Discover Now Offers Free Credit Scores to All Consumers
On Friday, Discover launched a new website that allows consumers to look at their credit score for free online. Known as the Discover Scorecard, this program provides a free FICO credit score, along with basic information about the person’s credit history.
Discover has been providing free FICO scores on credit card statements since November 2013, but this new program does not require users to be a Discover cardholder. By entering some basic personal information on CreditScorecard.com, users can gain access to important details about their credit. FICO scores are used by 90% of the top lenders in the United States, so having access to these scores gives consumers a good idea of whether they qualify for a loan or line of credit.
In addition to seeing their credit score, users can see recent credit inquiries, payment histories, revolving credit usage, and more. Unlike traditional credit score checkers that put a ding on a person’s credit, checking your score through Discover’s program will not impact your credit. This is a new, affordable way to monitor credit, and it could change the way Americans track their financial accounts.
The information on the Scorecard is refreshed every 30 days, so users can track changes in their credit on a monthly basis.
There has been a significant movement for consumers to have free access to their credit scores. Two years ago, the Consumer Federal Protection Bureau urged credit card issuers to provide free credit scores for their customers, saying it would give them a chance to better track the health of their credit.
Several credit card companies now provide free credit scores to their cardholders, but Discover’s move is the another step where credit card companies are providing a free score to all consumers regardless of whether they are a customer.
Capital One was a pioneer in this area when they introduced their CreditWise app in March. This gave any consumer their free TransUnion credit score, and updated that score on a weekly basis. The app also gave notifications if there was a change in the consumer’s credit report.