The Consumer Financial Protection Bureau (CFPB) has made public
a database of credit card complaints submitted by US consumers
since 1 June 2012.
The federal agency has also released a report
in which 45,000 complaints relating to several financial issues are
analysed.
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Watchdog organisations have welcomed the
CFPB’s decision to make the database of credit card complaints
public.
Pamela Banks,
senior policy counsel for Consumers Union said:
“Making credit card complaints public will put
added pressure on banks to avoid unfair practices and help
consumers make more informed financial decisions.”
She added:
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By GlobalData“This is a tremendous public resource that
should be expanded to include complaints about other abusive
financial practices that are hurting consumers”.
The CFPB’s complaints database is available
online at http://www.consumerfinance.gov/complaintdatabase,
and gives details of if and when consumers’ issues were
resolved.
The CFPB said that it does not verify the
accuracy of the complaints but does take steps “to confirm a
commercial relationship between the consumer and the identified
company”.
The CFPB has been collecting credit card
complaints since July 21, 2011 and
before the end of 2012 plans to add retroactive credit card
complaint data to the database.
