CFPB Consumer Complaint Database To Publicize Consumers’ Stories and Frustrations
Since 2011, the Consumer Financial Protection Bureau (CFPB) has handled more than 550,000 complaints from consumers facing issues with banks, debt collectors, credit reporting, student loans, credit cards, vehicle loans, and more. So far, the information taken from these complaints has been used by the CFPB to help them analyze where financial problems exist and where to focus resources.
Now, they are opening up the Consumer Complaint Database so consumers can tell their story, including details about how the issue has affected them, and choose to publish it for everyone to see.
The hope is that by revealing the day to day frustrations individuals face with financial organizations and businesses, it will reveal the human perspective and give consumers more power to improve the financial marketplace.
You can tell your story now and the CFPB will begin publishing these in the database later this year. It is always your choice to publish your story. If you choose not to, the CFPB will still handle the complaint privately.