A database for consumer complaints launched by the Consumer Financial Protection Bureau will soon include mortgage products, the CFPB has announced. The good news? Companies will have access to those complaints about their company, and can report back to the database once the complaint has been resolved.
The portal, launched July 21 with the inception of the CFPB, currently processes complaints on credit card products and provides resources for distressed homeowners. Other products such as mortgages and student loans will follow, the bureau stated on its website, where it offers additional resources for companies seeking access to the portal. Those complaint portals could go live in a matter of a few months.
“This phased roll-out strategy ensures that we take the time to properly consider the needs of consumers, the requirements of financial companies and the relevant operational constraints,” the agency stated.
The process begins with the consumer complaint, which he or she files through the portal. The CFPB will then route the complaint to the company, which can then communicate directly with the consumer. Upon resolution of the issue under complaint, the company has the opportunity to comment on the portal and detail the resolution, at which point the consumer will be notified of the resolution. It will all be documented through the CFPB’s online portal.
View the CFPB’s instructions and more information regarding the consumer complaint portal.
Written by Elizabeth Ecker