The Consumer Financial Protection Bureau launched an interactive online database intended to help consumers find answers to their financial questions. The web tool, called Ask CFPB, is billed as an intuitively designed and user friendly reference consumers can use to navigate the complex and confusing terms and concepts prevalent in the financial marketplace.
“Ask CFPB gives consumers answers in plain language so they can make sound financial decisions,” said CFPB Director Richard Cordray. “We will continue to grow and improve this dynamic tool with the invaluable public feedback we receive.”
As soon as a consumer begins typing in a question, the database's autocomplete feature provides various search suggestions. Users can also browse product categories and tags. From any search page, they can narrow their choices by specific topics, such as “fees” or “closing,” or by populations, like service members, students and older Americans.
Consumers can also view entries organized by “most helpful,” “most viewed” or “recently updated.”
Ask CFPB currently contains more than 350 entries written by the bureau's subject-matter experts. The majority of the entries are focused on credit card and mortgage questions. In the coming months, the CFPB plans to expand the database to answer questions about a range of financial products and services, including student loans, auto loans, and checking and savings accounts.
The agency noted that answers to all of the questions in the database will be coordinated with the answers consumers receive when they use the CFPB's Consumer Response complaint system.
“Currently, about 40 percent of all Consumer Response interactions with the CFPB are from people looking for clarification about terms or processes, rather than lodging a complaint,” the agency noted. “Ask CFPB will be an invaluable tool for addressing such questions.”
Ask CFPB also gives consumers the opportunity to provide feedback through various interactive components. For instance, consumers will be able to let the agency know if they believe an answer is helpful, too long, confusing or incorrect. Users can also submit questions they would like the CFPB to answer and share their favorite answers with friends via email or social media.
Affordable reprints of this article are available. Click here for more information.
Comment Box - October Research is not responsible for the comments posted on its web sites by readers. We will do our best to remove comments that include profanity, personal attacks or other inappropriate remarks.