New Database Tracks Complaints About Credit Card Companies
DENVER (CBS4) – There’s now a new website that allows consumers to vent about their credit card company and read other customers’ complaints before getting a new card.
Being frustrated with something a credit card company has done or could have done better is nothing new. But now there is something people can do about it that could affect change to make things better for everyone.
The Consumer Complaint Database is a new online system which catalogues consumer complaints against credit card companies.
One of the big complaints stem from credit card marketing, which doesn’t tell the whole story when it comes to interest rates.
“In the muggers that hide in the small print on page 42 of this particular contract (for example) surprise you with something that you simply hadn’t considered,” an expert said.
The database will also show how the bank or card issuer handled the complaint. However, it won’t release information about the consumers who lodged the complaint. Eventually it will include complaints regarding mortgages, as well as student loans.
Banks and credit card companies are not taking this lying down. They are pushing back saying they aren’t confident with the new agency’s ability to ensure complaints are valid and accurate.