Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Feds Say 50 Million Now Have Access to Credit Scores

Feds Say 50 Million Now Have Access to Credit Scores

Add to Favorites:
Feds Say 50 Million Now Have Access to Credit Scores
February
26

More than 50 million people are now able to access their credit scores for free, according to the Consumer Financial Protection Bureau (CFPB). This comes on the heels of for people to have easy and frequent access to their scores at no charge.

Last year, the CFPB launched an initiative calling on all credit card issuers to make scores available to cardholders. Discover and Barclaycard were two of the early adopters, and others have since joined them in providing customers with free FICO scores on their monthly statements at no fee.

However, simply having access to the scores has not been a cure-all for people’s credit confusion, according to a focus group study also recently released by the CFPB.

Greater access, greater confusion?

The CFPB focus group studies revealed that while people are seeing their credit reports on credit card statements through their credit card companies and other sources, confusion persists about what credit scores mean, how to check them, and what information is used to calculate them.

The focus groups included people from a wide variety of backgrounds, and found that confusion about navigating credit information was widespread across diverse populations. In light of this, the CFPB recommended that credit-reporting companies take steps to make credit reports more user-friendlier and help folks navigate the credit score system.

Taking action

Richard Cordray, director of the CFPB, emphasized the importance of credit scores to consumers’ financial lives.“Once consumers see their credit scores, they can be motivated to learn more about their credit history, check their full credit report, and take action to improve their financial lives,” he said.

But information gleaned from the CFPB’s focus group research showed that people did not feel motivated or empowered to take action. In general, they did not feel that they knew what to do after checking their credit score. People reported being frustrated and unsure how to improve their scores.

The people most likely to check their credit scores on a regular basis were those who said they feel like they are financially savvy. Folks who reported being knowledgeable about credit terms, interest rates, and their credit report were the ones taking advantage of having greater access to their credit scores. They also said knowing their credit score enabled them to reach their financial goals more easily.

Consumers can access their free credit reports at annualcreditreport.com.

Add to Favorites:

Related News:

Free Fico Scores for Citi Credit Card Customers

By Dar Dowling, Posted: January 26, 2015

Last year Citi announced they would be giving its consumer credit cardholders free access to their FICO scores, and this month they are delivering on that promise. FICO scores have been uploaded to online accounts and will be updated ... Continue reading
Free FICO Scores for Chase Slate Cardholders

By Dar Dowling, Posted: April 03, 2015

FICO announced that JP Morgan Chase has joined their Score Open Access program, and will begin offering Slate credit cardholders access to their FICO scores for free. Continue reading
Free FICO Scores for Commerce Bank Customers

By Elizabeth Nelson, Posted: May 21, 2015

Folks who bank with Commerce Bank now have an easy way to keep tabs on their credit ratings. FICO, a leading provider of credit scores, has partnered with the bank to offer free FICO scores to customers on their monthly statements. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit