RIVERWOODS, Ill (11/20/13)--Discover announced Tuesday that it will provide credit scores to its cardholders free of charge.
Card holders will have access to their FICO scores on their monthly bill, Discover Financial Services said in a statement. The Riverwoods, Ill.-based firm said that the new service starts today for "Discover it" card-holders and will be provided to other customers in the next few months.
Discover, which has the second-lowest default rate among big U.S. card-issuers, is the first major credit card provider to offer free FICO scores directly to customers. Barclaycard US and First Bankcard of Omaha announced that they would be offering free FICO scores to their customers earlier this month (News Now Nov. 6).
FICO, which was named Fair Issac Corp. when it was founded, tabulates consumer credit scores used widely by lenders to determine potential borrowers' credit worthiness.
Previously, consumers who wanted to know their FICO scores had to sign up for a free trial subscription. Applicants who were denied credit or received less than they had asked for would also be informed of their scores.