The CFPB Wants More Data On Free Credit Scoring Sites

The Consumer Financial Protection Bureau (CFPB) is looking for more information on consumers’ experiences with using sites that promise free access to a credit score. Published in the Federal Register yesterday, the request for information (RFI) also extends to consumer data about companies and nonprofits that offer their customers and the general public free access to their credit history.

According to the agency, that information is being gathered so that the CFPB can create educational content that is useful to consumers — specifically consumers looking to foster a better understanding of credit reports and scores. More broadly, the RFI seeks consumer data to help the CFPB build better general educational products for consumers.

This expanded effort works hand in hand with the March publication of a list of companies that offer existing credit card customers free access to a credit score.

The list was compiled based on comments received in response to a public notice in October 2016.

In a connected announcement, the CFPB also announced its intention to update the list of companies that offer existing credit card customers free access to a credit score.

Companies included on the March 2017 list must submit a new request on or before Jan. 12, 2018. All comments are due by January 12.


Latest Insights:

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The PYMNTS Next-Gen AP Automation Tracker, is a monthly report that highlights the most recent accounts payable developments and automated solutions that are disrupting how businesses process invoices, track spending and earn rebates on transactions.


To Top