WASHINGTON, D.C.— The Consumer Financial Protection Bureau (CFPB) has launched a public consumer complaint database on credit cards.
The Consumer Complaint Database lets the public know what is being complained about and why. It contains data collected by the CFPB, including the type of complaint, the date of submission, the consumer’s zip code, and the company involved. The database also includes information about the actions taken on a complaint – whether the company’s response was timely, how the company responded, and whether the consumer disputed the company’s response. Consumer identities remain anonymous.
- The CFPB has received 17,000 credit card complaints.
- The CFPB started receiving mortgage complaints in Dec. 2011 and has received 19,000 complaints. Consumers most common complaint was loan modifications, collections or foreclosure when they struggled to pay.
Cordray said he hopes publicizing financial information will help citizens make better decisions.
“The information helps us and it should be available to help others too. By making our data publicly available, initially in the area of credit cards, we hope to improve the transparency and efficiency of this essential consumer market,” he said.