Federal consumer watchdog urges credit card companies to give away credit scores

The Consumer Financial Protection Bureau (CFPB) is calling on the nation’s top credit card companies to make credit scores and related content freely available to their customers, who include more than 200 million consumers.

“Credit reports and scores can determine the terms of people’s mortgages, whether they qualify for auto loans, or if they are eligible for different credit cards,” said CFPB Director Richard Cordray in a statement.

“Making consumers’ credit scores freely available on their monthly statement or online makes it easier for them to spot problems with their credit report. We will continue to work to ensure that credit report disputes are fully investigated, errors are fixed, and consumers are treated fairly.”

In a nearly 16-month period ending Feb. 1, the CFPB handled roughly 31,000 consumer complaints regarding credit reporting companies, most of which concerned the accuracy and completeness of credit reports.

Consumers may access a free credit report, but not a free credit score, once a year at www.annualcreditreport.com.

Source: CFPB


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