82 FR 52286 - Notice of an Update to the Public List of Companies That Offer Customers Free Access to a Credit Score
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 82, Issue 217 (November 13, 2017)
Federal Register Volume 82, Issue 217 (November 13, 2017)
| Page Range | 52286-52287 | |
| FR Document | 2017-24552 |
[Federal Register Volume 82, Number 217 (Monday, November 13, 2017)] [Notices] [Pages 52286-52287] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-24552] ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION [Docket No. CFPB-2017-0034] Notice of an Update to the Public List of Companies That Offer Customers Free Access to a Credit Score AGENCY: Bureau of Consumer Financial Protection. ACTION: Notice. ----------------------------------------------------------------------- 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 published in March 2017 a list of companies that told us they offer existing credit card customers free access to a credit score. The Bureau is updating this list and will use the responses received to this notice to publish an updated list. The Bureau will leverage this updated list to bring consumer attention to the topic of consumers' credit standing, of which their credit score is a valuable indicator. The Bureau will follow up the publication of this updated list with content to educate consumers about the availability of credit scores and credit reports and how this information can be used effectively. DATES: Comments must be received on or before January 12, 2018 to be assured of consideration. ADDRESSES: You may submit comments regarding the ``Notice of an Update to the Public List of Companies That Offer Customers Free Access to a Credit Score,'' identified by title and by Docket No. CFPB-2017-0034, 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 ``Notice of an Update to the Public List of Companies That Offer 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 Consumer Financial Protection Bureau (``the Bureau'') 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 towards consumers learning about their credit history, becoming aware of and encouraged to request a free copy of their credit reports, ensuring the accuracy and completeness of their credit reports, and ultimately making informed decisions about credit that serve their own financial and life goals. The Bureau published in March 2017 a list of companies that told us they offer existing credit card customers free access to a credit score. The Bureau is updating this list and will use the responses received to this Notice to publish an updated list. The Bureau will leverage this updated list to bring consumer attention to the topic of consumers' credit standing, of which their credit score is a valuable indicator. The Bureau will follow up the publication of this updated list with content to educate consumers about the availability of credit scores and credit reports and how this information can be used effectively. If your company was included on the list published in March 2017 and would like to be included in the updated list, your company must submit a new entry. Please indicate in your comment if your company would like the entry [[Page 52287]] submitted last year to be included in the new list without any changes. Or, alternatively, please submit a new entry providing an update on how your company offers this service to consumers. II. Criteria To Be Included in the Update to This Public List If your company is a credit card issuer, fits the criteria outlined below, and would like to be included in the updated list the Bureau plans to publish, contact us by following the instructions included in this Notice for submitting an entry.\1\ --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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 possible 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 included in this list of credit card issuers, or in a possible list of companies in other markets, you must meet the following criteria: Offer or provide a consumer financial product or service; Offer existing customers \2\ (at least some, but not necessarily all) the ability to obtain free of charge a credit score \3\ that either your company or other lenders use for account origination, portfolio management, or for other business purposes; --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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. The updated list will include a link to the comment your company submits--or a link to your company's entry from last year, if you indicate that you would like last year's submission to be included again. Consumers reading the list will be encouraged to check this information, or to contact each company, to find out which specific credit card or financial products are eligible for the service, and on what conditions, if any. 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, or in a possible list of companies in other markets as applicable, 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: November 4, 2017. Richard Cordray, Director, Bureau of Consumer Financial Protection. [FR Doc. 2017-24552 Filed 11-9-17; 8:45 am] BILLING CODE 4810-AM-P
![52286 Federal Register / Vol. 82, No. 217 / Monday, November 13, 2017 / Notices
otherwise been impacted by being Office of Financial Education within the Do not include sensitive personal
offered products and services at the time Bureau of Consumer Financial information such as account numbers or
when they access and see their credit Protection (CFPB or Bureau) to develop Social Security numbers. Comments
scores? and launch initiatives that will educate will not be edited to remove any
13. What features related to how consumers and help them make better identifying or contact information, such
regular free access to a credit score is informed financial decisions. as name and address information, email
offered to consumers appear to be most The CFPB’s Office of Financial addresses, or telephone numbers.
effective in helping consumers make use Education published in March 2017 a FOR FURTHER INFORMATION CONTACT: For
of this service? list of companies that told us they offer general inquiries, submission process
14. The CFPB also offers a number of existing credit card customers free questions or any additional information,
educational supports to help consumers access to a credit score. The Bureau is please contact Monica Jackson, Office of
understand and act on their credit updating this list and will use the the Executive Secretary, at 202–435–
reports and scores, including a Credit responses received to this notice to 7275. For information about the ‘‘Notice
Reports & Scores information portal publish an updated list. The Bureau will of an Update to the Public List of
available at consumerfinance.gov/ leverage this updated list to bring Companies That Offer Customers Free
consumer-tools/credit-reports-and- consumer attention to the topic of Access to a Credit Score,’’ please contact
scores/; many frequently asked consumers’ credit standing, of which Irene Skricki, Office of Financial
questions in Ask CFPB on the Bureau’s their credit score is a valuable indicator. Education, at 202–435–7181.
Web site; and online brochures that The Bureau will follow up the SUPPLEMENTARY INFORMATION:
include Check your credit report, publication of this updated list with
Understand your credit score, You have content to educate consumers about the I. Background
many credit scores, Credit report review availability of credit scores and credit Over the last few years, many
check list, and a list of consumer reports and how this information can be financial institutions, credit card
reporting companies. Is there additional used effectively. issuers, and other companies have
educational content or topics that could DATES: Comments must be received on offered consumers free access to a credit
be developed by the CFPB or others to or before January 12, 2018 to be assured score, giving consumers an important
support increased consumer of consideration. tool to manage their financial lives. The
understanding of credit scores and ADDRESSES: You may submit comments Consumer Financial Protection Bureau
credit reports—for example, educational regarding the ‘‘Notice of an Update to (‘‘the Bureau’’) would like to highlight
content that focuses on increasing the Public List of Companies That Offer and build consumer awareness of this
awareness of credit scores to young Customers Free Access to a Credit practice. A core part of the mission of
consumers; how student debt can Score,’’ identified by title and by Docket the Bureau is educating and
impact a consumer’s credit score; or a No. CFPB–2017–0034, by any of the empowering consumers to take more
person’s credit standing over time, following methods: control over their financial lives. The
which might be of interest to older • Electronic: http:// Bureau believes that enabling
adults/seniors? www.regulations.gov. Follow the consumers to see their credit scores can
15. Has increased access to free credit instructions for submitting comments. be a first step towards consumers
scores encouraged consumers that use • Mail: Consumer Financial learning about their credit history,
this service to also check their credit Protection Bureau (Attention: Office of becoming aware of and encouraged to
reports or take other steps to learn more Financial Education), 1700 G Street request a free copy of their credit
about their credit standing? What are NW., Washington, DC 20552. reports, ensuring the accuracy and
examples of the steps these consumers • Hand Delivery/Courier: Consumer completeness of their credit reports, and
have taken? Financial Protection Bureau (Attention: ultimately making informed decisions
Thank you for your contribution to Office of Financial Education), 1700 G about credit that serve their own
improve consumer financial awareness. Street NW., Washington, DC 20552. financial and life goals.
Dated: November 4, 2017. Instructions: The Bureau encourages The Bureau published in March 2017
Richard Cordray, the early submission of comments. All a list of companies that told us they
Director, Bureau of Consumer Financial submissions must include the document offer existing credit card customers free
Protection. title and docket number. Because paper access to a credit score. The Bureau is
[FR Doc. 2017–24555 Filed 11–9–17; 8:45 am] mail in the Washington, DC area and at updating this list and will use the
BILLING CODE 4810–AM–P
the Bureau is subject to delay, responses received to this Notice to
commenters are encouraged to submit publish an updated list.
comments electronically. In general, all The Bureau will leverage this updated
BUREAU OF CONSUMER FINANCIAL comments received will be posted list to bring consumer attention to the
PROTECTION without change to http:// topic of consumers’ credit standing, of
www.regulations.gov. In addition, which their credit score is a valuable
[Docket No. CFPB–2017–0034] comments will be available for public indicator. The Bureau will follow up the
inspection and copying at 1700 G Street publication of this updated list with
Notice of an Update to the Public List
NW., Washington, DC 20552, on official content to educate consumers about the
of Companies That Offer Customers
asabaliauskas on DSKBBXCHB2PROD with NOTICES
business days between the hours of 10 availability of credit scores and credit
Free Access to a Credit Score
a.m. and 5 p.m. eastern standard time. reports and how this information can be
AGENCY: Bureau of Consumer Financial You can make an appointment to used effectively.
Protection. inspect the documents by telephoning If your company was included on the
ACTION: Notice. 202–435–7275. list published in March 2017 and would
All submissions, including like to be included in the updated list,
SUMMARY: The Dodd-Frank Wall Street attachments and other supporting your company must submit a new entry.
Reform and Consumer Protection Act of materials, will become part of the public Please indicate in your comment if your
2010 (Dodd-Frank) established the record and subject to public disclosure. company would like the entry
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![Federal Register / Vol. 82, No. 217 / Monday, November 13, 2017 / Notices 52287
submitted last year to be included in the last year, if you indicate that you would use http://www.regulations.gov by
new list without any changes. Or, like last year’s submission to be searching the Docket ID number ED–
alternatively, please submit a new entry included again. Consumers reading the 2017–ICCD–0136. Comments submitted
providing an update on how your list will be encouraged to check this in response to this notice should be
company offers this service to information, or to contact each submitted electronically through the
consumers. company, to find out which specific Federal eRulemaking Portal at http://
credit card or financial products are www.regulations.gov by selecting the
II. Criteria To Be Included in the
eligible for the service, and on what Docket ID number or via postal mail,
Update to This Public List
conditions, if any. commercial delivery, or hand delivery.
If your company is a credit card By responding to this Federal Please note that comments submitted by
issuer, fits the criteria outlined below, Register Notice (FRN) you are stating fax or email and those submitted after
and would like to be included in the that you meet the criteria and are the comment period will not be
updated list the Bureau plans to consenting to include the name of your accepted. Written requests for
publish, contact us by following the company in a public list of credit card information or comments submitted by
instructions included in this Notice for issuers, or in a possible list of postal mail or delivery should be
submitting an entry.1 companies in other markets as addressed to the Director of the
If your company is not a credit card applicable, offering free access to credit Information Collection Clearance
issuer, but offers existing consumer scores to their existing customers. The Division, U.S. Department of Education,
customers free access to a credit score, Bureau reserves the right to conduct due 400 Maryland Avenue SW., LBJ, Room
fits the criteria outlined below, and diligence on a company’s assertions 216–34, Washington, DC 20202–4537.
would like to be included in a possible about meeting the criteria stated in this FOR FURTHER INFORMATION CONTACT: For
list for companies in other markets, you notice. Your response to this FRN and specific questions related to collection
may contact us as well. Depending on inclusion in this public list are activities, please contact Beth
the feedback received, the Bureau may completely voluntary, and your choice Grebeldinger, 202–377–4018.
decide to expand the scope of the initial to do so, or refrain from doing so, is not SUPPLEMENTARY INFORMATION: The
list of companies offering free credit connected to supervisory activity by the Department of Education (ED), in
scores beyond credit card issuers to Bureau. accordance with the Paperwork
companies in some other markets, We emphasize that these lists will be
Reduction Act of 1995 (PRA) (44 U.S.C.
include such companies in a future created to further inform the public
3506(c)(2)(A)), provides the general
separate list, or decide not to publish a about where to find a credit score, and
public and Federal agencies with an
list of companies in other markets will not be an endorsement of the
opportunity to comment on proposed,
offering this service. financial institutions, credit card
revised, and continuing collections of
To be included in this list of credit issuers, or any other company
information. This helps the Department
card issuers, or in a possible list of mentioned in any document the Bureau
assess the impact of its information
companies in other markets, you must publishes.
Thank you for your contribution to collection requirements and minimize
meet the following criteria:
• Offer or provide a consumer improve consumer financial awareness. the public’s reporting burden. It also
financial product or service; helps the public understand the
Dated: November 4, 2017. Department’s information collection
• Offer existing customers 2 (at least Richard Cordray,
some, but not necessarily all) the ability requirements and provide the requested
Director, Bureau of Consumer Financial data in the desired format. ED is
to obtain free of charge a credit score 3 Protection.
that either your company or other soliciting comments on the proposed
lenders use for account origination,
[FR Doc. 2017–24552 Filed 11–9–17; 8:45 am] information collection request (ICR) that
portfolio management, or for other BILLING CODE 4810–AM–P is described below. The Department of
business purposes; Education is especially interested in
• Offer this access to a credit score on public comment addressing the
a continuous basis, as opposed to on a DEPARTMENT OF EDUCATION following issues: (1) Is this collection
time-limited or promotional basis, and necessary to the proper functions of the
[Docket No.: ED–2017–ICCD–0136]
periodically update the score. Department; (2) will this information be
You may include other information Agency Information Collection processed and used in a timely manner;
you think is relevant for consumers Activities; Comment Request; Teacher (3) is the estimate of burden accurate;
reading the public list to understand Education Assistance for College and (4) how might the Department enhance
whether the service applies to them. Higher Education Grant Eligibility the quality, utility, and clarity of the
The updated list will include a link to Regulations information to be collected; and (5) how
the comment your company submits— might the Department minimize the
AGENCY: Federal Student Aid (FSA), burden of this collection on the
or a link to your company’s entry from
Department of Education (ED). respondents, including through the use
1 ‘‘Credit card issuer’’ refers to any entity to ACTION: Notice. of information technology. Please note
which a consumer is legally obligated, or would be that written comments received in
legally obligated, under the terms of a credit card SUMMARY: In accordance with the response to this notice will be
agreement. Alternatively, you can also be included Paperwork Reduction Act of 1995, ED is
asabaliauskas on DSKBBXCHB2PROD with NOTICES
considered public records.
in this list if you are a bank or a credit union and proposing an extension of an existing
you contract with a third party to issue credit cards Title of Collection: Teacher Education
on your behalf and under your brand name.
information collection. Assistance for College and Higher
2 ‘‘Customers’’ refers to individuals, not DATES: Interested persons are invited to Education Grant Eligibility Regulations.
corporations or small businesses. submit comments on or before January OMB Control Number: 1845–0084.
3 By ‘‘credit score’’ we refer to a score that is
12, 2018. Type of Review: An extension of an
empirically derived, demonstrably and statistically
ADDRESSES: To access and review all the existing information collection.
sound, and based on current data from a consumer
reporting agency to predict the likelihood of certain documents related to the information Respondents/Affected Public: State,
credit behavior for the applicant. collection listed in this notice, please Local, and Tribal Governments;
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Document Created: 2017-11-10 01:18:17
Document Modified: 2017-11-10 01:18:17
| 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. | |
| Dates | Comments must be received on or before January 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 ``Notice of an Update to the Public List of Companies That Offer Customers Free Access to a Credit Score,'' please contact Irene Skricki, Office of Financial Education, at 202-435-7181. | |
| FR Citation | 82 FR 52286 |
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