82 FR 52284 - Request for Information Regarding Consumers' Experience With Free Access to Credit Scores

BUREAU OF CONSUMER FINANCIAL PROTECTION

Federal Register Volume 82, Issue 217 (November 13, 2017)

Page Range		52284-52286
FR Document		2017-24555

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 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.

Federal Register, Volume 82 Issue 217 (Monday, November 13, 2017)

[Federal Register Volume 82, Number 217 (Monday, November 13, 2017)]
[Notices]
[Pages 52284-52286]
From the Federal Register Online  [www.thefederalregister.org]
[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.

-----------------------------------------------------------------------

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

[[Page 52286]]

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

52284 Federal Register / Vol. 82, No. 217 / Monday, November 13, 2017 / Notices

office (see ADDRESSES) at least 5 define the responsibilities for observer Estimated Total Annual Cost to
business days prior to the meeting. providers, including reporting Public: $0 in capital costs as it is
Note: The times and sequence specified in requirements. Regulations at § 660.140 assumed that each of the 5 observer/
this agenda are subject to change. (i) specify requirements for catch catch monitor providers will maintain a
monitor coverage for first receivers. Data computer system with email capacity
Authority: 16 U.S.C. 1801 et seq. collected by observers are used by for general business purposes and that
Dated: November 7, 2017. NMFS to estimate total landed catch each vessel owner/operator has access
Tracey L. Thompson, and discards, monitor the attainment of to a telephone for toll-free calls.
Acting Deputy Director, Office of Sustainable annual groundfish allocations, estimate
IV. Request for Comments
Fisheries, National Marine Fisheries Service. catch rates of prohibited species, and as
[FR Doc. 2017–24503 Filed 11–9–17; 8:45 am] a component in stock assessments. Comments are invited on: (a) Whether
These data are necessary to comply with the proposed collection of information
BILLING CODE 3510–22–P
the Magnuson-Stevens Act requirements is necessary for the proper performance
to prevent overfishing. In addition, of the functions of the agency, including
DEPARTMENT OF COMMERCE observer data is used to assess fishing whether the information shall have
related mortality of protected and practical utility; (b) the accuracy of the
National Oceanic and Atmospheric endangered species. agency’s estimate of the burden
Administration (including hours and cost) of the
II. Method of Collection proposed collection of information; (c)
Proposed Information Collection; This collection utilizes both ways to enhance the quality, utility, and
Comment Request; Monitoring electronic and paper forms, depending clarity of the information to be
Programs for Vessels in the Pacific on the specific item. Methods of collected; and (d) ways to minimize the
Coast Groundfish Fishery submittal include email of electronic burden of the collection of information
AGENCY: National Oceanic and forms, and mail and facsimile on respondents, including through the
Atmospheric Administration (NOAA), transmission of paper forms. use of automated collection techniques
Commerce. Additionally, this collection utilizes or other forms of information
interviews for some information technology.
ACTION: Notice.
collection and phone calls for Comments submitted in response to
SUMMARY: The Department of transmission of other information. this notice will be summarized and/or
Commerce, as part of its continuing included in the request for OMB
III. Data
effort to reduce paperwork and approval of this information collection;
respondent burden, invites the general OMB Control Number: 0648–0500. they also will become a matter of public
public and other Federal agencies to Form Number(s): None. record.
take this opportunity to comment on Type of Review: Regular (extension of
a current information collection). Dated: November 7, 2017.
proposed and/or continuing information Sarah Brabson,
Affected Public: Business or other for-
collections, as required by the NOAA PRA Clearance Officer.
profit organizations.
Paperwork Reduction Act of 1995. Estimated Number of Respondents: [FR Doc. 2017–24469 Filed 11–9–17; 8:45 am]
DATES: Written comments must be 268 (5 providers (supplying a total of 75 BILLING CODE 3510–22–P
submitted on or before January 12, 2018. observers or catch monitors) and 263
ADDRESSES: Direct all written comments fishing vessels).
to Jennifer Jessup, Departmental Estimated Time per Response: For BUREAU OF CONSUMER FINANCIAL
Paperwork Clearance Officer, providers: 15 minutes for observer PROTECTION
Department of Commerce, Room 6616, training/briefing/debriefing registration,
14th and Constitution Avenue NW., notification of observer physical [Docket No. CFPB–2017–0037]
Washington, DC 20230 (or via the examination, observer status reports,
Internet at pracomments@doc.gov). other reports on observer harassment, Request for Information Regarding
safety concerns, or performance Consumers’ Experience With Free
FOR FURTHER INFORMATION CONTACT:
problems, catch monitor status reports, Access to Credit Scores
Requests for additional information or
copies of the information collection and other catch monitor reports on AGENCY: Bureau of Consumer Financial
instrument and instructions should be harassment, prohibited actions, illness Protection.
directed to the West Coast Regional or injury, or performance problems; 5 ACTION: Notice and request for
Office—7600 Sand Point Way NE., minutes for observer safety checklist information.
Seattle, WA 98115, Keeley Kent, submission to NMFS, observer provider
telephone number ((206) 526–4655), or contracts, observer information SUMMARY: The Dodd-Frank Wall Street
keeley.kent@noaa.gov. materials, catch monitor provider Reform and Consumer Protection Act of
SUPPLEMENTARY INFORMATION: contracts, and catch monitor 2010 (Dodd-Frank) established the
informational materials; 10 minutes for Office of Financial Education within the
I. Abstract certificate of insurance; 7 minutes for Bureau of Consumer Financial
In 2011, NMFS mandated observer catch monitor training/briefing Protection (CFPB or Bureau) to develop
asabaliauskas on DSKBBXCHB2PROD with NOTICES

requirements for the West Coast registration, notification of catch and launch initiatives that will educate
groundfish trawl catch shares program. monitor physical examination, and consumers and help them make better
For all fishery sectors, observers must be catch monitor debriefing registration. informed financial decisions.
obtained through third-party observer For vessels: 10 minutes for fishing The CFPB’s Office of Financial
provider companies operating under departure reports and cease-fishing Education seeks to learn more about the
permits issued by NMFS. The reports. experience consumers are having with
regulations at §§ 660.140 (h), 660.150 (j), Estimated Total Annual Burden access to free credit scores and the
660.160 (g), specify observer coverage Hours: 525 (305 for providers and 220 experience of companies, and
requirements for trawl vessels and for fishing vessels). nonprofits, offering their customers and

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Document Created: 2017-11-10 01:18:09
Document Modified: 2017-11-10 01:18:09

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice and request for information.
Dates		Comments must be received on or before February 12, 2018 to be assured of consideration.
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.
FR Citation		82 FR 52284