The Consumer Financial Protection Bureau (CFPB) is calling for credit card companies to make credit scores available to card holders on a monthly basis. Will this cause more confusion and frustration for the average consumer?
Why are credit card companies responsible for providing consumers with copies of their credit scores monthly? It is hard enough as it is for consumers to get explanations and information from their credit card companies. It seems the three major credit bureaus who compile all the data should provide credit scores to the general public instead of the credit card companies. The bureaus have already created scores and can provide them to consumers much more easily. Right now there are some credit card companies, like https://www.53.com/content/fifth-third/en/personal-banking/bank/credit-cards/secured-card.html , offering credit scores but this could wind up confusing consumers and giving them a false sense of reality. If you read the fine print on the Discover Card offering credit scores it is clear that only the Trans Union FICO score is provided.