RIVERWOODS, Ill.--(BUSINESS WIRE)--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 FICO and 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.
To learn more about free FICO® Scores offered by Discover on monthly statements, please visit www.discover.com/FICO.
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.