January 5, 2018
NYLAG and a number of consumer, civil rights, privacy, community, higher education and fair lending organizations have long strongly supported the collection and dissemination of consumer complaint information as an indispensable resource for consumers to empower themselves in the marketplace. Making outcome information available to companies allows them to better understand their customers and more accurately measure customer service performance, and it helps the CFPB better recognize which companies are consistently offering excellent customer service and which are not living up to the objective of complaint resolution. The visibility of the complaint information gives companies an incentive to treat consumers fairly and to correct problems promptly on their own, potentially avoiding the need for government intervention. Collection of firsthand complaint information is a vital part of the Bureau’s mandate under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB has an obligation to “collect, investigate and respond” to consumer complaints.