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 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.
Credit scores and credit reports have become an integrate part of our lives and financial health. There are a lot of services that allow to check credit reports online and FreeCreditReport.com is one of them. FreeCreditReport.com is owned and operated by Experian, one of the three major credit bureaus in the U.S. The service provides […]
If your wallet is bulging with store loyalty cards, there’s good news for you from Samsung Pay. The most widely accepted mobile digital wallet system in the United States is now allowing users to upload their store membership and rewards cards onto their Samsung Galaxy smartphones.
Identity theft and banking fraud concern more and more Americans, according to a recent FICO survey. And that is not a surprise as credit card fraud continues to grow, especially online fraud.
There is no foolproof way to protect yourself from fraud, but there are a few things you can do. The first and foremost thing you should do is never ever give your credit or debit card information to someone you do not know.
Springtime is the season for house hunting, but many people planning to move this year say they’ll rent, not buy, their new digs.