CFPB urges credit card companies to post scores to statements

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CFPB

CFPBThe Consumer Financial Protection Bureau (CFPB) is asking the nation’s top credit card companies to make a big change.

The CFPB recently announced that it’s calling on companies to make credit scores and educational content available to consumers on their monthly statements or online account information.

In a letter to credit card companies, CFPB Director Richard Cordray says that the move will help both the cardholder and the company by encouraging people to ‘improve negative aspects of their credit usage.’

You can get your free credit report and score at Quizzle.com .

If you’re a Discover cardholder, you may have already noticed this sort of thing taking place. The credit card company started offering free FICO scores to its consumers in November of last year.

Your report matters too
Your credit score is calculated from information in your credit file, so besides reviewing your credit score, you should also check your credit report each month to make sure everything is correct. It’s estimated that less than one in five Americans check their credit report each year. If you fall into that category, you may be missing out on the opportunity to dispute inaccurate information.

“We believe in the power of credit education and appreciate that the CFPB is asking credit card companies to give consumers a free credit score and educational information. These tools, combined with a free credit report, score and more from Quizzle empowers consumers to make smart, financial decisions,” said Quizzle CEO Todd Albery.

What do you think? Would you like seeing your credit score on your monthly statements? Tell us in the comment section below.

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Krystal lives, works, and plays in the Detroit area and loves covering a variety of personal finance topics for the Quizzle Wire.