Question

Some credit card companies are making credit scores available to all of their customers on their monthly statements. What impact would you expect to see as a result of this change?

Answer 1

Credit card companies providing credit scores on statements likely increases financial awareness and responsible behavior among consumers, while improving transparency and trust with the credit card provider.

Step-by-step explanation:

The inclusion of credit scores on monthly statements by some credit card companies could have various impacts. For one, it could make customers more aware of their credit status, potentially influencing their spending and payment behaviors. Seeing one's credit score regularly could encourage a cardholder to maintain or improve their score by managing their finances more effectively, such as paying off balances on time and keeping their credit utilization low. Moreover, access to this information may motivate consumers to learn more about how credit scores work and the importance of maintaining good credit, leading to financially responsible behaviors. Lastly, this move could also foster a sense of trust and transparency between credit card companies and their customers, as it provides a valuable personal finance tool directly in the statements.

Answer 2

Customers would be able to see their credit score every month now and they could always try to keep their score very high.

Step-by-step explanation:

For example, they would try to to make their credit score go up because high credit scores means more benefits. They would be able to check their credit score much more often because of this reason.