CFPB Credit Card Complaint Database Expanded - Legal News

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CFPB Credit Card Complaint Database Expanded

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CFPB Credit Card Complaint Database Expanded
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The Consumer Financial Protection Bureau’s complaint database, which was introduced last June with 19,000 grievances about credit card issuers, has expanded to include gripes about other lenders. The database also has increased search capabilities and reports on responses and resolutions from the companies involved.

There are currently more than 90,000 individual complaints recorded about financial products and services. The new categories include mortgage providers, bank products, and student loans.

One of the big enhancements to the site is the ability to search by company name, type of complaint, date and zip code. It also now shows what action was taken and provides information about whether the company responded in a timely fashion, how they responded, and whether the consumer was satisfied with the response.

Consumer complaints are anonymous and are posted in the database after the company responds or after 15 days if there has been no response. If the company does not verify the complaint, the CFPB substantiates the consumer/company relationship before adding the complaint to the database.

Company responses fall into one of four categories:

  • Monetary relief – the customer was given money to resolve the dispute
  • Closed with non-monetary relief – the dispute was resolved without the exchange of money
  • Closed with explanation – the dispute was resolved in another way
  • Closed – the company closed the complaint without relief or explanation

Users can also do more things with the data, including building custom charts and graphs, embedding it on websites or blogs, and sharing it on social media. Data is available via application programming interface (API) so developers can build their own apps, do research and conduct analyses.

The database is updated daily. The CFPB has recently begun accepting complaints about credit reporting and those are scheduled to be added next.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
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