Home > 2011 > Credit Score > CFPB Study: Consumers, Lenders Not Looking at Same Credit Scores

CFPB Study: Consumers, Lenders Not Looking at Same Credit Scores

Advertiser Disclosure Comments 0 Comments

Among the responsibilities placed on the Consumer Financial Protection Bureau by the Dodd-Frank financial reform act of 2010 was the study of credit scores—specifically, the differences between scores purchased by consumers and those used by lenders to make credit-granting decisions. Tuesday, the CFPB followed through on this mandate, releasing a report to Congress titled “The impact of differences between consumer- and creditor purchased credit scores.”

[Featured Product: Looking for credit cards for bad credit?]

The CFPB’s report covers background information on credit reporting and credit scoring, as well as an overview of the different types of credit scores available to consumers and lenders. For those with a limited understanding of how this all works, this is helpful info.

It also explores the ways in which differences between consumer-purchased scores and those used by lenders could ultimately cause consumers harm, and provides insight into forthcoming CFPB research on the topic.

[Resource: Tips to Improve and Rebuild Your Credit]

CFPB Credit Score Study Key Findings (cont.) »

[Related Articles: The Consumer Financial Protection Bureau]

Image by LeAnne Inglis, Flickr.com

Pages: 1 2 3

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.