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FREE CREDIT SCORES: CFPB asks all banks to participate

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FREE CREDIT SCORES: CFPB asks all banks to participate

CFPB Director, Richard Cordray sent the following letter to (presumably) all U.S. banks asking the CEOs to provide free credit scores to all their customers.

 

"Recently several credit card issuers have introduced programs that promise to expand dramatically the number of consumers who are more easily and more routinely acquainted with their credit information. The programs provide customers, directly and at no cost, the same credit scores these issuers obtain in their normal course of managing their customers’ credit portfolios along with educational materials to help them understand the score.

 

"I strongly encourage you to make the credit scores on which you rely available to your customers regularly and freely, along with educational content to help them make use of this information. We will consider this to be a 'best practice' in the industry."

 

See the full leter here: http://files.consumerfinance.gov/f/201402_cfpb_letters_credit-scores.pdf

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