November 20, 2017

November 20, 2017

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November 17, 2017

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CFPB Seeking Information On Consumer Experience With Free Credit Score Access; Announces Plan To Update Public List Of Companies Offering Free Credit Scores

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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About this Author

Barbara S. Mishkin, Ballard Spahr, Philadelphia, Deceptive Practices Lawyer, Fair Debt Collection Practices Act, Gramm Leach Bliley
Of Counsel

Barbara Mishkin focuses on consumer compliance and banking law. The federal laws with which Ms. Mishkin has dealt extensively include the Truth in Lending Act, Equal Credit Opportunity Act, Real Estate Settlement Procedures Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, and Gramm-Leach-Bliley Act. She also has significant experience with state usury and lender licensing laws, as well as state laws prohibiting unfair and deceptive acts and practices.

American Bar Association, member, Consumer Financial Services Committee;...

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