Tuesday, June 19, 2012

Got a complaint about your credit card company?

You can now check online to see how many other people have the same complaint.

The new Consumer Financial Protection Bureau announced a website today that categorizes grievances against credit card companies. It also shows how the grievances were resolved.

CNN Money reports,
A new online database devoted to cataloging consumer complaints against credit card companies launched Tuesday. 
The website, created by the Consumer Financial Protection Bureau, will begin by posting grievances against credit card companies, and will eventually include complaints regarding mortgages and student loans. 
The bureau has collected more than 45,000 complaints on all those products since last July. 
"By making our data publicly available, initially in the area of credit cards, we hope to improve the transparency and efficiency of this essential consumer market," said Richard Cordray, director of the consumer bureau in a press briefing with reporters on Monday.
The banks don't like it and tried to keep the information secret. (Hah!)

If you have a complaint about your credit card company, bank, lender or mortgage holder, click here.