If the Consumer Financial Protection Bureau gets it way, potential buyers who have a credit card account will already know their credit score before they walk on the lot or enter the F&I office looking to complete vehicle financing.

On Thursday, the CFPB called on the nation's top credit card companies to make credit scores and related content freely available to their customers. Before this week's announcement, bureau director Richard Cordray sent letters to this institutions, beginning with some language that triggered a pointed retort.

"I am writing to bring a matter to your attention and strongly urge action on your part," Cordray said. "We need to get more Americans to pay closer attention to their credit standing, which would benefit lenders, consumers and the national economy. You can now, relatively easily, help us achieve this goal."

Richard Hunt, president and chief executive officer of the Consumer Bankers Association, doesn't think the call for banks to "strongly consider" providing customers with FICO scores on a monthly basis is quite so simple.

"CBA supports relevant efforts to expand consumer financial awareness and understanding, but it must be both understandable and useful for the consumer," Hunt said.

"There are numerous factors considered in weighing a consumer's credit portfolio — not just a credit score," he continued. "The CFPB rightly points to the value of credit information and appears to be approaching this issue informally in order to allow each financial institution to create a workable solution. However, no institution that receives a letter from its regulatory agency ‘strongly encouraging' an action views the request benignly."

The new developments stem from a report released by the CFPB that found accuracy issues top the list of credit reporting complaints the bureau received from consumers.

The CFPB also warned companies that provide information to credit reporting agencies not to avoid investigating consumer disputes.

"Credit reports and scores can determine the terms of people's mortgages, whether they qualify for auto loans, or if they are eligible for different credit cards," Cordray said. "Making consumers' credit scores freely available on their monthly statement or online makes it easier for them to spot problems with their credit report. We will continue to work to ensure that credit report disputes are fully investigated, errors are fixed, and consumers are treated fairly."

Cordray contends a regularly available credit score may prompt more Americans to review their credit standing and pull their free annual credit report.

The bureau believes fewer than one in five Americans check their credit report in any given year.

Cordray's letter also articulates a potential reward for companies that provide credit scores regularly.

"We will consider this to be a ‘best practice' in the industry," Cordray said. "Doing so through existing channels, such as including credit scores with other online account information and on monthly statements, is likely to yield positive returns that outweigh the limited effort involved.

"Customers who monitor and manage their credit standing may be less likely to become delinquent or to default," he continued.

The bureau insisted most Americans have a credit file. Because of the significance of these reports, consumer reporting agencies have been a major focus for the CFPB.

Regulators acknowledge the three biggest credit reporting companies — Equifax, Experian and TransUnion — each maintain files on more than 200 million consumers. These files are based on information supplied by thousands of providers also known as data furnishers.

"This financial score keeping exerts a tremendous and growing influence over consumers' lives," Cordray said in remarks to the CFPB's Consumer Advisory Board. "The amount of data collected and exchanged in the credit reporting industry is astounding.  Each year, approximately 36 billion updates are made to consumer credit files at the three largest credit reporting companies alone.  Assuring that such personal financial information is updated timely and accurately, and that it is maintained securely, is a critical responsibility."

Cordray closed his commentary by reiterating how regular access to credit scores will make the situation better for consumers and finance companies.

"At the bureau, we are dedicated to fostering a marketplace for financial products and services where sensible practices benefit both industry and consumers alike," Cordray said. "As the American economy continues on its path to recovery, we need to have confidence that consumers enjoy the full benefits of credit reports that are accurate and reliable.  Consumers bear their own share of responsibility to monitor and manage their credit standing.  As we have discussed, however, there are some steps that can be taken to put them in a better position to succeed in protecting themselves."

Accuracy Issues Top Credit Reporting Complaints

Between October 22, 2012 and Feb. 1, the bureau handled roughly 31,000 complaints from consumers frustrated with credit reporting companies. The majority of those complaints have been about the accuracy and completeness of credit reports.

The top three concerns include:

• Incorrect information on a credit report: Almost three-quarters of the credit reporting complaints the bureau received related to consumers believing that their credit reports contained incorrect information. Over one-third of these complaints were about incorrect account statuses — such as a debt being reported as delinquent when it was already paid. Other consumers reported having information in their credit report that did not belong to them. One consumer reported having a mortgage placed in his credit report when he was only a sophomore in high school. Other consumers found that their date of birth was listed incorrectly or a bankruptcy filing was misreported.

• Frustration with the credit reporting company's investigation:  When consumers find this incorrect information, they can file a dispute directly with the credit reporting company. About 11 percent of complainants were frustrated with how the company handled a dispute they filed. Consumers expressed concern about the depth and validity of dispute investigations. Other consumers felt that the documentation they provided to dispute an item was not used in the company's investigation. The CFPB said it heard from consumers who were reported as deceased by a credit reporting company, and even after they filed a dispute, the company did not fix the report.

• Difficulty obtaining a credit report or score: About 9 percent of credit reporting complaints were about consumers who said that they were unable to obtain their free annual credit report or another copy of their credit report or score. Consumers say they feel as if they have reached "dead ends" when trying to obtain their credit reports. For example, one consumer claimed that she twice tried and failed to obtain her credit report from the three nationwide credit reporting companies.