Consumers gain access to the ‘heart’ of CFPB complaints

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Consumers now have a critical tool with which to educate and empower themselves in the financial marketplace.

The Consumer Financial Protection Bureau’s (CFPB) public complaint database is now filled with first-hand information from consumer users of financial services. Consumers can review the details of others’ experiences with a particular product or service before making a financial commitment.

“Whether it’s car loans, student loans, mortgages or credit cards, consumers have a place to report financial complaints and seek some help in resolving these problems, says Ruth Susswein Consumer Action’s Deputy Director of National Priorities. “Now thanks to the CFPB, consumers can rely on actual complaint details to judge for themselves if a financial services company is worth doing business with. Do they support their customers and resolve complaints?  This is the kind of criteria consumers need to make smart financial decisions.”

Consumers choose whether or not to share their complaint details and personal information identifying the consumer is never shared. Visit the Database to see the complaint details.

Consumer Action and its consumer, community, civil rights, privacy and fair lending allies have been working for several years to realize today’s outcome for consumers.

Access to complaint narratives in the CFPB public complaint database is the latest example of how the CFPB is working to protect and empower consumers.

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Consumer Action has been a champion of underrepresented consumers nationwide since 1971. A non-profit 501(c)(3) organization, Consumer Action focuses on consumer education that empowers low- and moderate-income and limited-English-speaking consumers to financially prosper. It also advocates for consumers in the media and before lawmakers to advance consumer rights and promote industry-wide change.

By providing consumer education materials in multiple languages, a free national hotline, a comprehensive website (www.consumer-action.org) and annual surveys of financial and consumer services, Consumer Action helps consumers assert their rights in the marketplace and make financially savvy choices. Nearly 7,500 community and grassroots organizations benefit annually from its extensive outreach programs, training materials and support.

 
 

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