New federal website shows consumer complaints about credit cards
The site was launched by the Federal Consumer Financial Protection Bureau
A new federal website is designed to take complaints from people unhappy with their credit cards.
The site was launched by the Federal Consumer Financial Protection Bureau. It tracks complaints against the country’s largest banks and their credit cards.
The Consumer Complaint Database breaks down the entries by bank, by categories, by zip code and more. No personal names are used, and only one line shows if the complaint has been resolved or not. This is by no means a complete report.
San Diego State Financial professor David Ely says it could encourage big banks to resolve more consumer complaints.
“No issuer wants to be identified as the institution that has the most complaints filed against it.”
The database shows the number one consumer complaint is billing disputes, followed by interest rates, account cancellations and credit reports.
The database could eventually expand to include complaints about mortgages and other financial products.
Banks at the top of the list include Capital One, Citibank, Chase and Bank of America.
You can access the Consumer Complaint Database by clicking here.