Regulation

CFPB urges credit card companies to provide customers with credit score

cfpbThe CFPB urged credit card companies on Thursday to make credit scores and related credit information available to consumers, following the release of a bureau report that indicated accuracy issues were among consumers’ top credit reporting complaints.

From October 22, 2012, and Feb. 1, the CFPB handled approximately 31,000 consumer complaints related to credit reporting firms. Nearly 75 percent of consumer complaints related to incorrect and inaccurate information, and other consumers reported having information in their report that did not belong to them.

Some credit card companies, such as Discover, have already begun making credit score information available to cardholders on monthly statements and through online access.

The CFPB urged other credit card companies to follow suit, adding that the information contained in consumer credit reports can have an impact on the terms of mortgages, credit cards and auto loans.

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

Additionally, the CFPB issued a supervisory bulletin reminding firms that provide information to credit reporting agencies to investigate consumer disputes.

“Investigations of disputes are important because they provide a critical check on the accuracy of furnished items,” the bulletin said. “Not only do they prompt a furnisher to reconsider information that a consumer has identified as incorrect, investigations can also help a furnisher identify problems with respect to the general accuracy of the information that it furnishes to CRAs.”

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