Thursday, March 28, 2013
Now where getting somewhere
The Consumer Financial Protection Bureau has gone “live” with a significantly expanded consumer complaint database. The agency characterizes it as "the nation’s largest public database of federal consumer financial complaints, opening up to consumers across the country information on more than 90,000 individual complaints on financial products and services."
CFPB Director Richard Cordray said, “By sharing these complaints with the public, we are creating greater transparency in consumer financial products and services. The database is good for consumers and it is also good for honest businesses. We believe the marketplace of ideas can do great things with this data.”
The launch expands the bureau's consumer complaint database in a big way: from about 19,000 credit card complaints to more than 90,000 complaints on mortgages, student loans, bank accounts and services, other consumer loans and credit cards. In many cases, it includes a sub-category of products. For example, for mortgages it includes reverse mortgages, conventional fixed mortgages, conventional adjustable mortgages and home equity loans or lines of credit.
The public can use the database to see what consumers complained about and why, as well as how and when the company in question responded. It has more than one million data points, covering approximately 450 companies. It includes the type of complaint, the date of submission, the consumer’s ZIP code, and the company that the complaint concerns.
The database also includes information about the actions taken on a complaint by those companies – whether the company’s response was timely, how the company responded, and whether the consumer disputed the company’s response. A consumer’s identity and other personal information is not included in the data.
CFPB it begins today click this link now <<<<<<<<<<<