WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) launched a public Consumer Complaint Database on credit cards. 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, including six stories of success.
“Each and every time we hear from American consumers about their troublesome transactions with financial products, it gives us important insight,” said CFPB Director Richard Cordray. “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.”
The Consumer Complaint Database
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, gave the CFPB authority to make public information about the markets for consumer financial products and services. In December, the CFPB asked the public to comment on a proposed policy of making some credit card complaint data publicly available. After considering those comments, the CFPB has finalized its policy for disclosing some of the data through its Consumer Complaint Database.
The Consumer Complaint Database allows the public to know what is being complained about and why. It contains certain individual-level field data collected by the CFPB, including the type of complaint, the date of submission, the consumer’s zip code, and the company that the complaint concerns. 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. The database does not include confidential information about a consumer’s identity.