Discover and Experian recently announced a new arrangement that would provide Discover cardholders with a consumer credit score product. Known as Credit ScoreTracker, the service could allow Discover cardmembers understand how their credit usage affects their credit score.
This tool comes at a substantial cost though. At $7.99 per month at the time of this press release, this represents another fee that can make repayment difficult. A cardholder paying $7.99 per month, plus .85% monthly for credit protection could have a much tougher time paying down their principal balance.
Consumers should research how their buying patterns and payment histories affect their credit scores. There are many free ways to do this.
First of all, all consumers have the right to obtain a free copy of their credit report from each of the three main credit bureaus every year. This free report does not contain a score, but it does list accounts according to positive and negative items as well as to provide payment histories and other useful information.
If you want to add a credit score, you can usually do that for around $8. Just remember that all consumer scoring products are not real credit scores, rather they are indicators of what your actual credit score likely would be. Only lenders see your actual scores.
Cardholders that want to actively track their credit score may find that the service is worth it. However, for most consumers, checking it once every several months will be sufficient. It will save them money also.
