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


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Discover Rolls Out Free FICO Scores to All Cardholders

Discover Rolls Out Free FICO Scores to All Cardholders
The content is accurate at the time of publication and is subject to change.

Discover credit card 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.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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