On Thursday, the CFPB released the nation’s largest public collection of consumer financial complaint data, providing information to consumers on more than 90,000 individual complaints regarding financial products and services.
“By sharing these complaints with the public, we are creating greater transparency in consumer financial products and services,” CFPB Director Richard Cordray said. “The database is good for consumers, and it is also good for honest business. We believe the marketplace of ideas can do great things with this data.”
The Consumer Complaint Database initially only took complaints on credit cards but has been expanded to take complaints related to student loans, mortgages, bank accounts and bank services and consumer loans, as well as sub-category complaint data.
The collection data allows the consumer to see the types of complaints, dates of submission, consumer ZIP codes and the companies in question. It will also provide information about how the company responds to the complaints, whether the response was timely and whether the consumer disputed the company response.
Complaints are only listed in the database after the company responds to the consumer complaint or after they have had the complaint for 15 days. While complaints are not verified, a relationship between the consumer and company is determined before the complaint is added to the database.