Discover today announced it is providing free FICO ® Scores on the monthly statements of Discover it cardmembers to help them stay on top of their credit and gain insight into key credit information that may influence how lenders, auto dealers, retail stores and others evaluate them. Discover is the first major credit card issuer to provide free FICO ® Scores directly to its cardmembers on their monthly statements.
“By providing cardmembers with their free FICO® Score on their monthly statements, we’re helping them manage their finances so they can achieve their personal goals,” said Julie Loeger, senior vice president of brand and acquisition at Discover. “A good credit history and FICO® Score can be a deciding factor in a person’s ability to get a loan or receive a good rate that will enable them to buy anything from everyday purchases to a new home. We think Discover customers deserve to have ready access to this information and should not have to go through hurdles to get it.”
Credit scores, which indicate the relative likelihood that a consumer will repay a debt as agreed, are one of the most important factors that lenders take into consideration when consumers apply for a loan to buy a house, lease a car or open a credit card. In addition to their credit scores, Discover it cardmembers will see the FICO® Score Meter, indicating the relative strength of their scores, as well as educational content to help them better understand them. While credit scores can serve as a key indicator in understanding one’s financial health, a recent independent survey commissioned by Discover found that nearly 40 percent of Americans didn’t check their credit score in the past year.
“The FICO® Score is one of the most commonly used credit evaluation measures, providing consumers with critical information that many lenders use to make credit decisions,” said James Wehmann, executive vice president of Scores at FICO. “We applaud Discover for participating in the FICO Score Open Access program and continuing to be a leader in consumer financial education and empowerment.”