Curious about the complaints against Rocket Money?

Check the receipts here.

Federal Regulatory Complaints (2024)

CFPB/EPIC Complaint (2024)

  • Fair Credit Reporting Act Violations

    • Sharing customer credit reports without "permissible purpose"

    • Using customers' credit reports for self-promotional marketing

  • Dodd-Frank Act Violations

    • Unfair, deceptive, and abusive trade practices

  • False Advertising

    • Misleading data privacy claims despite promising "we'll never sell your data"

    • Labyrinthine sign-up process designed to extract fees despite advertising as "free"

Active Class Action Lawsuits (2024)

Fair Credit Reporting Act Class Action

  • Illegal Data Sharing

    • Sharing users' personal credit information with third-party partners for advertising/marketing without proper consent

  • FCRA Compliance Failures

    • Not maintaining required procedures to verify accuracy of credit reports

  • Compensation Available

    • Eligible users can claim up to $1,000 in compensation

Unauthorized Billing (273+ BBB Complaints)

Charges Without Consent

  • Charging users who claim they never signed up for services

  • Charging $6-12 monthly without knowledge or consent, totaling $36+ over months

  • Continuing to charge after cancellation attempts

  • Charging multiple times per month without authorization

Difficult Cancellation Process

  • Making cancellation extremely difficult with no phone support

  • Providing no way to access account information to delete accounts

  • Users forced to contact banks to dispute charges as fraud

Customer Impersonation & Fraud Issues

Service Provider Impersonation

  • Service providers reporting "Rocket Money/Truebill has been calling in and impersonating people" all day long

  • Users' accounts flagged by fraud protection after Rocket Money "posed as me" for bill negotiation

  • Scammers spoofing users' phone numbers and using their PINs after sharing account details with Rocket Money

Identity Theft Concerns

  • Multiple users reporting suspicious activity after providing account details

  • Service providers calling customers to verify unusual account access attempts

"Bill Negotiation" Scam Reports

Fake Savings Claims

  • Locking customers into worse 5-year contracts at higher rates ($80/month to $86/month) while charging $200 fees

  • Charging $140 for "negotiations" that actually increased monthly bills by $5

  • Claiming credit for bill reductions they didn't negotiate, then charging fees for work done months earlier by customers

Unauthorized Contract Changes

  • Renewing internet contracts for entire years without permission

  • Users discovering rate increases of $20/month despite Rocket Money claiming $45/month savings

  • Taking fees upfront before users can verify actual savings

Customer Service Failures

No Real Support

  • Users unable to reach actual company representatives, only automated responses

  • Structured like a scam with no recourse when problems arise

  • Promised 24-hour response times with users waiting 3+ days

  • No phone support available for urgent issues

Unresolved Disputes

  • Users forced to contact attorney general's offices

  • Multiple follow-ups required to achieve any resolution

  • Many complaints marked "resolved" despite customer dissatisfaction

Expert Analysis & Industry Warnings

Financial Expert Warnings

  • 270+ Better Business Bureau complaints in three years showing "troubling patterns" and "systemic issues"

  • Dave Ramsey's financial team warns users get "randomly charged" and continue getting charged "even after trying to cancel"

  • Reddit discussions reveal "divided opinions" with users claiming data selling is the company's "primary business model"

Industry Investigation Findings

  • Described as operating "in a gray area" with "serious ethical questions"

  • Business model may rely on converting free users without clear consent

  • Volume and nature of complaints suggest "systemic issues rather than isolated incidents"

Sources:

  1. EPIC CFPB Complaint, 2024:
    https://epic.org/documents/epic-cfpb-complaint-rocket-money/

  2. Class Action Lawsuit Documentation: https://lantern.labaton.com/case/rocket-money

  3. Better Business Bureau Complaints:
    https://www.bbb.org/us/md/silver-spring/profile/billing-services/rocket-money-inc-0241-236043013/complaints

  4. Consumer Investigation Report:
    https://shoppersvila.com/review/rocket-money-legit-or-a-subscription-scam/

  5. Trustpilot Customer Reviews: https://www.trustpilot.com/review/rocketmoney.com

  6. ConsumerAffairs Reviews: https://www.consumeraffairs.com/finance/truebill.html

  7. Ramsey Solutions Analysis: https://www.ramseysolutions.com/budgeting/what-is-rocket-money