New Complaint Database Allows Transparency to Consumers

Consolidated Credit is urging consumers to take advantage of a newly released public complaint database to make informed and educated decisions regarding their finances. The database is open to the public and can be used to determine a company’s trust based on its consumer relations.

FORT LAUDERDALE, Fla.–The Consumer Financial Protection Bureau launched the beta version of its Consumer Complaint Database on June 19, 2012, enabling consumers to see public concerns pertaining to various financial institutions.

Consolidated Credit urges people to use this newly released public complaint database to help make informed decisions about what credit card may be best for them as well as to help resolve disputes.

The complaints are reviewed by a CFPB specialist and then forwarded to the appropriate company for a response. Credit card companies and banks have 15 days to resolve the problem, which gives consumers greater transparency on a specific institution and its trustworthiness.

Consolidated Credit’s certified credit counselors have worked with numerous consumers who face financial hardships.Cases include problems with identity fraud, credit reporting, billing issues, cancellation disputes and unresolved interest increases.

Counselors report that these issues can cause major obstacles when consumers try to take out a loan or mortgage, or even try to open a new credit line.

The experts at Consolidated Credit believe this new database is a great asset in improving efficiency in the financial market. It will urge banks and other financial institutions to either be more attentive or improve their consumer relations in order to maintain a credible reputation. There are always concerns regarding any financial decision – from student loans and mortgages to credit and debit accounts – and consumers have the right to feel secured.