In a new report on consumer credit trends, the CFPB looks at how recent changes to the public record data standards used by the “Big 3” consumer reporting agencies (CRAs) have affected consumers’ credit reports and credit scores. The data used in the report comes from the CFPB’s Consumer Credit Panel, which the report describes
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
CFPB to Compile List of Companies Providing Free Credit Scores
On October 5th, the CFPB published a notice announcing the CFPB Office of Financial Education’s intent to compile a list of companies offering existing customers free access to their credit score. The CFPB’s stated intent in compiling this list is to educate consumers and help them make better informed financial decisions. Comments must be submitted
CFPB Issues Report on the Use of Remittance Histories in Credit Scoring
On July 3rd, the CFPB released a Report on the Use of Remittance Histories in Credit Scoring (the “Report”). Section 1073(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFPB Director to study the feasibility of and impediments to using remittance transfer information (i.e., information regarding electronic
CFPB study finds meaningful differences in credit scores
As a follow up to its July 2011 report on credit scores, the CFPB released the results of its study analyzing the differences between credit scores sold to creditors and those sold to consumers. Dodd-Frank required the CFPB to study those differences and whether they disadvantage consumers.
The CFPB found that the credit score
Credit score report released
Two days before its July 21 debut, the CFPB released a report on credit scores that describes the industry and credit scoring process, examines the ways credit scores are obtained and used, and discusses the differences between scores obtained by consumers and creditors.. Dodd-Frank required the CFPB to study those differences and whether they disadvantage
