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Tuesday, June 19, 2012

CFPB Launches Consumer Complaint Database

The CFPB has launched a public Consumer Complaint Database on credit cards that allows the public to look up what types of complaints consumers have filed against individual banks that issue credit cards. The database will house complaints filed since June 1, 2012. Complaints received before June will be added later this year.

ABA in a January comment letter had urged the CFPB to publish only aggregate market-level complaint data, since individual complaints are unrepresentative and unverified. “Ultimately, the Bureau may be undermining its pledge to be data-driven by publicizing unvalidated, anecdotal evidence that is not a valid representation of overall customer experience with a product or provider,” ABA wrote.

The CFPB also released a snapshot of the complaints it has received on credit cards, mortgages, private student loans, and bank products through June 1.

Read more.
View the CFPB complaint database.
Read ABA’s comment letter.

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