February 27, 2014

CFPB presses consumer access to credit scores

Feb. 28, 2014 – CFPB Director Richard Cordray on Thursday called on major credit card companies to make credit scores readily available to consumers.

Discover is currently providing free FICO scores on the first page of cardholder statements every month. It also provides this information on its website for those consumers who view their statements online. Cordray said he would like to see more card issuers implement a program like this. It would be voluntary, he said, not mandatory.

Cordray and others discussed credit scores and credit reports during a CFPB Consumer Advisory Board meeting Thursday attended by NAFCU.

Meeting attendees heard from Cordray and panelists from the Consumer Data Industry Association, Discover and consumer groups. The discussion centered around credit report disputes, consumers' problems filing disputes and how to get credit score information to the consumer.

Cordray said credit report accuracy issues are most often cited in consumers' complaints to the bureau regarding credit reporting.

"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," Cordray said. "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."