Consumers gain access to the story behind the complaints

Thursday, March 19, 2015

Consumers will now have the opportunity to learn firsthand from others’ misfortune through the Consumer Financial Protection Bureau’s (CFPB) searchable complaint database.

For the first time, consumers will be able to learn the details behind complaints against a company filed with the CFPB. In addition to searching by product, company, and complaint category, consumers will be able to discover what the real problem was that motivated someone to complain.

With access to CFPB complaint narratives, consumers can check a company’s track record before making a purchase to learn:
-    Specifically what kinds of problems other customers have been experiencing
-    If there is a troubling pattern of complaints from a particular business or industry and
-    Whether the company has a good record of resolving complaints 

Complaint specifics will only be available when consumers have told the agency upfront that they are willing to share their personal dispute in the public database.  A consent box is included in the complaint form. No personally identifiable information will be shared. To prevent the risk of consumers inadvertently being identified, the CFPB will also remove all details on race, ethnicity, gender or age from any complaint that is voluntarily posted to the public complaint database.

Consumer Action, with strong support from other consumer, privacy, civil rights, community and fair lending groups, has long advocated for the Bureau to make the heart of the complaint – the details – accessible to consumers, researchers, and other companies to be able to identify deceptive practices, evaluate unfair marketplace problems, and empower individuals to make wiser choices pre and post purchase.

For more details on the CFPB ‘s final rule on complaint narratives click here.