A victory for consumers in the age of Trump
by Michelle Singletary
Consumers have won a big victory in favor of transparency for a change.
The Consumer Financial Protection Bureau has decided it won’t remove from public view a complaint database that consumers use to ask for help in resolving financial issues, such as problems with a debt collector, mortgage lender or student loan servicer.
For example, if you’ve tried but failed to get a credit bureau to remove erroneous information from your credit file, you’re almost certain to get a response if you submit a complaint to the CFPB.
This isn’t the typical “complaint box” where grievances go to die.
Since launching the database, the bureau has handled 1.9 million complaints and forwarded more than 1.3 million to companies for a reply, CFPB Director Kathleen Kraninger said during a recent speech at the National Consumer Empowerment Conference. More than 5,000 companies have responded to 97% of consumers filing a complaint, she said.
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