• CFPB Expands Information Available in its Consumer Complaint Database
  • June 13, 2013 | Author: Thomas I. Elkind
  • Law Firm: Foley & Lardner LLP - Boston Office
  • On May 31, 2013 the Consumer Financial Protection Bureau (“CFPB”) announced that it had expanded the information contained in its Consumer Complaint Database to include credit reporting complaints, money transfer complaints and state information for all consumer complaints filed with the CFPB. Director Richard Cordray said: “This data puts valuable information in the hands of consumers to help them understand what is happening in their states ... And by adding credit reporting and money transfer complaints ..., we are making these important markets more transparent and accountable to all consumers.” See http://www.consumerfinance.gov/pressreleases/cfpb-complaint-data-now-searchable-by-state/ for the full CFPB press release.

    The public can now more easily track, sort, search and download complaints that consumers have made to the CFPB. The Database now includes complaints relating to credit cards, mortgages, student loans, bank accounts and services, and consumer loans, such as auto loans, in addition to the newly added credit reporting and money transfer complaints. The Database is updated nightly. It now contains about 113,000 complaints. It includes the type of complaint, the date of submission and the company that the complaint concerns. Personal information about the consumer making the complaint is not included. A complaint is included in the Database only after the company responds to the complaint or 15 days after the company has received the complaint, whichever comes first. Adding the state the complaint came from will help people more easily localize data, according to the CFPB press release.The expanded Database can be found at www.consumerfinance.gov/complaintdatabase.

    Consumers submitting a complaint about credit reporting can select from five common issues, which are all searchable on the Database: incorrect information on a credit report; problems with a credit reporting company’s investigation; improper use of a credit report; inability to obtain a credit report or credit score; and problems with credit monitoring or identity protection services.

    Consumers submitting a complaint about domestic or international wire transfers can select from six common issues, which are all searchable on the Database: money not available when promised; the wrong amount being charged or received; incorrect or missing disclosures or information; transaction issues such as an unauthorized transaction, cancellation, or refund; service issues such as with advertising, marketing, pricing or privacy; and other fraud or scam issues.

    Consumers may submit complaints to the CFPB at www.consumerfinance.gov/Complaint; as well as by phone, fax or mail.