Discover is now the first — and for now the only — credit card issuer to give everyone, not just its cardmembers, access to their FICO credit score for free.
Discover’s Credit Scorecard also provides a summary of the data that determines an individual’s FICO Score.
With this product, Discover sets another milestone as the only credit card issuer to offer FICO scores to everyone. Discover has been a pioneer in the free credit score arena. In 2013, it became the first credit card company to offer its members free credit scores on monthly statements and online. Since then, Chase, Citi and American Express, among others, have followed suit.
The FICO score is based on data from Experian, one of the three major credit reporting agencies. Equifax and TransUnion are the other two.
“Discover recognizes how important it is for consumers to have a clear understanding of their credit health. That’s why we have provided our cardmembers with FICO Scores for free since 2013,” said Julie Loeger, Discover’s executive vice president and chief marketing officer. “Now, we’re extending this benefit to everyone. With Credit Scorecard, all consumers can check their FICO Score for free and use the information to help them stay on top of their credit.”
A recent independent survey commissioned by Discover found that of those who had checked their credit score within the last year, 61 percent said checking their score helped them improve their credit behavior, such as paying bills on time, paying down loans and maintaining low credit card balances.
In addition, 60 percent of those who had checked their credit score within the last year saw their score improve, including 21 percent who said their score improved greatly and 39 percent who said their score improved slightly.