The agency announced yesterday that it would enable consumers to share their issues regarding financial products and services directly with the public, via the CFPB's Consumer Complaint Database. The database has accepted complaints for almost three years, but under the new policy, consumers who submit to the database will have the option to share their narrative publicly. As the CFPB's press release explains:
Consumer narratives provide a first-hand account of the consumer’s experience, and adding the option to share them will greatly enhance the utility of the database. The narratives will provide context to complaints, spotlight specific trends, and help consumers make informed decisions. The narratives may encourage companies to improve the overall quality of their products and services, and more vigorously compete over good customer service.
The agency will remove personal information from complaints and also give the company a chance to respond.
Read the whole press release here. Coverage from The Hill is here. The full policy is available here.
