Discover Financial Services (DFS), a US-based direct banking and payment services company, is providing free FICO credit scores on monthly statements of its Discover It card-members to help them understand and manage their finances.
DFS brand and acquisition senior vice president Julie Loeger said 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 to buy anything from everyday purchases to a new home.
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According to a recent Securities and Exchange Commission (SEC) filing, around 18% of Discover It card users had a FICO score below 660.
Around 56% of consumers don’t know their FICO score, a survey from the American Bankers Association reported.
In addition to credit scores, Discover It cardmembers will see the FICO Score Meter, which will show the strength of their scores using data from TransUnion, and also show educational content to help them better understand them.
FICO Scores executive vice president James Wehmann said 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.
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