The Consumer Financial Protection Bureau has recently implemented a very user friendly database to show consumers which credit card companies have the most complaints filed against them. Although the database was just put into place on the web, and is still apparently in beta format, it is interesting to see how many claims have come in and how the information is compiled.
Thankfully, this is just the sort of information that Elizabeth Warren promised when she lobbied for, and then Congress created, the Consumer Financial Protection Bureau. This information will help protect consumers from unscrupulous credit card companies by allowing them to avoid these companies when making financial decisions about which cards to choose. This is smart. And as the database continues to grow, it will only provide more important details about consumer choices…. and hopefully the database will expand to include other consumer financial products.
The Charlotte Observer has a good story on this consumer credit card complaint database as well.
Kudos to the CFPB…. keep up the great work !