Visualization of CFPB Complaints Database

Consumers increasingly flock to CFPB’s complaint portal for frustrations about their financial firms. It is a centerpiece in the agency’s role as a consumer advocacy. Consumers submit approx. 13 times more complaints here than they do to the Transportation Department.

Businesses take the database and the process behind it seriously: 97% of all businesses respond within the 15 day time window the CFPB gives to respond to the complaints and approx. 74% of responses resolve the issue sufficiently for consumers not to further dispute the issue.

How is your business reflected in the CFPB database? CX Group has analyzed and visualized the data and republishes the data on a weekly basis.

There are 2 reports at the moment that you anyone can access for free:

 

 1. CFPB Complaints by Company

This report analyses the CFPB complaints database with regards to a specific company. Use this report to learn about how all complaints pertaining a specific company stack up. You can access the report at www.cxgroup.co/cfpbreports-company.

 

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 1. CFPB Company List by Products & Subproducts

This report lists summary data by companies and allows you to filter by products & subproducts. E.g. if you would like to understand how various providers of a specific loan type compare to one another, then filter this report by products or subproducts. All companies are ranked by total number of complaints in their ‘Main Product’ or ‘Main Subproduct’ category. Main Product or Subproduct are the product category that appear most frequently in the complaints. E.g. If your business offers credit cards and auto loans, your Main Subproduct would be credit cards if the number of credit card complaints outweigh the complaints relating to auto loans. Typically the number of complaints are highest for the category your company is most known for in the market or where the number of your transaction is highest.

You can access this report here: www.cxgroup.co/cfpbreports-list

 

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We are using only the data that is in CFPB’s complaint database and are not enriching it with external information. A meaningful dimension to the data would e.g. be to relate the number of complaints to the total number of loans issued or customers served by the company.

If you would like to access a more in depth report about your company where we analyze the narrative of the complaints using advanced text analytics or to learn more about how the CX Group helps financial service providers reliably reduce CFPB complaints, please contact us here.

 

 

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