The government is launching an online database of complaints about credit cards.
The public can see what types of complaints people have filed against any bank that issues credit cards. They can also search complaints by ZIP code and see how banks responded. The database does not include personal information.
The database goes live today. It will be maintained by the Consumer Financial Protection Bureau, which was set up after the 2008 financial crisis to protect consumers from loans and cards with hidden fees or other traps.
The CFPB is the first agency to set up a public website to track complaints about consumer financial products. The agency will use the database to track complaints and identify potential problems in the marketplace, such as a new card that carries hidden or poorly disclosed fees. It also wants consumers to use the information to research financial products they might use.
The bureau has collected more than 16-thousand complaints during the past year.
For more information visit www.consumerfinance.gov.
You can also find the link on our home page. Just click on the Big Red Bar.