CFPB seeking information on consumer experience with free credit score access; announces plan to update public list of companies offering free credit scores

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The CFPB has published the following notices in today’s Federal Register:

  • Request for Information. Through the RFI, the CFPB seeks to learn more about consumers’ experience with access to free credit scores and the experience of companies and nonprofit credit and financial counseling providers offering their customers and the general public such access.  According to the CFPB, it will use the information gathered through the RFI to identify educational content that is providing the most value to consumers, to identify additional content the CFPB and others could develop to increase consumer understanding of credit reports and scores, and to gain a broader understanding of industry practices that best support educating consumers.  In addition to consumers and consumer advocacy groups, the interested members of the public from whom the CFPB encourages comments include credit card companies and other lenders.  Comments must be received on or before February 12, 2018 to be assured consideration.
  • Update to Free Credit Score Access List. In March 2017, the CFPB published a list of companies that had told the CFPB they offered existing credit card customers access to a free credit score.  In the notice, the CFPB states that it plans to update this list and provides criteria credit card issuers must meet to be included in the list. Companies that were included in the March 2017 list must submit a new entry to be included on the updated list.  The CFPB also states that it is considering whether to expand its list of companies offering free credit reports to include companies in other markets.  Companies that offer consumers access to free credit scores and meet the same criteria it uses for card issuers are invited to contact the CFPB if they would like to be included in a possible list.  Comments must be received on or before January 12, 2018 to be assured of consideration.

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