Updates are to add context to data on complaint trends, including high company response rates.
4/28/2020 11:30
The Consumer Financial Protection Bureau created additional updates to its Consumer Complaint Database, available now, to continue to provide more context to the data.
ACA International has focused on the accuracy of complaints, verification processes and public availability of the consumer complaint database in its past comments to the CFPB about the database in addition to calling for more context to the data.
More than 5,000 financial companies have responded to complaints processed through the database and provided timely replies to 97 % of the complaints sent to them for response. Complaints are published after the company responds, confirming a commercial relationship with the consumer, or after 15 days, whichever comes first, according to the CFPB.
The most recent updates, according to a news release from the CFPB, include the option to view complaints through an interactive state map.
Consumers have been able to view complaints by using date, company name, key words, and other filters, according to the news release.
The CFPB also added new options for users, including the ability to:
- Select from a set of pre-defined time frames (e.g., three years) to help users understand more recent marketplace conditions;
- Map complaints per 1,000 population or total complaints by state;
- View aggregate information about products and issues consumers submit complaints about; and
- Apply word searches and filters to update the interactive map.
“The Consumer Complaint Database is a powerful tool for the bureau to hear directly from consumers about their concerns and experiences with financial products and services,” CFPB Director Kathy Kraninger said in the news release. “The interactive map and other enhancements are part of our effort to provide the public with additional information and context regarding consumer complaints that are received.”
The CFPB first released updates to the database last year, ACA previously reported.
In particular, the updates addressed responding to consumers inquiries through educational materials available on the database rather than encouraging questions to be submitted as complaints.
The past updates also included modified disclaimers to provide better context to the published data; integrating financial information and resources into the complaint process to help address questions and better inform consumers before they submit a complaint; and information to assist consumers who wish to contact the financial company to get answers to their specific questions.
For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at [email protected] or call (952) 926-6547.