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Tue Jun 19, 2012, 08:42 AM

What Credit Cards Firms Attract Most Complaints: New Consumer Agency Launches Tell All Web Site

Source: MSNBC

By Bob Sullivan

The nation's new consumer protection agency is about to start naming names, albeit in baby steps.

Despite vocal opposition from the financial industry, the Consumer Financial Protection Bureau on Tuesday will launch a website that will allow consumers to browse through complaints filed against large financial companies.

Website users will be able to see the name of the company targeted by each complaint, the nature of the issue, the company response -- including timeliness -- and the zip code of the complainer. Users can also generate charts showing which banks attract the most complaints, which issues are hardest to resolve and which regions of the country seem most irritating by bank practices.

“(This) is a major milestone for consumers and all those who are interested in knowing more about their day-to-day experiences,” said Richard Cordray, the bureau's first director. “We believe this is the first time that the general public has been able to see such individual-level consumer complaint data for financial products and services. … Anyone with access to the web will be able to review and analyze the information, and draw their own conclusions

Read more: http://redtape.msnbc.msn.com/_news/2012/06/19/12286631-what-credit-card-firm-attracts-the-most-complaints-new-consumer-agency-launches-tell-all-website?lite

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Reply What Credit Cards Firms Attract Most Complaints: New Consumer Agency Launches Tell All Web Site (Original post)
Stuart G Jun 2012 OP
slackmaster Jun 2012 #1
SouthernLiberal Jun 2012 #2
JDPriestly Jun 2012 #3
mbperrin Jun 2012 #4
Iwillnevergiveup Jun 2012 #5
surrealAmerican Jun 2012 #6

Response to Stuart G (Original post)

Tue Jun 19, 2012, 08:48 AM

1. Awesome! I found the CFPB to be very responsive. They actually answered the phone.

 

I mean a real human answered the phone when I called during business hours.

I filed a complaint against Bank of America through the CFPB Web site. I received an email confirmation immediately, and a snail-mail letter about two weeks later. They said my complaint had been forwarded to B of A, and that I would receive a copy of the reply from the bank.

That was about six weeks ago. It looks like B of A blew them off.

OTOH the dispute is now moot. I got a snail-mail letter from TransUnion yesterday stating that the disputed item (my ex-wife's credit card) had been removed from my credit file. That was the culmination of an 8-month effort to get my reputation restored. Experian and Equifax had already dropped the matter, but they never acknowledged dropping it.

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Response to Stuart G (Original post)

Tue Jun 19, 2012, 09:05 AM

2. I think it's only fair

Credit card companies and banks have been relying on one-sided, unverified information to make decisions about us for decades.

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Response to Stuart G (Original post)

Tue Jun 19, 2012, 11:22 AM

3. This is good news.

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Response to Stuart G (Original post)

Tue Jun 19, 2012, 11:25 AM

4. Excellent! More like this, please!

A little sunshine can only help.

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Response to Stuart G (Original post)

Tue Jun 19, 2012, 11:27 AM

5. I too, had an excellent outcome from CFPB

Citi was trying to keep my 91 year-old dad on the hook for $8,000 in fraudulent credit card charges when his card was stolen. It had gone to collection, and when I tried to contact Citi directly, I was automatically transferred back to the collection agency. Citi didn't even want to talk to me. It took about a month to sort it all out, but finally happened.

Huge K&R

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Response to Stuart G (Original post)

Tue Jun 19, 2012, 12:10 PM

6. k & r

It's about time.

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