Each week the CFPB sends thousands of consumers’ complaints about financial products and services to companies for response. Those complaints are published in a complaint database after the company responds or after 15 days, whichever comes first.
On June 25, 2015, the Consumer Financial Protection Bureau’s (CFPB’s) Consumer Complaint Database went public providing increased access to consumer complaints. Since 2012, the CFPB has shared anonymous individual-level complaint data on their website to educate the public and improve the functioning of the marketplace. the public complaint included the date of complaint, the type of consumer product at issue, the issue classification, the sub-issue classification, the company criticized in the complaint, and the state and zip code of the complainant’s residence.
In March 2015, individuals were given the option to openly air their grievances by publicizing searchable, narrative descriptions of their complaints in the CFPB database. According to the CFPB, 59% of the consumers lodging complaints have elected to publicize their complaints. Included in the new database is information regarding the timeliness of the company’s response to the complaint, the company’s public response, and whether the complainant disputed the company’s response.
The CFPB believes the new database will: (i) provide context for customer complaints, (ii) allow users to spot trends, (iii) permit consumers to make informed decisions, and (iv) encourage companies to improve their own processes and systems.
View the Complaints in the new database.