Most of our Escondido and San Diego readers face financial challenges from time to time, and when they do all options are usually on the table. For some, just trying to take care of necessary expenses can lead to racking up huge amounts of credit card debt. And, in the aftermath, an individual or family will not only have to deal with the debt, but most likely there will be other, less visible consequences - like a poor credit score.
Digging out of credit card debt can take years, as well as tons of focused effort. The goal, however, is usually focused on rebuilding credit and getting back to a more manageable financial situation. According to a recent report, there may be some efforts brewing that could help consumers know where they stand.
The reports indicate that there may be a move coming soon that will require credit card companies to notify their customers of their current credit score on a monthly basis. On credit card company, Discover, has already begun to voluntarily roll out this program. However, as the recent reports indicate, there are problems associated with this issue - the main problem being that there are three different credit score companies that each may have a different credit score for any given consumer.
It is hard to argue against providing a consumer with more information, especially when it comes to something as significant as credit card debt and a credit score. These financial issues can be the source of daily irritants if delinquent payments or a lack of income leads to creditor harassment. But, any efforts to further this rising sentiment should take into account the fact that it is the correct information that will be most useful - not just a snapshot.
Source: The Christian Science Monitor, "Credit card debt: Should card companies be responsible for providing credit scores?," Tracy Becker, March 18, 2014