[Federal Register Volume 82, Number 217 (Monday, November 13, 2017)]
[Notices]
[Pages 52284-52286]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-24555]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2017-0037]


Request for Information Regarding Consumers' Experience With Free 
Access to Credit Scores

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for information.

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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 seeks to learn more about 
the experience consumers are having with access to free credit scores 
and the experience of companies, and nonprofits, offering their 
customers and

[[Page 52285]]

the general public free access to their credit scores. The Bureau 
encourages comments from all interested members of the public, 
including consumers, consumer advocacy groups, credit card companies 
and other lenders, nonprofit credit and financial counseling providers, 
credit reporting companies, researchers and any other interested party.

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

ADDRESSES: You may submit comments regarding the ``Request for 
Information Regarding Consumers' Experience with Free Access to Credit 
Scores,'' identified by title and by Docket No. CFPB-2017-0037, 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 ``Request for Information Regarding Consumers' 
Experience with Free Access to Credit Scores,'' 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.
    To raise consumer awareness of this service, the CFPB's Office of 
Financial Education published in March 2017 a list of companies that 
told the Bureau they 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 published in the Federal Register in 
October 2016.
    As a next step, through this request for information, the Bureau 
seeks to learn more about the experience consumers are having with 
access to free credit scores. The Bureau also seeks to learn about the 
experience of companies and of nonprofit credit and financial 
counseling providers offering their customers and the general public 
free access to credit scores.
    A core part of the mission of the Bureau is educating and 
empowering consumers to take more control over their financial lives. 
The information gathered through this request for information will be 
used to identify educational content that is providing the most value 
to consumers, and additional educational content that the Bureau or 
others could develop to increase consumers' understanding of credit 
scores and credit reports. This request for information will also be 
used to gain a broader understanding of the industry practices that 
best support educating and empowering consumers.
    The Bureau encourages comments from all interested members of the 
public, including consumers, consumer advocacy groups, credit card 
companies and other lenders, nonprofit credit and financial counseling 
providers, credit reporting companies, researchers and any other 
interested party. The Bureau is interested in all input from 
commenters, including consumer experiences, knowledge of the industry 
practices that best support educating and empowering consumers, 
educational content that is providing the most value to consumers, and 
views on the questions included in this notice.
    Please feel free to comment generally and/or respond to any or all 
of the questions below.
    1. How are companies, and nonprofit credit and financial counseling 
providers, offering existing customers and the general public free 
access to credit scores?
    2. What sources are consumers using to access free credit scores?
    3. How have consumers benefitted from having increased free regular 
access to one of their credit scores? Are there ways in which consumers 
have been hurt from having this access? What are examples of the ways 
in which consumers have benefitted or been hurt from having increased 
free regular access to one of their credit scores?
    4. What have been the benefits and costs to companies for providing 
consumers with increased free regular access to one of their credit 
scores? What are examples of these benefits and costs?
    5. What has been the rate of uptake, frequency, and duration of use 
of the service that provides consumers with free regular access to one 
of their credit scores?
    6. How is access to free credit scores and/or frequency and 
duration of use of this service related to observed changes in 
consumers' credit standing or credit behavior? For example, these 
changes might include positive or negative trends in credit scores, or 
changes in loan payment behavior, the speed of payment of outstanding 
loan balances, the rate of applications for new loans, or any other 
factor.
    7. What are examples of the questions consumers ask companies, as 
well as credit and financial counseling providers, after they have seen 
their free credit scores?
    8. Do consumers face challenges in accessing free credit scores? If 
so, what are examples of those challenges?
    9. What are examples of implementation challenges companies have 
faced, continue to face, or are likely to emerge in the future, in 
providing consumers with free regular access to one of their credit 
scores?
    10. What are examples of solutions companies have identified to 
address these implementation challenges?
    11. What are examples of the educational content that is provided 
to consumers when they access their free credit scores? With regards to 
this educational content, what information appears to be most effective 
in helping consumers understand their credit scores and the factors 
that impact their scores?
    12. Can consumers have free regular access to one of their credit 
scores without receiving marketing for other products and services? If 
marketing is provided with the access to a free score, what are 
examples of the types of products and services being marketed? How have 
consumers benefitted or

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otherwise been impacted by being offered products and services at the 
time when they access and see their credit scores?
    13. What features related to how regular free access to a credit 
score is offered to consumers appear to be most effective in helping 
consumers make use of this service?
    14. The CFPB also offers a number of educational supports to help 
consumers understand and act on their credit reports and scores, 
including a Credit Reports & Scores information portal available at 
consumerfinance.gov/consumer-tools/credit-reports-and-scores/; many 
frequently asked questions in Ask CFPB on the Bureau's Web site; and 
online brochures that include Check your credit report, Understand your 
credit score, You have many credit scores, Credit report review check 
list, and a list of consumer reporting companies. Is there additional 
educational content or topics that could be developed by the CFPB or 
others to support increased consumer understanding of credit scores and 
credit reports--for example, educational content that focuses on 
increasing awareness of credit scores to young consumers; how student 
debt can impact a consumer's credit score; or a person's credit 
standing over time, which might be of interest to older adults/seniors?
    15. Has increased access to free credit scores encouraged consumers 
that use this service to also check their credit reports or take other 
steps to learn more about their credit standing? What are examples of 
the steps these consumers have taken?
    Thank you for your contribution to improve consumer financial 
awareness.

    Dated: November 4, 2017.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2017-24555 Filed 11-9-17; 8:45 am]
BILLING CODE 4810-AM-P