Since July 2012, credit card complaints received by the Consumer Financial Protection Bureau have been posted on the Bureau’s website for all to see. While this is a tool meant for consumers, the data can be used by banks to hone their customer service in areas which have caused the most friction in the customer relationship. Bankers also can make sure their company isn’t on the list.
Of the 15,056 total complaints against 76 financial institutions received thus far, the largest category was billing disputes. These make up 14.8 percent of all disputes. Second in line are complaints about the interest rate, these made up 11.4 percent of complaints. Third is credit reporting complaints, this category was 7.4 percent of all complaints. Consumer complaining about account closing was the fourth-largest category; it had 6.5 percent of complaints. Identification theft and fraud had 6.4 percent.
Bankers looking to watch for their bank or a competitor’s bank can visit the complete data page here. (To add the bank names to the list, select the brown “manage” icon at the top of the screen. Then, drag “company” to the top of the list and click “apply.” The same process can be used to add zip code to the search.)
To see complaints by geographic location, visit the database’s map feature here.
For a breakdown by complaint type, click here.