Billing disputes are top complaint against credit card companies

The Consumer Financial Protection Bureau made a database of credit card complaints by consumers public today. The top complain from consumers was about billing disputes, followed by complaints about APR or interest rates.

The database also includes how credit card companies responded to complaints and whether the issue was resolved, among other information.

The CFPB also said it may expand the database to include other financial products in addition to credit cards. Consumers Union, the advocacy arm of Consumer Reports, praised the public database and said it supports expanding it to include complaints about other financial products.

"Making credit card complaints public will put added pressure on banks to avoid unfair practices and help consumers make more informed financial decisions," said Pamela Banks, senior policy counsel for Consumers Union. "This is a tremendous public resource that should be expanded to include complaints about other abusive financial practices that are hurting consumers."

The database includes credit card complaints collected since June 1. Before the end of 2012, the CFPB said it intends to retroactively add credit card complaint data to the database. Its been collecting complaints since July 21, 2011.

See our credit card buying guide for common gotchas and picking the right card for your spending habits (pdf).

The CFPB also collects complaints on mortgages, private student loans, other consumer loans, and bank products and services, including checking and savings accounts. The analysis of complaints released today indicated that most of them (approximately 19,000) involved mortgages. The most common mortgage complaint involved issues regarding loan modifications, collections, or foreclosures. For information on refinancing your mortgage see our full report, plus mortgage financing information from DefendYourDollars.org.

Visit consumerfinance.gov/complaint to file a credit card complain with the CFPB.

Source:
Consumer Complaint Database [CFPB]
CFPB Launches Public Database of Credit Card Complaints [Consumers Union]

—Maggie Shader