Richard Cordray, the director of the Consumer Financial Protection Bureau, is urging credit companies to provide customers with their FICO credit scores for free on their monthly statements. The scores are used to determine our ability to access credit like taking out a loan for a house or car, and on our ability to get a desirable low interest rate on those loans. “Making consumers’ credit scores freely available on their monthly statement or online makes it easier for them to spot problems with their credit report,” Cordray said.
Last month, I talked about meeting with the team at Credit.com, and mentioned that I’d periodically link or post anything from them that I thought might be useful for our readers here. Here’s a piece discussing how our credit scores are determined, and how the scoring models have changed after the recession (your payment history, for example, is more important than ever before). This is our first time posting a piece like this. If there are any specific pieces about money you’re interested in seeing, feel free to email me and let me know, so I can keep an eye out for it in the future.