|Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), is urging credit card issuers to include an updated credit score on monthly credit card bills, according to a statement.
“Making consumers’ credit scores freely available on their monthly statement or online makes it easier for them to spot problems with their credit report,” Cordray said. “We will continue to work to ensure that credit report disputes are fully investigated, errors are fixed and consumers are treated fairly.”
Providing monthly updates is a way that banks can “now, relatively easily, help us achieve this goal,” Cordray wrote in a Feb. 10 letter to credit card issuers, according to the Los Angeles Times.
Accurate Credit Scores Good for “Lenders, Consumers and the National Economy”
Policies that improve consumers’ ability to monitor and improve their credit scores are obviously a boon to them. But these moves would also benefit banks and credit card companies, making a credit score a more accurate snapshot of a consumer’s payment history and creditworthiness.
“We need to get more Americans to pay closer attention to their credit standing, which would benefit lenders, consumers, and the national economy,” Cordray wrote to credit card issuers, according to the Times.
Some credit card companies have already begun to include an update of the payee’s credit score on monthly bills. Barclaycard began the practice in fall 2013, and the feature has been a focus of advertisements for the Discover It card.