The Consumer Financial Protection Bureau (CFPB) is now sharing the input of its Consumer Complaint Database with the general public.
According to the CFPB, the database allows the public to see what consumers complained about and why, as well as how and when the company in question responds. It has more than one million data points, covering approximately 450 companies.
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. However, consumers' identities and other personal information is not included in the data.
‘By sharing these complaints with the public, we are creating greater transparency in consumer financial products and services,’ says CFPB Director Richard Cordray. ‘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.’