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Monday, June 3, 2013

CFPB Updates Complaint Database

The CFPB has announced that its database of consumer complaints is now searchable by state. The database includes more than 113,000 individual consumer complaints on financial products and services, including mortgage loans, bank accounts and services, student loans and credit cards -- as well as credit reporting and money transfers with the latest release.

The CFPB lists complaints after a company responds or 15 days after receiving it, whichever comes first. ABA last year urged the CFPB to publish only aggregate market-level complaint data, since individual complaints are unverified and could be misleading.

Read more.

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