RIVERWOODS, Ill.--(BUSINESS WIRE)--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.”
Qualifying Discover it cardmembers automatically will begin receiving free FICO® Scores based on data from TransUnion, a world leader in consumer credit information, on their monthly statements, made available through the mail or on the secure Account Center on Discover.com. Free FICO® Scores are currently available to Discover it cardmembers, with plans to roll out to other Discover cardmembers in the coming months.
Providing a free FICO® Score is one of the many ways Discover helps consumers stay on top of their finances, avoid surprises and reach their financial goals. The company offers cardmembers free email and mobile alerts to help manage their accounts and get account activity updates. It also offers the Spend Analyzer, a free financial management tool that helps cardmembers track their spending, as well as Paydown and Purchase Planners that empower them to make smart financial decisions.
To learn more about free FICO® Scores offered by Discover on monthly statements, please visit www.discover.com/FICO.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America’s cash rewards pioneer, and offers home loans, private student loans, personal loans, home equity loans, checking and savings accounts, certificates of deposit and money market accounts through its direct banking business. It operates the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation’s leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discoverfinancial.com.
