Gripes of wrath: CFPB's Consumer Complaint Database now lets you read complaints as consumers post them

Gripes of wrath: CFPB’s Consumer Complaint Database now lets you read complaints as consumers post them The Consumer Financial Protection Bureau today published more than 7,700 consumer narratives on their negative experiences with specific banks, credit-card companies, credit bureaus, payday lenders, and other financial-service entities. This new, ongoing feature of the CFPB's Consumer Complaint Database could be a boon if you want to read comments about a particular company’s practices. And it could potentially encourage more people to seek redress from the CFPB.  For the first time, you can now search the CFPB’s Consumer Complaint Database to find complaints on specific lenders and topics, and see how the bureau handled those complaints. Previously, the CFPB, which regulates much of consumer lending in the U.S., published information on the types of complaints, their dates, and their origin by state, as well as whether the consumer got redress. Now, you can read specifics and potentially identify complaints similar to their own circumstances.  The verbatims cover companies as diverse as debt-collection agencies, credit unions, reverse-mortgage companies, banks, payday lenders, and credit-reporting agencies. Consumers’ names and sensitive information such as account numbers and balances are hidden, though company names are on display. The verbatim complaints have been collected since March 2015. The CFPB has tallied 627,000 consumer complaints since it began collecting them in June 2012. Consumers Union, the policy and advocacy arm of Consumer Reports, has long been pushing for such transparency. “This is a great, long fought victory for consumers,“ said Pamela Banks, senior policy counsel in Consumers Union’s Washington, D.C., office. "Giving consumers the option to share their personal narratives in this public database not only helps to hold companies more accountable, but it also better informs other consumers’ decisions when they’re shopping for important financial products and services.” —Tobie Stanger (@TobieStanger on Twitter) Get advice and tips on the best bank services and loans with our banking and credit guide. Consumer Reports has no relationship with any advertisers on this website. Copyright © 2006-2015 Consumers Union of U.S.

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