Feds Call for Free Credit Scores - Card Issuers News


Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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 » Card Issuers » Feds Call for Free Credit Scores

Feds Call for Free Credit Scores

The content is accurate at the time of publication and is subject to change.

The Consumer Financial Protection Bureau (CFPB) is urging credit card issuers to make cardholders’ credit scores available for free on their monthly statements and online.

Some issuers, including Discover and Barclays, began providing customers with free FICO scores near the end of last year. CFPB director Richard Cordray wants other major credit card companies to follow suit. In addition to credit scores, he is calling for companies to make information available to customers about factors that influence their scores.

Frustration fuels request for access to credit scores

The CFPB also released a report on complaints about the credit reporting industry. The top three consumer complaints the bureau has received are about incorrect information, frustration with the way disputes were handled, and difficulty getting access to credit scores.

Of the approximately 31,000 complaints filed with the CFPB between October 22, 2012 and February 1, 2014, nearly three-quarters were about inaccuracies on credit reports. This included debts incorrectly listed as delinquent, information not belonging to the person named on the report, wrong birth dates, and misreported mortgages and bankruptcy filings.

Eleven percent of complaints were about how companies dealt with the errors when it was reported. People felt complaints were not properly investigated and the documentation they provided was not utilized in investigations of disputes.

Another 9% of consumers complained of not being able to get their credit report or their credit score. People are entitled to one free credit report per year through www.annualcreditreport.com. However, a credit score is not included with the report. And the CFPB says the fewer than one-fifth of Americans actually check their credit report each year.

Credit scores influence many factors

When applying for a mortgage, credit card, auto loan or personal loan, potential lenders use credit scoring to determine eligibility and set interest rates. Landlords and employers also regularly check credit scores of apartment and job seekers.

When consumers report inaccurate information, credit bureaus must inform the supplier of the data in question. The supplier must then investigate and report their findings back to the credit bureau, which will then amend or remove the information if indicated. If this process is not being followed or if consumers have other concerns about their credit files, they can file a complaint with the CFPB.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

FICO Scores Getting a Makeover
FICO Scores Getting a Makeover

Posted: March 17, 2014

Your FICO score may look a little different starting this summer. The company is releasing a new version of their credit-scoring product, the FICO Score 9, designed to provide more accurate risk assessment across different industries. Continue reading

Free FICO Scores for Commerce Bank Customers
Free FICO Scores for Commerce Bank Customers

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

Discover Rolls Out Free FICO Scores to All Cardholders
Discover Rolls Out Free FICO Scores to All Cardholders

Posted: February 10, 2014

Discover it customers got access to their FICO scores last November, but now anyone with a Discover card will find their free FICO score printed on their monthly statement. Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!