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CFPB improves consumer complaint database

The Consumer Financial Protection Bureau recently launched an enhanced public consumer-complaint database that will add all anonymous complaints since the database was created in 2012. “The Bureau’s work improves as we hear directly from consumers,” said CFPB Director Richard Cordray, in a statement. “Every complaint tells us what people are facing in the financial marketplace. Publishing these consumer stories today is a historic milestone that we believe will lead to better outcomes for everyone.” The database will include for the first time more than 7,700 consumer accounts describing problems they are facing with financial companies over mortgages, bank accounts, credit cards, debt collection and more. Users can search for product names or features, highlight company practices and problems and break down information by state in order to look at local trends. Earlier this year, the CFPB created a policy that allowed database users to publicly share their complaints during the submission process. Now, all complaints that do not include personal information and have previously been submitted will be publicly accessible.

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