Credit Card Complaints Going Public Online Today
The government is launching an online database of complaints about credit cards today.
The public can see what types of complaints people have filed against any bank that issues credit cards. They can also search complaints by ZIP code and see how banks responded. The database does not include personal information.
The database goes live today. It will be maintained by the Consumer Financial Protection Bureau, which was set up after the 2008 financial crisis to protect consumers from loans and cards with hidden fees or other traps.
The CFPB is the first agency to set up a public website to track complaints about consumer financial products. The agency will use the database to track complaints and identify potential problems in the marketplace, such as a new card that carries hidden or poorly disclosed fees. It also wants consumers to use the information to research financial products they might use.