Discover expands roll out of free Fico scores cardholders
06 February 2014 | 1450 views | 0
Discover today announced the full rollout of free FICO® Scores provided on the monthly statements of millions of Discover cardmembers, following the pilot launch to Discover it cardmembers, which occurred in November 2013.
The FICO® Scores are based on data from TransUnion®, a world leader in consumer credit information. Discover is the first major credit card issuer to provide free FICO® Scores directly to its cardmembers on their monthly statements.
"The response from Discover it cardmembers - who already receive free FICO Scores on their monthly statements - has been overwhelmingly positive, so we're thrilled to extend this service to other Discover cardmembers," said Julie Loeger, senior vice president of brand and acquisition at Discover. "Knowing their score can help our cardmembers achieve their personal goals and better prepare to reach life's many major milestones."
In addition to providing free FICO® Scores to consumer cardmembers, Discover is providing the two key factors explaining what information from a person's TransUnion credit report influenced his or her particular FICO® Score. Understanding the key factors that affect a FICO® Score, which can include payment history, amount owed and length of credit history, can give consumers a better understanding of how lenders are making credit decisions about them. Cardmembers can view this information simply by logging on the Discover Account Center.
"Beyond sharing the FICO Score itself, we're now taking it one step further by providing consumers with the specific reasons their score is what it is," Loeger continued. "A knowledgeable consumer is a powerful one, and we're happy to partner with FICOand TransUnion to give consumers the information they need to make smart financial decisions."
In addition to Discover it cardmembers, qualified cardmembers who have Discover More, Discover Open Road, Discover Motiva, Miles by Discover and Escape by Discover cards will receive their free FICO® Scores based on data from TransUnion directly on their monthly statements, made available through the mail or on the secure Account Center on Discover.com.