By: Jeffrey Lapin
The Consumer Financial Protection Bureau (CFPB) launched a Consumer Complaint Database that will provide basic information about complaints made against credit card companies. This is the first time this type of data is available to the public without the filing of a Freedom of Information request. The Database is located on the CFPB’s website, Consumer Complaint Database, which is available to view now.
PURPOSE OF THE DATABASE
The goal of the Consumer Complaint Database is “to improve the transparency and efficiency of the credit card market to further empower American consumers.” In a press briefing, Richard Cordray, Director of the Consumer Financial Protection Bureau, stated, “By making our data publicly available, initially in the area of credit cards, we hope to improve the transparency and efficiency of this essential consumer market.”
Some of the general categories of complaints that the CFPB receives against credit card companies include: advertising and marketing; APR or interest rate; arbitration; balance transfer; billing dispute; billing statement; closing/ cancelling account; collection debt dispute; collection practices; credit card protection/ debt protection; credit reporting; customer service/ customer relations; and late fees. More information about the Database can be located on the CFPB’s website:
- Making consumer complaints available to the public
- CFPB policy statement on the Consumer Complaint Database: Disclosure of Certain Credit Card Complaint Data
THE CONSUMER COMPLAINT DATABASE
Complaints contained within the Consumer Complaint Database will only be published after the CFPB has verified a consumer’s relationship with the credit card company. The Database will initially include:
- A Complaint ID;
- Product (initially only credit cards);
- How the complaint was submitted to the CFPB;
- Name of the credit card company;
- Date complaint was received by the CFPB;
- Date complaint was sent to the company;
- Zip Code of the consumer;
- The issue or subject of the complaint;
- The company’s response;
- Whether the company timely responded; and
- Whether the consumer disputed the response.
Personally identifiable information about the consumer making the complaint will not be made public. The Database will initially launch in a “beta version” and will only contain complaints received by the CFPB on and after June 1, 2012.
The CFPB will continue working on the Database including adding complaints prior to June 1, as well as the Database’s functionality, data fields, and its “look and feel.” The CFPB is also considering enlarging the Database to include all other consumer financial products and services it regulates such as mortgages, bank accounts/ services, consumer and vehicle loans as well as student loans. In addition, later versions of the Database may include narrative fields, more sub-product and sub-issue data fields, regular and normalized data visualizations and expanded data tools.
PRIOR POSTS ABOUT THE CFPB AND DEBT COLLECTION
- Debts Owed By Deceased Relatives: Do Not Pay
- Protect Yourself Against Phantom Debt Collectors
- FTC Targets Phantom Debt Collectors
- CFPB Proposes Rule to Define “Larger Participants” It Will Monitor
ABOUT LAPIN LAW OFFICES
Lapin Law Offices represents Nebraskans against credit card companies and their debt collectors that use harassing or abusive methods to collect a debt. You can learn more about your rights by calling us at 402-421-8033 or through our websites: Lapin Law Offices or StopBadCollectors.com. We offer a free consultation and do not charge an attorney fee unless we collect money for you.