81 FR 69046 - Notice of a Public List of Companies Offering Existing Customers Free Access to a Credit Score

BUREAU OF CONSUMER FINANCIAL PROTECTION

Federal Register Volume 81, Issue 193 (October 5, 2016)

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 is exploring how to produce a list of companies offering existing customers free access to a credit score (``the service''). The Bureau could leverage this list to bring consumer attention to the topic, and to develop content to educate, inform and empower consumers on the use and availability of credit scores and credit reports. The responses to this notice will help us to launch this public list.

[Federal Register Volume 81, Number 193 (Wednesday, October 5, 2016)]
[Notices]
[Pages 69046-69047]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-24014]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2016-0043]


Notice of a Public List of Companies Offering Existing 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 is exploring how to 
produce a list of companies offering existing customers free access to 
a credit score (``the service''). The Bureau could leverage this list 
to bring consumer attention to the topic, and to develop content to 
educate, inform and empower consumers on the use and availability of 
credit scores and credit reports. The responses to this notice will 
help us to launch this public list.

DATES: Comments must be received on or before November 4, 2016 to be 
assured of consideration.

ADDRESSES: You may submit comments regarding the ``Notice of a Public 
List of Companies Offering Existing Customers Free Access to a Credit 
Score'', identified by title and by Docket No. CFPB-2016-0043, 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), 1275 First Street 
NE., Washington, DC 20002
    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 1275 First 
Street NE., Washington, DC 20002, 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 a Public List of Companies Offering 
Existing 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 Office of Financial Education of the Consumer 
Financial Protection Bureau (``the Bureau''), established under Section 
1013(d)(1) of Dodd-Frank, 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

[[Page 69047]]

towards consumers learning about their credit history, checking their 
credit report, and ultimately making decisions about credit that serve 
their own financial and life goals. The Bureau is exploring how to 
produce a list of companies offering existing customers free access to 
a credit score (``the service''). The Bureau could leverage this list 
to bring consumer attention to the topic of credit scores, and follow 
up with content to educate, inform and empower consumers on the 
availability of credit scores and credit reports and how consumers can 
use this information. The responses to this notice will help us to 
launch this public list.

II. Criteria To Be Included in the Public List

    If your company is a credit card issuer, fits the criteria outlined 
below and would like to be included in the list the Bureau plans to 
publish, contact us by following the instructions included in this 
Notice for how to submit your comments. To be included in this list, 
you must meet the following criteria:
     Be a credit card issuer.\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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     Offer existing customers \2\ (at least some, but not 
necessarily all) the ability to obtain free of charge a credit score 
\3\ which 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. Depending on the information received, the Bureau may 
decide to include, or not to include, some or all of this information 
in the list.
    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 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.
    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 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 considered for this potential list, you must meet the 
following criteria:
     Offer or provide a consumer financial product or service;
     Offer your existing customers \4\ (at least some, but not 
necessarily all) the ability to obtain free of charge a credit score 
\5\ which either your company, or other lenders use, for account 
origination, portfolio management, or for other business purposes.
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    \4\ ``Customers'' refers to individuals, not corporations or 
small businesses.
    \5\ 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. Depending on the information received, the Bureau may 
decide to include, or not to include, some or all of this information 
in the list.
    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 companies 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: September 27, 2016.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2016-24014 Filed 10-4-16; 8:45 am]
 BILLING CODE 4810-AM-P