The Consumer Financial Protection Bureau is calling on the largest U.S. credit card companies to make credit scores and other related content freely available to customers.
A report released by the CFPB found accuracy issues top the list of credit reporting complaints the Bureau received from consumers. The CFPB also warned companies that provide information to credit reporting agencies not to avoid investigating consumer disputes.
Credit reports and scores can determine the terms of peoples mortgages, whether they qualify for auto loans, or if they are eligible for different credit cards, said CFPB Director Richard Cordray. 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.
Most Americans have a credit file. Credit reports and scores can determine everything from consumer eligibility for credit to the rates consumers pay for credit. Because of the importance of these reports, consumer reporting agencies have been a key focus for the CFPB.
The three biggest credit reporting companies each maintain files on over 200 million consumers. These files are based on information supplied by thousands of providers, also known as data furnishers.