Voice Credit Complaints on New Federal Site

Capital One, Citibank, Chase and Bank of America have the most complaints

Thursday, Jul 19, 2012  |  Updated 5:15 AM CDT
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Voice Credit Complaints on New Federal Site

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A new federal website is designed to take complaints from people unhappy with their credit cards.

The Consumer Financial Protection Bureau tracks reviews for major banks and their credit cards. The site encourages consumer participation and can assist consumers who want to find new creditors. All reviews listed are visible for new visitors seeking credit card advice.

The CFPB website makes it easy for consumers to not only submit complaints, but seek assistance when applying for a mortgage, credit card, or financial product.

The banks with the most complaints right now are Capital One, Citibank, Chase and Bank of America.

"No issuer wants to be identified as the institution that has the most complaints filed against it," said San Diego State University Financial Professor David Ely.

Experts believe the site could encourage banks to fix customer issues.

"While it's important to read those complaints, it may not be the first thing you want to look at if you're considering changing credit cards," Ely said.

Visit the site for yourself at www.consumerfinance.gov.

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