Discover's new consumer credit information product provides FICO scores and a summary of the data that determines that score.
Called Credit ScoreCard, users can sign up online to get a free FICO score based on data from Experian. The information also includes what's helping or hurting that score, such as the number of missed payments, number of accounts, recent inquiries, revolving credit usage and the length of a consumer's credit history.
Users do not have to be Discover customers to use ScoreCard.
"Credit scores play an important role in many of life’s big moments, like buying a home or a car, taking out a student loan, even renting an apartment," said Roger Hochschild, president and COO of Discover, in a press release.
The new product comes after Discover-commissioned research found that 61% of consumers who checked their score in the past year said checking their credit score helped improve their credit behavior. Also, 60% said their score has improved within the past year.
Discover has also broadened the score parameters for its rewards program, a move the financial institution says will help build consumer credit scores.