FOR IMMEDIATE RELEASE: June 19, 2012
Contact: NACA Public Relations, 202-452-1989; PublicRelations@naca.net
National Association of Consumer Advocates (NACA) Applauds CFPB’s New Publicly Accessible Consumer Complaint Database for Credit Cards
Today consumers are better equipped to hold financial companies accountable.
WASHINGTON, D.C. – The National Association of Consumer Advocates (NACA) commends the Consumer Financial Protection Bureau’s (CFPB) announcement today to make their credit card complaint data accessible to the public. The CFPB’s consumer complaint database will help promote a more open and transparent marketplace for consumers to make better financial choices.
“CFPB’s publicly available credit card database not only helps consumers make informed financial decisions, but it also allows the CPFB to detect patterns of unfair or abusive business practices that harm consumers,” said Ellen Taverna, NACA’s Senior Legislative Associate.
The CFPB’s consumer complaint database includes searchable information about individual complaints, including the name of the credit-card issuers, the type of complaint, the date the complaint was filed, and the customer’s ZIP code. The database also includes whether the credit-card issuer has responded to a cardholder’s concerns, received monetary or non-monetary relief, and whether the consumer continues to dispute the problem.
The CFPB has received more than 45,000 complaints since the complaint system was launched. The most common complaint was regarding mortgages, making up for approximately 19,000 of the total complaints received.
While the CFPB accepts complaints on mortgages, auto loans, checking and savings accounts, and student loans, those complaints are not yet a part of the publicly accessible database. NACA strongly supportsthe Bureau’s new proposal to expand the public database to include all types of financial products and services under CFPB supervision.
The National Association of Consumer Advocates is a non-profit association of consumer advocates and attorney members who represent hundreds of thousands of consumers victimized by fraudulent, abusive and predatory business practices. As an organization fully committed to promoting justice for consumers, NACA's members and their clients are actively engaged in promoting a fair and open marketplace that forcefully protects the rights of consumers, particularly those of modest means.
Ellen M. Taverna
Senior Legislative Associate
National Association of Consumer Advocates (NACA)
1730 Rhode Island Avenue, NW, Ste. 710
Washington, DC 20036
(202) 452-1989 ext. 109