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:

Credit Reports, Credit Scores, and Identity Theft:

Common Consumer Problems:

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

News Release | MASSPIRG Education Fund | Consumer Protection

Consumer Groups: CarMax Endangers Lives in Massachusetts

CarMax, the nation's largest retailer of used cars, is endangering lives in Massachusetts by selling recalled vehicles with potentially lethal safety defects. According to a report released today by the MASSPIRG Education Fund and the Consumers for Auto Reliability and Safety Foundation, research conducted on October 28, 2015, found that over 17 percent of cars offered for sale at the CarMax North Attleboro dealership – 42 out of 243  – were subject to a federal safety recall that had not been repaired, despite the fact that repairs for many of these safety defects were readily available – at no cost to CarMax. While some of the recalls may involve delays due to parts shortages or temporary non-availability of a remedy, CarMax could have simply waited until the repair was provided by the manufacturer before offering the cars for sale.

> Keep Reading
News Release | MASSPIRG Education Fund | Consumer Protection

30th Annual Survey Finds Dangerous Toys on Store Shelves

Boston – Dangerous or toxic toys can still be found on America’s store shelves, according to MASSPIRG Education Fund’s 30th annual Trouble in Toyland report. The survey of potentially hazardous toys found that, despite recent progress, consumers must still be wary when shopping this holiday season.

 

The report reveals the results of laboratory testing on toys for toxic chemicals, including chromium and phthalates, both of which can have serious, adverse health impacts on a child’s development. The survey also found examples of toys that pose a choking hazard, extremely loud toys that can threaten children’s hearing, and powerful toy magnets that can cause serious injury if swallowed.

> Keep Reading
Report | MASSPIRG Education Fund | Consumer Protection

Trouble in Toyland 2015

For 30 years, MASSPIRG Education Fund has conducted an annual survey of toy safety, which has led to over 150 recalls and other regulatory actions over the years, and has helped educate the public and policymakers on the need for continued action to protect the health and wellbeing of children.

> Keep Reading

FDA OK’s genetically modified salmon

For the first time, Americans will be able to dine on a genetically altered animal, after federal regulators on Thursday approved a Massachusetts biotechnology company’s bid to modify salmon for human consumption.

> Keep Reading

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News Release | MASSPIRG Education Fund | Consumer Protection, Financial Reform

New Report Identifies Banks Consumers Complain About

New report highlights banks that generated the most complaints through their various banking services in each state. Thousands of Americans are using the Consumer Financial Protection Bureau’s (CFPB) public Consumer Complaints Database to settle disputes with their banks, according to a new report from the MASSPIRG Education Fund.

> Keep Reading
News Release | MASSPIRG Education Fund | Consumer Protection

Survey Finds Dangerous Toys on Store Shelves

Dangerous or toxic toys can still be found on America’s store shelves, according to Massachusetts Public Interest Research Group Education Fund’s, MASSPIRG 27th annual Trouble in Toyland report.

> Keep Reading

MassPIRG finds banks refuse to disclose fees

New bank fee survey finds some banks failing to properly disclose their fees.

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Boston Globe - Profits up at Mass. health insurers

Capitalizing on fewer people seeking medical care and submitting claims, the state’s four biggest commercial health insurers posted sharply higher earnings for 2011 while their executives collected more pay, according to reports released yesterday.

> Keep Reading

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