Discover Rolls Out Free FICO Scores to All... - Card Issuers News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Card Issuers » Discover Rolls Out Free FICO Scores to All Cardholders

Discover Rolls Out Free FICO Scores to All Cardholders

Add to Favorites:
Discover Rolls Out Free FICO Scores to All Cardholders
February
10

customers got access to their FICO scores last November, but now anyone with a Discover card will find their free FICO score printed on their monthly statement.

Besides seeing their score, Discover customers will also be given some insight into what affected it. The two key factors that influenced the score will be listed on the statement along with the number itself.

“We’re now taking it one step further by providing consumers with the specific reasons their score is what it is,” said Julie Loeger, senior vice president of brand and acquisition at Discover.

This information will also be available online in the member’s account. Knowing what went into bringing their score up or dragging it down each month will empower people to improve their credit rating by addressing any issues that are hurting their score.

Debuted last year

When Discover first introduced the free credit score program, it was limited to people who had their newest card–the Discover it card. Now Discover More, Miles, Motiva, Open Road, and Escape cardholders will all get the benefit.

Scores will be printed on monthly statements and are also available online. Data for FICO scores come from TransUnion data. Scores range from 300 to 850 and are based on payment history, debt-to-credit ratios, length of credit history, types of debt carried, and number of new credit accounts opened. Knowing one’s credit score is helpful for people who are planning to take out a mortgage, apply for a new credit card, or get any type of loan. Customers with higher credit scores are eligible for lower interest rates and better terms.

Although all consumers are entitled to one free credit report each year from each of the three major credit bureaus—TransUnion, Experian, and Equifax—it has traditionally cost something to find out the actual credit score. Discover is the first major credit card issuer to give cardholders free access to their credit scores each month via their monthly statement.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

FICO Scores Getting a Makeover
FICO Scores Getting a Makeover

Posted: March 17, 2014

Your FICO score may look a little different starting this summer. The company is releasing a new version of their credit-scoring product, the FICO Score 9, designed to provide more accurate risk assessment across different industries. Continue reading
Free FICO Scores for Commerce Bank Customers
Free FICO Scores for Commerce Bank Customers

Posted: May 21, 2015

Folks who bank with Commerce Bank now have an easy way to keep tabs on their credit ratings. FICO, a leading provider of credit scores, has partnered with the bank to offer free FICO scores to customers on their monthly statements. Continue reading
Discover Giving FICO Scores to Everyone
Discover Giving FICO Scores to Everyone

Posted: June 07, 2016

If you want to get your credit score for free you now can at Discover whether or not, you have a Discover Card. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Match Mile For Mile: We’ll match all the Miles you’ve earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
You could turn $150 into $300 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
For Excellent, Good Credit
No Annual Fee. See WebBank/Fingerhut Credit Account Terms.
For Bad Credit