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New database makes credit card complaints public

Posted at 2:23 PM, Jun 19, 2012
and last updated 2012-06-19 14:27:38-04

WASHINGTON (WTVR) – A new consumer resource could be a big help if you’re in the market for a new credit card.

The Los Angeles Times reports the Consumer Financial Protection Bureau has  launched a database that shows which banks have the most credit card complaints. The site will also show exactly how those complaints were resolved.

However, some in the banking industry do not want that information public.

Consumer Financial Protection Bureau Director Richard Cordray told the newspaper that the database’s goal is to give consumers, businesses and advocacy groups more information.

Click here for the beta version of the Consumer Complaint Database, which will start with credit card complaints against banks with more than $10 billion in assets made since June 1.

Additionally, Cordray said the agency hopes to include more card complaints by the end of the year. The site also may eventually be expanded to include mortgage and other complaints, too.

READ MORE: Database that tracks credit card complaints to debut