Thursday, July 2, 2015

Consumer Financial Protection Bureau Consumer Complaint Database


The Consumer Financial Protection Bureau now has a consumer complaint database online.  The database contains over 7,700 consumer accounts of problems that include mortgages, bank accounts, credit cards, debt collection, private student loans, pay day loans, and more.
 

The Consumer Financial Protection Bureau was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act in an effort to handle consumer complaints.  It began in 2011, and as of June 1, 2015, the Bureau has handled more than 627,000 complaints, with mortgages and debt collection at the top of the list.
 

The database will allow users to explore information and become aware of specific problems and company practices.   Users can sort complaints by state and zip code.  The identity of the consumer and any personal information has been removed from the online database.  However, consumers have the option of adding a narrative to provide a firsthand account of their experience.  The narratives will help consumers to make a more informed decision when dealing with a particular company or circumstance.
 


 

 

 

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