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Released: July 29, 2016
Consumers get the last word on complaints
Consumer Action applauds CFPB’s latest move to improve its complaint system
Contact: Ruth Susswein (301) 718-2511 Linda Sherry (202) 544-3088
The Consumer Financial Protection Bureau (CFPB) is adding a five star system ratings scale to its complaint process to give consumers an efficient way to respond and evaluate how well companies deal with their complaints.
The CFPB announced today that it also plans to offer a Company Response Survey where consumers will have the chance to agree or disagree with the following three questions:
- I understood the company’s response
- The company did what it said it would do
- The company addressed all of my issues
Consumers will be able to submit details explaining how and if a company satisfactorily handled their complaint and can choose to have their feedback posted publicly with their original complaint in the CFPB complaint database.
“This new rating system—replete with details as to why a consumer was satisfied or dissatisfied with a company’s response—will be a huge benefit to both consumers and companies which have their customers’ best interest in mind,” says Ruth Susswein of Consumer Action. “Consumers will be able to warn others of ongoing problems with a company and report on outcomes in a way that will enhance the CFPB’s first-rate complaint tool.”
Consumers who report complaints about financial products and services to the CFPB can choose to make the details of the complaint public in the CFPB’s public complaint database. Companies are expected to respond to consumer complaints within 60 days. This new satisfaction rating system will replace the Bureau's dipsute option and be available in early 2017.
Consumer Action has been working with other advocates to encourage the Bureau to make their best-in-class complaint system more robust.
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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.
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