Credit Card Complaint Database Debuts

Want to know which credit card company receives the most complaints from consumers? 

You'll be able to find out very soon. 

And it could be a potential nightmare for the PR professionals of these companies. 

On June 19, against major opposition from the financial industry, the Consumer Financial Protection Bureau decided to share all individual-level complaint data it receives with the public. The Consumer Complaint Database was launched in a beta version with the hopes of expanding to other financial products covered by the CFPB, including mortgages and student loans. The bureau has collected more than 45,000 complaints since July of 2011. 

According to the CFPB’s Web site, consumer complaints will no longer just be seen by the complainant, bank and regulator, but these issues will available to everyone, including developers, policymakers and journalists. No personal information, such as names, addresses and credit card numbers, will be made public. 

Organizations never want their dirty laundry aired. And with this landmark decision, tons of negative feedback from unhappy consumers will force PR professionals to switch into serious damage-control mode. Complaints that were previously private, will now be presented in a way that may reflect negatively on companies that have enjoyed positive reputations. It is important now that this decision has been made for communications departments to develop a plan of action when the data is made public. 

The CFPB says its goal is to improve the transparency and efficiency of the credit card market to further empower American consumers. As a result, PR professionals must be prepared to deal with what could be an approaching storm.

Follow Jamar Hudson: @jamarhudson  Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;}

Comments Off

Deals of the Week

Get $150 Off PR News' Social Media Summit with Taste of Tech


Unlike other conferences, you’ll be immersed in the strategies and tactics that you can apply right away to your work as a communicator. You’ll learn what it takes to compete for attention, engagement and positive brand awareness across an array of social media networks.

Use code “150off” at checkout.

Get $50 off PR News' Digital PR & Social Media Guidebook


This guidebook has one essential purpose: helping you maximize your communications effectiveness in the digital world. The articles in this guidebook produced both by the PR News staff and more than fifty communications industry thought leaders, focus on most every facet of digital PR and social media.

Use code “DIGITAL6” at checkout.

Save $100 on a PR News Subscription

Let PR News become your weekly, go-to resource for the latest PR trends, case studies and tip sheets. Topics covered include visual storytelling, social media, measurement, crisis management and media relations.

Use code “SUBDEAL” at checkout.

Comments are closed.