Innovation in Compliance
CFPB Credit Education Program
In February 2014, the CFPB encouraged large Credit Card issuers and Financial Institutions across the U.S. to provide free credit scores and educational programs to consumers on their monthly statements or online banking portal.
Competition in the credit card industry in today's economic environment is fierce. Consumer expectations and buying patterns have changed dramatically, and card issuers are constantly looking for ways to hold onto good customers, build new account relationships and move cardholders away from paper statements to online accounts.
With Scores in Online Banking, card issuers provide a valuable service to online banking customers with a convenient way to monitor and better understand their credit score.