in Business - 03 Aug, 2015
by Curtis - no comments
CFPB Publicizes Complaints Online For A Better Judgement Of Financial Marketplaces

Feedbacks of people receiving services from companies offering them are always deemed essential for improvement, as is the case a year ago after a few Position Me Online complaints have surfaced, leading to the creation of Customer Satisfaction Business Unit that had offered improved interactions with all the interested clients.

Complaints are inevitable in any business, as consumers have standards that may not always be reached by the one providing the service, or in some cases, misunderstandings between the two ends simply happen. To this day, voices of customers remain to be a priority. Last June 25, the Consumer Financial Protection Bureau or CFPB, with its Consumer Complaint Database, made public online more than 7,700 issues that have been encountered personally by different people with credit card issuers, debt collectors, and various kinds of financial companies doing business with a great deal of citizens. The said database has been said to be existing for years now, however, this time it is said to offer online personal accounts that center on specific problems that have been encountered with specific companies. All these narratives being accessible by everyone is mainly to address all possible questions and clear out doubts of people currently having business with or planning to do one with a particular company. The said narratives do not include any personal information of the one posting the complaint.

Some of the common situations that can be read in the database which consumers had experienced were manipulation by payday lenders, receiving multiple calls by debt collectors in workplace, and even worse, messages being passed on to co-workers – all of which violating the Federal Law that seeks to give limit to a debt collector’s behavior or action when it comes to collection of payment.

The director of CFPB, Richard Cordray, said that having the database perform this function will definitely give good outcomes to many people. Additionally, he thinks that it is a historical milestone. Ruth Susswein, deputy director of Consumer Action, was thankful to have these complaints voiced out online, as this mode of action will give people a better judgment of the different financial marketplaces, whether they are safe or unsafe to deal with.