CFPB Naming Names With Release Of Complaints Against Credit Card Companies

Credit card companies are probably shaking in their various fee-laden boots, as the Consumer Financial Protection Bureau is making good on a big promise today with the release of its database of consumer complaints leveled against those companies.

There’s also a report analyzing 45,000 complaints its collected on a range of financial issues, with the possibility of expanding the database to other financial products.

Consumers can check out the complaints by methods like zip code, response (for example, “Closed with explanation”), volume and issue, or download all of the data and search through it.

“[This] is a major milestone for consumers and all those who are interested in knowing more about their day-to-day experiences,” said Richard Cordray, the bureau’s first director. “We believe this is the first time that the general public has been able to see such individual-level consumer complaint data for financial products and services. … Anyone with access to the web will be able to review and analyze the information, and draw their own conclusions.”

The database currently includes credit card complaints collected by the CFPB since June 1, 2012. By the end of 2012, the CFPB has said it will add retroactive credit card complaint data as well. It’s been collecting complaints since July 21, 2011.

Consumers Union, the policy and advocacy division of Consumer Reports, praised the CFPB’s decision to make the database of credit card complaints public and announced its support for expanding the database to include complaints from consumers about other financial products.

“Making credit card complaints public will put added pressure on banks to avoid unfair practices and help consumers make more informed financial decisions,” said Pamela Banks, senior policy counsel for Consumers Union. “This is a tremendous public resource that should be expanded to include complaints about other abusive financial practices that are hurting consumers.”

Consumer Complaint Database [ConsumerFinance.gov]
What credit card firm attracts the most complaints? [MSN.com]

Comments

Edit Your Comment

  1. There's room to move as a fry cook says:

    To see the name of the credit card company – click on the red box on the left – click on “View Single Row Data” and then details will appear at the bottom of the screen

    • CrazyEyed says:

      If you look at most of the responses, the CC companies responded to the complaint. Looks very similar to a dispute on a credit report.

  2. swedub says:

    Is there a site like this where Merchants can complain about credit card companies?

  3. Lyn Torden says:

    I see a common cause in virtually all of the complaints: computers

  4. AllanG54 says:

    I can’t figure out the reason for this since it doesn’t appear that results can be sorted by bank (which would really help to keep people from signing up with the bank that has the most complaints) or issue. So, as far as I can tell, it’s a jumble of information that people will not use much after the first month or so.

    • Paintmann says:

      Click on the All data and click on what you want to sort by (Zip code, bank, etc). Red arrow appears to the right with the options available.

  5. Fubish says: I don't know anything about it, but it seems to me... says:

    Big whoop. It’s pretty thin stuff.

  6. Paintmann says:

    It’s a step in the right direction, but too little information here for anyone to be able to make any kind of informed decision about a certain bank or CC company.

  7. KyBash says:

    I wouldn’t take the numbers seriously.

    I filed a complaint when US Bank closed my credit card account in good standing without warning.

    Several weeks later, I received a notice from another agency saying that they don’t handle such complaints.

    ?

    Obviously, the CFPB transferred my complaint out-of-house. I have to wonder if it was a simple mistake or if there’s a limit on the number of complaints against US Bank.

  8. SexCpotatoes says:

    *YAWN*

    Let me know when the CFPB finally starts tracking complaints on Cell Phone Service Providers!