CFPB Makes Industry-Friendly Changes to Complaint Database

The Consumer Financial Protection Bureau is forcing people looking to file complaints about financial products or services to wade through industry-backed disclosures before doing so, a move that consumer advocates say will drive down submissions.

Before submitting a complaint to the database, users now must click through three additional pages on the CFPB’s website that describe new restrictions on complaints related to credit reports.

“CONSISTENT WITH THE LAW, CONSUMERS MUST FIRST DISPUTE INACCURATE OR INCOMPLETE INFORMATION ON THEIR CREDIT REPORT WITH THE CREDIT REPORTING AGENCY,” the first page says in all capital letters. “PREMATURE SUBMISSIONS SLOW DOWN THE SYSTEM FOR THOSE ...