WASHINGTON (6/19/12)—A comprehensive database of consumer credit card complaints is being unveiled today by the Consumer Financial Protection Bureau (CFPB).
The database will be used to detail an issue that prompted a consumer complaint, the zip code of the consumer that made the complaint, and the company against which the complaint was made. Information on how the complaint was resolved, and whether it was resolved in a satisfactory fashion, is also included.
"Each and every time we hear from American consumers about their troublesome transactions with financial products, it gives us important insight," CFPB Director Richard Cordray said. "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," he added.
The bureau said it will update the database as it receives complaints. Users can search through the database, and reorganize the complaints by their type, issuer, location and date. Complaint data can also be downloaded by site users, the CFPB said.
The agency also released some details of the consumer complaints it has gathered on mortgages, private student loans, and bank products, as of June 1.