The CFPB will continue the publication of consumer complaints, data fields and narrative descriptions through the bureau’s consumer complaint database, but make several changes to the information available to users of the database, the bureau announced yesterday.
The changes include:
- modified disclaimers to provide additional context to the published data;
- integrated financial information and resources into the complaint process to help address questions and inform consumers before they submit a complaint; and
- information for consumers to contact the financial company to get answers to their specific questions.
Additionally, the bureau is working to provide new features for the database that include dynamic visualization tools on recent complaint data.
“After carefully examining and considering all stakeholder and public input, we are announcing the continued publication of complaints with enhanced data and context that will benefit consumers and users of the database while addressing many of the concerns raised,” said CFPB Director Kathleen L. Kraninger. “The continued publication of the database, along with the enhancements, empowers consumers and informs the public.”
To date, the bureau has handled more than 1.9 million complaints. More than 5,000 financial companies have responded through this process, providing what the CFPB describes as “timely responses” to 97% of the complaints.
To learn more, view the CFPB press release.