The Consumer Financial Protection Bureau is seeking more information about consumers' experience with free access to credit scores.
In two separate notices published in the Federal Register on Monday, the CFPB said it wants more data on which companies consumers are using to obtain their free scores. The bureau also said it is updating a public list of companies that offer free access to a credit score.
The agency is trying to build awareness about free access to credit scores as a first step toward helping consumers learn about their credit history and ensure the accuracy and completeness of credit reports. The goal is for consumers to make informed decisions about credit that serve their own financial and life goals, the CFPB said.
Among the questions the bureau is seeking feedback on is whether consumer behavior has changed after being granted access to free credit scores. For example, the CFPB wants to know whether there is a relationship between free access to credit scores and consumers paying off outstanding loan balances or taking out new loan applications.
The bureau also wants to know whether obtaining free credit scores encourages consumers to also check their credit reports or take other steps to learn more about credit.
Additionally, the CFPB is looking at the challenges companies face in providing regular access to free credit scores. One of the questions the bureau asked is whether consumers can get access to one of their credit scores without receiving marketing material for a credit bureau's other products and services.
The CFPB is seeking comments on free access to credit scores by Feb. 12, 2018.
In March, the CFPB's Office of Financial Education published a list of companies that offer existing credit card customers free access to a credit score. The bureau is updating the list, which will be published as part of its effort to educate consumers about the availability of credit scores and credit reports.
The deadline for companies to submit entries to be on the published list is Jan. 12, 2018.
