The Consumer Financial Protection Bureau has launched an interactive website where you can review consumer complaints.
Thomas Fox of Cambridge Credit Counseling says this is going to help people make smarter choices.
“If you have transparency and people know what they’re getting involved with in a very simple manner. This helps people understand a level of conversation they do understand,” said Fox.
Fox says this system is also putting pressure on businesses to behave.
“Of the 89 percent of complaints were sent along to the organizations, roughly 90 percent or more are already dealt with so they’re working on it quick. They want to get it addressed.”
You check out the website – and see the exact issue, the company’s response and discuss the results.
The site will soon expand to include complaints about mortgages and student loans. Fox says this feedback won’t just help warn consumers. But the CFPB will be able to help educate people on financial concerns.
“That’s helpful as well because then the CFPB can work to get more info out to tell people, ‘hey listen if you’re dealing with your mortgage this is the way to handle it or if you’re dealing with your student loans you can handle it this way also.’”
But Fox says not everyone is happy about the new website, banks are a little skeptical about the complaints.
“Banks are saying we don’t know that all these complaints are legit because even though the CFPB says you have to attest this is honestly what happened the banks are saying hey we don’t know if someone is stuffing this.”
While this information will be provided for anyone to access online, it won’t release any personal information about the consumer.