Database Gives Consumers a Way to Complain

Consumers have been having problems with banks and financial institutions for years. Now CFPB is going to help with that

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    NEWSLETTERS

    Do you ever feel like your complaint isn’t being heard? Well now you can give a sigh of relief because the Consumer Financial Protection Bureau has created an online database that protects consumer complaints against big name banks and financial companies. Launched on Tuesday, the bureau has successfully collected 45,000 complaints on products such as credit cards, mortgages and student loans since last July.

    The bureau only accepts legitimate grievances  and the bureau has to have the company confirm that the customer was or even is among its members. Banks have up to 15 days to respond to the complaint and 60 days to report the problem even though the company has only obtained 100 complaints this month, officials only sees the database growing from here. The company collects complaints via website, telephone, mail, email and fax.

    Submit a complaint go to http://www.consumerfinance.gov/complaint/ where you can submit the complaint and even choose what you are complaining about.