June 19th, 2012

CFPB Update: Consumer Complaint Database

9 Comments | Twitter | |

cfpb

Nearly a year after its official launch, the consumer watchdog has released its Consumer Complaint Database. This interactive database so far catalogues 130 credit card complaints received since June 1, 2012.

The Consumer Financial Protection Bureau (CFPB) has tasked its Consumer Response team to take complaints directly from consumers, bring concerns to the attention of financial institutions, and address the complaints when possible. The result of their work is now available in the new online database, which is currently in beta.

Those interested in digging into the data can visualize the credit card complaints by zip code, type of response, volume over time and type of issue. The data is refreshed daily, and the CFPB hopes to have all of the 16,840 credit card complaints uploaded in the next few months.

Why does it matter?

With this new interactive database and its accompanying report the CFPB hopes to show its effectiveness in handling consumer complaints.

Additionally, the bureau believes that consumer complaint information should be available to everyone. “No longer will consumer complaints only be known to the individual complaintant, bank, regulator and those in the public willing to pursue this information through the Freedom of Information Act,” the CFPB’s Scott Pluta said in a blog post. “Our goal is to improve the transparency and efficiency of the credit card market to further empower American consumers.”

What does it all mean?

Consumers will be able to get insight into how well banks deal with complaints, which could sway their credit-card application decisions away from one issuer and toward another. It could also help them get a faster response than they would by dealing with a bank directly, since the complaint data will be public (although anonymized) if submitted to the CFPB’s Consumer Response team.

Not surprisingly, many banks aren’t happy with the new database. They’re unsure of the CFPB’s ability to separate valid complaints from baseless ones. But the bureau claims to have a viable process for distinguishing the difference. Plus, it won’t disclose any complaint until the financial institution confirms that it has done business with the consumer.

What’s next?

Since the database is currently in beta, only time will tell if the banks’ disagreements will cause the CFPB to change its approach of displaying consumer complaint information. In the meantime, the bureau hopes to add more financial product complaints, including 19,250 mortgage complaints, 6,490 bank product and services complaints, and 1,270 private student loan complaints.

If you want to submit a complaint to the CFPB, you can do so online.

Read our past CFPB updates:

New Credit Card Agreements
Payday Loan Crackdown
Supervising Credit Bureaus and Debt Collectors
Upfront Credit Card Fees

is the Social Media Manager and Writer at Credit Karma.

Follow Credit Karma!

    Facebook: http://www.facebook.com/CreditKarma

    Twitter: http://twitter.com/creditkarma

    YouTube: http://www.youtube.com/creditkarma

    Subscribe to the Credit Karma Blog

9 Comments

  1. Credit Karma offered a security code and when I decided to do it , I no longer am able to use my credit karma

    edward at 1:55 am on January 2, 2013
  2. I’m not sure what security code you’re referring to, but if you’re having problems accessing Credit Karma, please send an email to support@creditkarma.com and we’ll help you out.

    bethy at 1:14 pm on January 2, 2013
  3. Tried to set up account but no matter what I did it didn’t like what I chose for password. then would not allow me to leave the website. it always seems if its free its B.S!!!

    Wacker at 2:12 pm on April 27, 2013
  4. Jenna

    Hi George, are you trying to set up a Credit Karma account? If so, would you mind sending an email to support@creditkarma.com so we can look into that further? Thanks!

    Jenna at 5:02 pm on April 27, 2013
  5. for about 10 days i get msg saying passwore is wroung then said sending a new password wait for text msg then log in i never got text HELP

    mrbigssr1@yahoo.com at 3:53 pm on May 21, 2013
  6. Hi there! It doesn’t looks like you’ve emailed our support team for help, though I can see that you’ve tried to reset your password multiple times. This email can sometimes get stuck in a junk/spam filter–especially if you prompt it to send so many times. We don’t review these blog comments for support issues, which is why no one responded sooner. Please reach out to our support team at support@creditkarma.com.

    bethy at 3:09 pm on May 23, 2013
  7. I set up an account and can’t even get in…. tis junk… and maybe even a scam….

    John at 8:49 pm on July 17, 2013
  8. Jenna

    Please email support@creditkarma.com and we’d be happy to look into your account further.

    Jenna at 2:53 pm on July 18, 2013

Enter your comment