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Discover recently announced that they will start printing Discover it cardholders’ FICO scores on their bank statements. Following in the steps of Barclaycard US and First Bankcard, Discover will be the largest credit card company to offer free scores to consumers.
According to Julie Loeger, the senior vice president of brand and acquisition at Discover, “we’re helping [consumers] manage their finances so they can achieve their personal goals.” A good credit score is one of the most important factors in securing loans, leasing cars, opening credit cards, and filling out job applications. Discover went on to explain that nearly 40% of Americans have not checked their credit score in the past year. This shocking number demonstrates how ignorant many people are of their credit score and credit history. With a bad credit score, it can be very hard for consumers to be financially successful.
As a result, Discover it cardholders will soon receive a “FICO Score Meter” on their monthly statements. This will show their FICO score at the top of each monthly bill, both online and on paper. It will come with educational content so members can better understand the score. Providing this free FICO score will help card members to recognize what their score means and hopefully make better financial decisions. Although the program is currently only geared towards members of the Discover it card, Discover plans to add the free FICO score to all Discover cardholders in the coming months.