Government makes credit card complaints public
The Consumer Financial Protection Bureau launched an online database of complaints about credit cards at http://www.consumerfinance.gov.
For the first time, everyone can glance at what people are complaining about, and how banks are responding.
The database allows people to see how many complaints are being filed against any bank that issues credit cards and the type of the complaints (billing, interest rates, rewards, etc.). It shows whether complaints are solved and if the bank made a timely response.
The CFPB is the first agency with a public website, the aim of which is to track complaints about consumer financial products. With help of the database the agency will be able to identify potential problems in the marketplace, such as a new card that has hidden or partially disclosed fees. It also wants consumers to use the information to research financial products they might use.
The database does not include personal information. The agency just hopes to improve the transparency and efficiency of this essential consumer market.
The credit card database includes information on complaints received by the agency since June 1, and only includes credit card complaints against large banks that fall under the bureau’s jurisdiction. The agency expects to add retroactive data later this year. In future, in addition to credit cards, the agency will add the complaints about mortgages, bank accounts and student loans.
As you’d expect, banks aren’t happy that the government is publishing complaints about them. They try, and surely will continue trying, to object the existence of such shoutbox on their way.
If you are thinking about opening a new credit card account, check the database. But don’t base your decision on it alone. Find a card with interest rates, credit limit, and other terms and conditions that suit you.
Latest Other Card News
A student loan refinancing typically involves taking out a new loan to pay off your existing debt. Refinancing student loans can potentially lower your interest rate, fees, or/and allow you to get better repayment terms, helping you save money. However, it is important to consider whether your loan is private or federal and what benefits […]
2020 has definitely been a very unusual and challenging year. Many of us have been waiting for its end more than ever. And now, when there is less than a week left until the beginning of the new year, it’s time to sum up the outgoing one and find out the results of the annual […]
Walmart is finally ready to introduce a new subscription service offering free same-day delivery and fuel discount. Walmart+ was supposed to go live back in July, however, it was delayed due to the COVID-19 outbreak. Now the launch is planned to take place on September 15. The new product will help you order any goods […]
This month, American Express introduced its new tool called MyCredit Guide. The Amex website says: “We believe everyone should know their credit score and have the tools to understand it better.” That’s why the new feature was developed. Using the tool, you can find out your credit score and take a look at your credit report, […]
A virtual credit card is a unique credit card number that is linked to your main credit card account but is different from the physical card number. The virtual credit card number allows to shop online or over the phone without using your physical credit card. The numbers can usually be used once and expire if not used. The cardholders can also delete the numbers if they want or need to.