The days of paying to get your credit score could be on their way out. On the heels of FICO’s announcement that they are set to begin providing free credit scores to select card issuers, Discover has announced that their customers will have free access to their credit scores as well.
A recent Discover survey showed that 40% of people hadn’t seen their credit score in the past year. Discover it cardmembers can currently see their score if they log into their account, according to the company. The score is provided by FICO using credit report information from TransUnion and updated monthly. It will also be included in statements mailed as well.
Discover customers with other types of cards—Motiva, More, Miles—will have access to their scores in the coming months. Barclays and First Bankcard were the first banks to announce a deal with FICO to provide free credit scores to cardholders, but Discover is the first major card issuer to offer free FICO scores.
Free reports, pricey scores
All consumers are entitled a free credit report once a year, from each of the three major credit bureaus—TransUnion, Experian and Equifax. But those lengthy reports are missing the one piece of information many customers are after: their credit score. To get that number, people had to pay.
One way of getting access to the credit score is to sign up for a credit-monitoring service, but these can be pricey, charging customers each month for a service that didn’t always do what it promised.
FICO credit scores range from 300-850. Anything below 580 is considered subprime, while scores in the 740-850 range are good or excellent.
Now it will be easier for Discover cardmembers to know where they stand when it comes to their credit scores. “We think Discover customers deserve to have ready access to this information and should not have to go through hurdles to get it,” said Julie Loeger, a VP at Discover.