet and a company’s reputation can be tarnished forever. For those in the financial services sector, reputational risk increases because the Consumer Financial Protection Bureau (CFPB) wants to make sure consumers’ complaints are heard and has developed a consumer complaint database for consumers to share their experiences. It monitors this database regularly and takes action where it feels it needs to.
Many times the title or settlement agent is the last person the consumer sees before their transaction is complete. Although an independent third-party, the CFPB is holding the lender accountable for all actions of their third-party vendors. A poor experience at the closing could reflect badly on the lender, and both parties could end up under fire by the CFPB and public opinion.
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