CUNA Backs Credit Score Access, But Not The Free-of-Charge Requirement

CUNA supports easy access to credit scores, but told the Consumer Financial Protection Bureau (CFPB) in a letter Friday that it may not be feasible for all institutions to offer such scores free of charge. CUNA wrote to the bureau in response to its request for information on consumers’ experience with access to credit scores.

“We support and encourage voluntary efforts to increase the financial well-being of credit union members, including through easy access to credit scores,” the letter reads. “However, we urge the CFPB and other agencies to provide financial institutions with guidance intended to achieve this goal but not to go so far as to prescribe unnecessary requirements.”

The letter also notes credit unions’ long history of investing heavily in financial education, and the fact that they are often embedded in schools and university make these services available to young people starting their financial lives.

“Many companies and financial institutions—including some credit unions—choose to voluntarily provide free credit scores to their consumers and members,” the letter reads. “We applaud their choice to do so, but stress to the CFPB that it may not be feasible for others to offer such a consumer perk.”

in Industry News