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U.S. Banks to Provide Credit Scores to Consumers

By Faye Mergel
Published: Tuesday, March 11th, 2014

Keeping a thorough knowledge of one’s credit history helps in a lot of matter. However very less no. of people take actual interests in it. USA urges its banks to provide the consumers with their credit histories. Top Financial Consumer Protection Regulator asks for free access to credit scores by the people to have more transparency regarding their financial standings at a certain point. This step has shaken the entire credit reporting industry as such demands were never made before.

This initiative has been taken as many blinders have been found in credit reporting and scores of various consumers. They cannot always check hence these mistakes remain as they are often leading to dubious situations regarding one’s credit scores. Mr. Richard Cordray who is the head of the Consumer Financial Protection Bureau called for this effort of urging the U.S. Banks to share freely credit scores with the consumers. He did so on being prompted by a special report revealing the fact that errors are there in credit scores and reports that could jeopardize the whole credit information available to a consumer.

At present consumers are allowed to have one look through their credit scores only once in a year at a website. This is not a very conventional way as it costs them money that discourages many. Scores are basically based on the data contained in the credit report that is sometimes misleading due to prevalence of errors in these. Only 20% of the entire adult population seriously takes initiative to consult their credit reports on a yearly basis.

The fact that a major portion of the U.S. population is disinterested about looking at their credit scores prompted Mr. Richard Cordray to call for such actions. Revealing accurate credit reports and scores to the American adults would gear their interest to this important thing particularly if they find their scores to be low. To further enhance the cause he in writing urged the credit card issuers to make arrangement for making their credit scores available to consumers every month along with their monthly bills.

This effort will really help the consumers of USA to truly evaluate their standings from economic point of view. They will get to know the terms of their mortgages and also will be able determine if they are qualified to take auto loans or if they can get access to different credit cards if they want to. Overall having a thorough knowledge about one’s credit scores help them in spotting their own problems.

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