Free Case Evaluation

 
 
X Close
Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

Keeping on top of credit scores: how important it is

One of our themes in this blog is that it is very possible for most people to rebuild their credit after filing for bankruptcy.

In order to make that happen, however, it is important to keep tabs on what your credit score is on a regular basis.

Unfortunately, this is easier said than done. In this post, we will take note of efforts by the Consumer Finance Protection Bureau (CFPB) to make it easier for people to gain access to their credit scores.

The CFPB has asked credit card companies to include information about credit scores when sending monthly billing statements and on consumers' online accounts. Though this was a request, not a regulation, the CFPB is strongly urging card companies to take this action.

To be sure, consumers can in theory gain access to their credit reports for free. But in practice, less than 20 percent of Americans review their reports in a given year.

Moreover, even those reports don't include credit scores (also known as FICO scores). Credit scores distill credit reports down to three digits, so that they can be easily digested by mortgage companies, car-financing operations, and other lenders.

It is also important to keep in mind that credit reports often contain errors that can affect scores. That is another reason why it is important to monitor them regularly.

There are already a few credit card companies that make free credit scores available to consumers. If the CFPC has its way, that list will grow.

Source: McClatchyDC, "Consumer bureau urges companies to offer free credit scores," Lindsay Wise, Feb. 27, 2014

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

 
 

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map