4 Ways to Become Your Own Consumer Advocate

The Consumer Financial Protection Bureau, or CFPB, and other government agencies have scaled back their consumer protection work in recent months, but there are still steps people can take to keep their money safe.

In fact, consumer advocates say doing so is more important than ever.

“We as consumers are quite vulnerable right now,” says Christine Hines, senior policy director at the National Association of Consumer Advocates.

“We all need to be much more diligent about the products and services that we sign up for,” she adds.

Here are four ways to be your own advocate:

Enter new financial relationships with skepticism

Before taking out a new loan, insurance policy or any other kind of financial product, research the company, says Jeanine Skowronski, author of the “Money As If” newsletter.

Read reviews on Google, Trustpilot, Reddit, the Better Business Bureau and other sources that collect consumer feedback and complaints, she says. The CFPB complaint database is still available, too.

“You want to take everything in aggregate. Look at a lot of sources and identify themes,” Skowronski says. “Use many voices to help you decide.”

Even after you choose, keep track of how it’s going, she says. It might be worth shopping around again if you’re not happy after a few months.

Monitor accounts closely

Carefully check your financial accounts. If there is an error or extra fee tacked on, you can investigate right away, Hines says.

“I am monitoring my accounts more frequently,” she adds.

Sometimes, an unexpected charge is the first sign of identity theft.

Bob Sullivan, an independent journalist and author of “The Red Tape Chronicles” on Substack, suggests signing up for text alerts from your financial institution with balance or deduction updates.

“I always have a good grasp of what the balance should be in all my accounts and get a text with the balance at least once a week,” Sullivan says.

Credit monitoring services can also help, especially if you get access to a free service after being involved in a data breach, he adds.

You can also consider a credit freeze to prevent new accounts from being opened in your name.

Speak up if you have concerns

“If there’s something wrong, call the company,” Hines says. Ask about why a fee was charged or why you were automatically opted into data sharing, for example.

“You can say, ‘There’s something wrong here and you can fix it right now before I make a public complaint,’” she suggests.

If you’re not sure what to say, you can follow a handy online script to talk through various concerns — like cutting cable and internet bills, trimming phone bills and saving on utilities — with a human customer service rep.

But maybe you can’t get a human. Sullivan says it can be frustrating to interact with a chatbot when you’re hoping to resolve a problem swiftly. That’s why he recommends walking into a bank branch or a store’s physical location with customer service representatives available if that’s an option.

“If you’re a good customer, a lot of these banks will waive a late fee once in a while. It’s always worth asking,” he says.

If your concerns are not addressed, Skowronski says it might be time to take your business elsewhere.

“You’re not stuck with a particular financial institution. Let your money talk,” she says.

File an official complaint if necessary

The CFPB might be scaled back, but it’s still accepting complaints on its website, and Hines recommends starting there.

“It helps build a record of what’s going on out there if consumers are having issues,” she says.

Hines also suggests contacting your state’s attorney general’s office, member of Congress or even a consumer attorney.

Going public can also be a useful option that helps other consumers, Skowronski says.