CFPB looks to make credit card agreements less complex

In an effort to make the fine print that comes with credit cards easier to understand, the Consumer Financial Protection Bureau recently launched a project to help simplify credit card agreements.

The campaign, called "Know Before You Owe," is calling on the public to weigh in on the types of things relating to credit cards they would like to be clearer, such as prices, risks and terms.

"Credit cards can be complicated, with many moving parts that impact the cost to consumers," said Raj Date, special advisor to the Secretary of Treasury on the CFPB. "When a consumer has to read through pages of legal fine print in their credit card agreement to figure out how their card works—it’s easy to get confused."

He added that with an easy-to-understand credit card agreement, consumers will be able to make more informed decisions.

When consumers are reviewing their credit reports, they may be similarly confused to see that their scores are lower than they thought. That may have resulted from inaccurate or unfair marks that were left in error by creditors. Investigating these marks, and filing credit disputes when applicable, may help to correct these issues.