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Wednesday, September 16, 2015

CFPB Watchdog Highlights Inaccuracies in Consumer Complaints

The inspector general for the CFPB issued a report spotlighting inaccuracies and process weaknesses in the CFPB’s consumer complaint database. The IG report said:

We found examples of noticeable inaccuracies in our analysis of the 254,835 complaints in the Consumer Complaint Database as of June 30, 2014. Although the number of complaints with inaccuracies that we identified was relatively small, enhancing existing controls would help ensure that as the number and types of complaints published increase, the overall reliability of the data is maintained.

The report recommended implementing controls to assess the accuracy of complaint fields in the database, implementing an address verification tool and monitoring company responses to ensure they are published appropriately and consistently, among others.

Read the report.

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