Explore CFPB’s Extensive Customer Complaints Database While You Still Can
The Consumer Financial Protection Bureau (CFPB) is a great resource for consumers, but its days may be numbered . Take advantage of one of its best features while you still can: it has a huge database of detailed complaints from bank and credit union clients.
The database gave clients a platform to complain about their experience with financial institutions, and according to the CFPB website, this is how it works:
We send thousands of consumer complaints about financial products and services to companies every week. These complaints are posted here after the company responds or 15 days later, whichever comes first. By adding their voice, consumers are helping to improve the financial market.
Financial institutions don’t like this, of course, because they say there is no guarantee that the complaints are correct (although there is room for the company to respond and 97% of complaints are answered). Basically, if you’re a bank that uses customer services, you probably don’t like this database because it gives those customers a platform to call you.
However, for the consumer, it is a pretty valuable platform to see what potential problems you might have. Customer stories like the one below help point out illegal business practices to the CFPB, as did the Wells Fargo fiasco last year. Thanks to the CFPB and their database, Wells Fargo has put an end to unauthorized account opening. Moreover, they were forced to refund the commission they had accumulated on these unauthorized accounts to their clients .
Since the database is endangered, it’s time to take advantage of it if you haven’t already. If you are thinking of changing your bank or credit union, do your research while you still can. You can also download the data .
Consumer Complaints Database | CFPB