Unhappy with your credit card? Complain with this new site

Unhappy with your credit card? Complain with this new site

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by BILL McGINTY / NewsChannel 36 Staff

Bio | Email | Follow: @billwcnc

WCNC.com

Posted on July 19, 2012 at 4:05 PM

Updated Thursday, Jul 19 at 7:21 PM

CHARLOTTE, N.C. -- A new federal website is designed to take complaints from people unhappy with their credit cards.

The Federal Consumer Financial Protection Bureau just launched a website that tracks complaints against the country's largest banks and their credit cards.

David Ely, a finance professor at San Diego State, said it’s a place “where you can actually go in as a consumer into the database and see the complaints that have been filed by other credit card users."

The consumer complaint database breaks down the entries by bank, categories, zip code and more.

There are no personal names used and only one line if it's been resolved or not.  This is by no means a complete report.

"It is some information, but users need to understand that it's not a full picture of the credit card industry," Ely said.

Ely said it could encourage big banks to resolve more consumer complaints.

“No issuer wants to be identified as the institution that has the most complaints filed against it," he added.

The database shows that the number one consumer complaint is billing disputes follow by interest rates, account cancelations and credit reports. While it's credit cards now, the database could expand to include complaints about mortgages and other financial products.

As one could imagine, the bigger the bank, the more complaints they have against them because they issue the most cards.  At the top of the list are Capital One, Citibank, Chase and Bank of America.

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