WASHINGTON (3/26/12)--The Consumer Financial Protection Bureau (CFPB) last week introduced "Ask CFPB," a new interactive website to help consumers decode the complicated world of personal finance.
The online tool features clear definitions of financial terms and products, such as credit reports and reverse mortgages, and also explains many of the terms and features of financial products.
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The tool also provides advice on how consumers can proceed if they are stuck in tricky financial situations, including foreclosures and bankruptcy.
Consumers can type in keywords into a search field on the site, or click through a list of keywords on the top of the page to try to find the answer they are looking for. The database contains more than 350 questions and answers, and the CFPB said the guide is currently "primarily focused on credit cards and mortgages."
The agency plans to build the database going forward, adding more information on student loans, auto loans, prepaid cards, and checking and savings accounts.
The CFPB is also accepting suggestions on how individual definitions and explanations provided in the database can be improved.
For more on the site, use the resource link.