By Stephanie K. Mann, J.D.
The Consumer Financial Protection Bureau is reporting that more than 50 million consumers now have free and regular access to the credit scores through their monthly credit card statements. In the past, the bureau has received regular complaints from consumers about the challenges they have faced in getting a copy of their credit report or in getting wrong information corrected on the report.
In 2014, the bureau launched an initiative to help consumers receive their credit score by reaching out to credit card companies. “Once consumers see their credit scores, they can be motivated to learn more about their credit history, check their full credit report, and take action to improve their financial lives,” CFPB Director Richard Cordray said.
While consumers have greater access to their credit scores, many still remain confused about credit reports and scores in terms of how to check them, what information they include, and how to improve them, and how to improve their credit histories.
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