Sun. Oct 6th, 2024
CFPB Announces New Capability for the Consumer Complaint Database, Expands Ability to View Complaint Data Over Time

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced the addition of a trends view to the Consumer Complaint Database (Database). The trends view allows users to see information about complaints over time using a robust set of filter options.

For several years, the database has provided users with the ability to filter complaints by date, product, issue, company name, and to search complaints for keywords.

The new trends view and the map view added earlier this year to build upon the existing capability to filter and search, and emphasize aggregation and analysis of information, while continuing to make all the underlying data available for closer examination. With the trends enhancements, users now can:

  • View complaints over time to gain insights into complaint trends
  • Refine visualizations based on user selected criteria
  • Aggregate complaints by various categories, such as issues and products

“These powerful new capabilities allow users to gain deeper insight into changes in the location, type, and volume of complaints over time, which provides valuable context into consumers’ experiences in the financial marketplace,” said CFPB Director Kathleen L. Kraninger. “I’m excited to make these additional tools available to the public as I promised last year.”

Prior to these enhancements, the Bureau made other improvements. These included the integration of financial information and resources into the complaint process to help address questions and better inform consumers before they submit a complaint, as well as modification of disclaimers to provide better context to the published data.

Since 2011, the Bureau has handled more than 2.3 million consumer complaints. More than 5,000 financial companies have responded through this process, providing timely responses to 97 percent of the more than 1.6 million complaints sent to them for response. Complaints are published after the company responds, confirming a commercial relationship with the consumer, or after 15 days, whichever comes first.

Access the Consumer Complaint Database.

###

The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit www.consumerfinance.gov.

Official news published at https://www.consumerfinance.gov/about-us/newsroom/cfpb-announces-new-consumer-complaint-database-capability/

Images courtesy of PixaBay

The post CFPB Announces New Capability for the Consumer Complaint Database, Expands Ability to View Complaint Data Over Time first appeared on RSVTV news.

originally published at Finance - RSVTV news