Discover First to Offer FICO® Credit Scores for Free to Everyone as Part of New Credit Scorecard
May 20 2016 - 6:00AM
Business Wire
Online Service Gives Consumers the Credit
Score that 90 Percent of Top Lenders Use
Starting today, everyone can check their FICO® Credit Score for
free by using Discover’s new Credit Scorecard, including those who
are not Discover customers. In addition to providing the credit
score that 90 percent of top lenders use, Credit Scorecard provides
a summary of the data that determines an individual’s FICO®
Score.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20160520005041/en/
Credit Scorecard sample dashboard
(Graphic: Business Wire)
Users can sign up at Discover.com/CreditScorecard to get their
personalized credit profile and FICO® Score based on data from
Experian, a global leader in consumer credit reporting. With the
launch of Credit Scorecard, Discover is the only credit card issuer
to offer FICO® Scores for free to everyone.
“Credit scores play an important role in many of life’s big
moments, like buying a home or a car, taking out a student loan,
even renting an apartment,” said Roger Hochschild, Discover’s
president and chief operating officer. “At Discover, we think it’s
important that consumers have the information they need to manage
their credit. With Credit Scorecard, this information is readily
available to everyone, Discover customers and non-customers alike,
in a way that’s both easy to use and to understand.”
“When companies have consumers’ best interests at heart, amazing
things happen,” said Jim Wehmann, executive vice president, Scores,
at FICO®. “Discover has a knack for introducing products and
services that consumers love. Now, by making FICO® Scores available
to everyone through its Credit Scorecard, Discover is empowering
people to understand their financial health, beginning with seeing
their FICO® Score, which is used by 90 percent of top lenders to
evaluate their creditworthiness.”
Credit Scorecard is the latest in a line of products and
services offered by Discover to help consumers establish credit and
better manage their finances. In 2013, Discover became the first
major credit card issuer to provide FICO® Scores for free to
cardmembers on their monthly statements and online. In 2015,
Discover introduced a feature that enables cardmembers to track
their recent FICO® Scores. Earlier this year, Discover launched the
Discover it® Secured Credit Card for those looking to build or
rebuild their credit.
“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.”
“We are very pleased that Discover is incorporating Experian's
data into its Credit Scorecard. This initiative reflects Experian
and Discover’s commitment to empower people to take a more active
role in managing their financial reputation and to make the most of
their credit,” said Alex Lintner, president, Consumer Information
Services at Experian. “Credit Scorecard is a great way for
consumers to understand the behaviors that shape their credit
history, which is critical to them being able to strengthen their
financial well-being.”
People believe the simple act of checking one’s credit score can
have a positive impact on their credit behavior, according to a
recent independent survey1 commissioned by Discover. The survey
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.
Credit Scorecard includes:
- FICO® Score for free
- What is helping and/or hurting the
consumer’s FICO® Score
- Summary of the data that determines the
consumer’s FICO® Score, including:
- Number of missed payments
- Number of accounts
- Number of recent inquiries
- Revolving credit usage
- Length of credit history
- Resources and education materials to
help consumers stay on top of their credit
For more information, go to Discover.com/CreditScorecard.
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 private student loans, personal loans, home
equity loans, checking and savings accounts and certificates of
deposit 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.discover.com/company.
FICO® Credit Scores provided by Credit Scorecard are based
on data from Experian and may be different from other credit
scores. See Discover.com/CreditScorecard to learn more. FICO® is a
registered trademark of the Fair Isaac Corporation in the United
States and other countries.
1 The national survey of 2,000 consumers ages 18 and over was
commissioned by Discover and conducted in March 2016 by Toluna, an
independent survey research firm. The maximum margin of sampling
error was ±5 percentage points with a 95 percent level of
confidence. The results were based on consumers’ self-reported
estimated credit scores.
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version on businesswire.com: http://www.businesswire.com/news/home/20160520005041/en/
DiscoverDerek Cuculich,
224-405-0665derekcuculich@discover.com@Discover_News
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