[Federal Register Volume 82, Number 217 (Monday, November 13, 2017)]
[Notices]
[Pages 52286-52287]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-24552]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2017-0034]


Notice of an Update to the Public List of Companies That Offer 
Customers Free Access to a Credit Score

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice.

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SUMMARY: The Dodd-Frank Wall Street Reform and Consumer Protection Act 
of 2010 (Dodd-Frank) established the Office of Financial Education 
within the Bureau of Consumer Financial Protection (CFPB or Bureau) to 
develop and launch initiatives that will educate consumers and help 
them make better informed financial decisions.
    The CFPB's Office of Financial Education published in March 2017 a 
list of companies that told us they offer existing credit card 
customers free access to a credit score. The Bureau is updating this 
list and will use the responses received to this notice to publish an 
updated list. The Bureau will leverage this updated list to bring 
consumer attention to the topic of consumers' credit standing, of which 
their credit score is a valuable indicator. The Bureau will follow up 
the publication of this updated list with content to educate consumers 
about the availability of credit scores and credit reports and how this 
information can be used effectively.

DATES: Comments must be received on or before January 12, 2018 to be 
assured of consideration.

ADDRESSES: You may submit comments regarding the ``Notice of an Update 
to the Public List of Companies That Offer Customers Free Access to a 
Credit Score,'' identified by title and by Docket No. CFPB-2017-0034, 
by any of the following methods:
     Electronic: http://www.regulations.gov. Follow the 
instructions for submitting comments.
     Mail: Consumer Financial Protection Bureau (Attention: 
Office of Financial Education), 1700 G Street NW., Washington, DC 
20552.
     Hand Delivery/Courier: Consumer Financial Protection 
Bureau (Attention: Office of Financial Education), 1700 G Street NW., 
Washington, DC 20552.
    Instructions: The Bureau encourages the early submission of 
comments. All submissions must include the document title and docket 
number. Because paper mail in the Washington, DC area and at the Bureau 
is subject to delay, commenters are encouraged to submit comments 
electronically. In general, all comments received will be posted 
without change to http://www.regulations.gov. In addition, comments 
will be available for public inspection and copying at 1700 G Street 
NW., Washington, DC 20552, on official business days between the hours 
of 10 a.m. and 5 p.m. eastern standard time. You can make an 
appointment to inspect the documents by telephoning 202-435-7275.
    All submissions, including attachments and other supporting 
materials, will become part of the public record and subject to public 
disclosure. Do not include sensitive personal information such as 
account numbers or Social Security numbers. Comments will not be edited 
to remove any identifying or contact information, such as name and 
address information, email addresses, or telephone numbers.

FOR FURTHER INFORMATION CONTACT: For general inquiries, submission 
process questions or any additional information, please contact Monica 
Jackson, Office of the Executive Secretary, at 202-435-7275. For 
information about the ``Notice of an Update to the Public List of 
Companies That Offer Customers Free Access to a Credit Score,'' please 
contact Irene Skricki, Office of Financial Education, at 202-435-7181.

SUPPLEMENTARY INFORMATION: 

I. Background

    Over the last few years, many financial institutions, credit card 
issuers, and other companies have offered consumers free access to a 
credit score, giving consumers an important tool to manage their 
financial lives. The Consumer Financial Protection Bureau (``the 
Bureau'') would like to highlight and build consumer awareness of this 
practice. A core part of the mission of the Bureau is educating and 
empowering consumers to take more control over their financial lives. 
The Bureau believes that enabling consumers to see their credit scores 
can be a first step towards consumers learning about their credit 
history, becoming aware of and encouraged to request a free copy of 
their credit reports, ensuring the accuracy and completeness of their 
credit reports, and ultimately making informed decisions about credit 
that serve their own financial and life goals.
    The Bureau published in March 2017 a list of companies that told us 
they offer existing credit card customers free access to a credit 
score. The Bureau is updating this list and will use the responses 
received to this Notice to publish an updated list.
    The Bureau will leverage this updated list to bring consumer 
attention to the topic of consumers' credit standing, of which their 
credit score is a valuable indicator. The Bureau will follow up the 
publication of this updated list with content to educate consumers 
about the availability of credit scores and credit reports and how this 
information can be used effectively.
    If your company was included on the list published in March 2017 
and would like to be included in the updated list, your company must 
submit a new entry. Please indicate in your comment if your company 
would like the entry

[[Page 52287]]

submitted last year to be included in the new list without any changes. 
Or, alternatively, please submit a new entry providing an update on how 
your company offers this service to consumers.

II. Criteria To Be Included in the Update to This Public List

    If your company is a credit card issuer, fits the criteria outlined 
below, and would like to be included in the updated list the Bureau 
plans to publish, contact us by following the instructions included in 
this Notice for submitting an entry.\1\
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    \1\ ``Credit card issuer'' refers to any entity to which a 
consumer is legally obligated, or would be legally obligated, under 
the terms of a credit card agreement. Alternatively, you can also be 
included in this list if you are a bank or a credit union and you 
contract with a third party to issue credit cards on your behalf and 
under your brand name.
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    If your company is not a credit card issuer, but offers existing 
consumer customers free access to a credit score, fits the criteria 
outlined below, and would like to be included in a possible list for 
companies in other markets, you may contact us as well. Depending on 
the feedback received, the Bureau may decide to expand the scope of the 
initial list of companies offering free credit scores beyond credit 
card issuers to companies in some other markets, include such companies 
in a future separate list, or decide not to publish a list of companies 
in other markets offering this service.
    To be included in this list of credit card issuers, or in a 
possible list of companies in other markets, you must meet the 
following criteria:
     Offer or provide a consumer financial product or service;
     Offer existing customers \2\ (at least some, but not 
necessarily all) the ability to obtain free of charge a credit score 
\3\ that either your company or other lenders use for account 
origination, portfolio management, or for other business purposes;
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    \2\ ``Customers'' refers to individuals, not corporations or 
small businesses.
    \3\ By ``credit score'' we refer to a score that is empirically 
derived, demonstrably and statistically sound, and based on current 
data from a consumer reporting agency to predict the likelihood of 
certain credit behavior for the applicant.
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     Offer this access to a credit score on a continuous basis, 
as opposed to on a time-limited or promotional basis, and periodically 
update the score.
    You may include other information you think is relevant for 
consumers reading the public list to understand whether the service 
applies to them. The updated list will include a link to the comment 
your company submits--or a link to your company's entry from last year, 
if you indicate that you would like last year's submission to be 
included again. Consumers reading the list will be encouraged to check 
this information, or to contact each company, to find out which 
specific credit card or financial products are eligible for the 
service, and on what conditions, if any.
    By responding to this Federal Register Notice (FRN) you are stating 
that you meet the criteria and are consenting to include the name of 
your company in a public list of credit card issuers, or in a possible 
list of companies in other markets as applicable, offering free access 
to credit scores to their existing customers. The Bureau reserves the 
right to conduct due diligence on a company's assertions about meeting 
the criteria stated in this notice. Your response to this FRN and 
inclusion in this public list are completely voluntary, and your choice 
to do so, or refrain from doing so, is not connected to supervisory 
activity by the Bureau.
    We emphasize that these lists will be created to further inform the 
public about where to find a credit score, and will not be an 
endorsement of the financial institutions, credit card issuers, or any 
other company mentioned in any document the Bureau publishes.
    Thank you for your contribution to improve consumer financial 
awareness.

    Dated: November 4, 2017.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2017-24552 Filed 11-9-17; 8:45 am]
BILLING CODE 4810-AM-P