In November, the CFPB issued new rules that require financial institutions to provide consumers with an information card with a personal identification number (PIN).
In response to consumer complaints that credit cards were being used to steal money, the bureau said it was moving to require all credit cards to offer a PIN.
This is a significant change to how the industry has handled credit card data for the past several years.
That is why it is important to know what information card issuers will be required to provide to consumers.
Card issuers may offer a credit card number that contains an “X” to help identify it as a credit or debit card, but that doesn’t mean that consumers will know that it is a credit.
There are many reasons that consumers may not know that a card is a debit card.
If a card doesn’t show up on the consumer’s credit report, or the card issuer doesn’t offer an alternative card for consumers to use, then it doesn’t necessarily mean that the card is not a credit, even if the issuer doesn, too.
Consumers may also receive multiple cards with the same card number, or they may not be able to access the card they want for some reason.
While a consumer may not have access to all the information on their credit card, they should always be aware that credit card numbers are sometimes used to create fraudulent accounts, including for identity theft and identity fraud.
Card issuer compliance will vary by state, and the information card providers are required to make available to consumers should not be used to discriminate against consumers.
Consumers can check with their credit reporting companies for more information on how to get their personal information, including information on card issuer compliance.