Most readers already know that anyone can review their credit reports annually from the three credit bureaus (TransUnion, Experian and Equifax) FOR FREE at www.annualcreditreport.com (don’t let the Freecreditreport.com ads fool you). We also recently posted here and here how more and more companies are offering their customers the opportunity to see their credit score for free. Well, now we have news that Discover is offering a no-strings attached free credit score for non-customers too (from NY Times):

Now, Discover has gone one step further and is making FICO credit scores available free to anyone — even to people who don’t have a Discover card and may have no interest in getting one. The scores are available to consumers who register online at Discover’s “Credit Scorecard” feature. “They do not need to apply for a card” to obtain a score, said Julie Loeger, chief marketing officer for Discover.

So, why would Discover be doing this (aside from getting your personal information like an email address that they can use for marketing purposes (again, from NY Times):

John Ulzheimer [Editor’s note: John was a guest on the NGPF podcast show], an expert on consumer credit, said increased competition faced by FICO from other credit score providers, like VantageScore, as well as greater scrutiny of credit bureaus from regulators, were probably factors in the increased access to free scores. The Consumer Financial Protection Bureau, for example, has urged credit card companies to make credit scores more widely available to consumers.

And legislation has been proposed in Congress that would overhaul the credit reporting system to make it less confusing for consumers and to give consumers access to free credit scores along with their free annual credit report — the data used to create the scores.

Here’s a link to the website and the “fine print”:

Credit Scorecard Information: Credit Scorecard is provided by Discover Bank, and includes a FICO^®Credit Score and other credit information. Credit Scorecard information is based on data from Experian and may differ from credit scores and credit information provided by other credit bureaus. This information is provided to you at no cost and with your consent. You must be 18 years old and a U.S. resident or a resident of America Samoa, Guam, Northern Mariana Islands, Puerto Rico or the Virgin Islands. Your Credit Scorecard will be refreshed the later of every 30-days or the next time you log in to Credit Scorecard. Discover and other lenders may use different inputs, such as a FICO^® Credit Score, other credit scores and more information in credit decisions. This product may change or end in the future. FICO^® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

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Check out the NGPF Interactive Lesson on FICO Scores

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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