The Consumer Financial Protection Bureau launched a public database of consumer complaints about credit cards, including the name of the company issuing the card.
The agency plans to add to and tweak it in the months ahead with complaints about other financial products, such as mortgages, student and other types of loans and banking charges and fees.
“No longer will consumer complaints only be known to the individual complainant, bank, regulator, and those in the public willing to pursue this information through the Freedom of Information Act. Instead this data-rich window into consumer financial issues will be widely available to everyone: developers, policymakers, journalists, academics, industry, and you. Our goal is to improve the transparency and efficiency of the credit card market to further empower American consumers,” wrote CFPB’s Scott Pluta on the agency’s blog.