After deliberating since early 2018, the Consumer Financial Protection Bureau has announced that its online collection of consumer complaints about financial services will remain publicly accessible. In response to claims from banks and other financial companies that the complaints are unverified and unreliable, the CFPB has added disclosures, such as one that notes the complaints don’t represent a statistical sample of consumer experience.
Even with those caveats, the database can be a valuable tool. You can use the database to check up on a bank, lender or other financial firm before you do business with it. If you’ve filed a grievance with a credit-reporting bureau or financial firm and are dissatisfied with its response, you can submit your complaint at cfpb.gov. The CFPB will forward it to the company in question, and most reply within 15 days. On the same web page, you’ll find a link to the database of published complaints, which allows you to search by date, company name and key words.
If you’re preparing to complain directly to a company and the database shows that other customers are having issues similar to your own, mention it when you make contact—it may gain you leverage, says Ed Mierzwinski, of the U.S. Public Interest Research Group.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
Strategies to Optimize Your Social Security BenefitsTo maximize what you can collect, it’s crucial to know when you can file, how delaying filing affects your checks and the income limit if you’re still working.
-
Don’t Forget to Update Beneficiaries After a Gray DivorceSome states automatically revoke a former spouse as a beneficiary on some accounts. Waivers can be used, too. Best not to leave it up to your state, though.
-
403(b) Contribution Limits for 2024retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
-
Roth IRA Contribution Limits for 2024Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
-
Four Tips for Renting Out Your Home on Airbnbreal estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute VacationTravel Procrastinator? No matter. You can pull off a fun and memorable getaway on a moment's notice — without breaking the bank.
-
How Much Life Insurance Do You Need?insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life-insurance needs.
-
When Is Amazon Prime Day?Amazon Prime In 2023 Amazon had two Prime Day events — one in July and another, called Big Deal Days, in October. We expect 2024 to follow the same schedule.
-
How to Shop for Life Insurance in 3 Easy Stepsinsurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
-
5 Ways to Shop for a Low Mortgage RateBecoming a Homeowner Rates are high this year, but you can still find an affordable loan.
