What Is Discover Credit Monitoring and How Does It Work?
Discover's credit monitoring helps you understand and manage your financial health. Learn how it works to keep your credit secure.
Discover offers credit monitoring services to help cardmembers stay informed about their credit health and identity theft risks. This complimentary service provides access to credit information and alerts at no additional cost. It is integrated into the cardmember’s existing account.
Core Components of Discover Credit Monitoring
Discover’s credit monitoring service includes several features. It provides access to a monthly FICO Score, based on TransUnion data. This score summarizes a cardmember’s credit risk and reflects changes in their credit file.
The service also provides Social Security Number (SSN) alerts. Discover monitors risky websites and notifies cardmembers if their SSN is found. Additionally, alerts are triggered if the SSN is used to create a new identity as reported to Experian.
Cardmembers receive new account alerts if new credit accounts are opened in their name on their Experian credit report. The service also provides general credit report alerts, monitoring for significant changes like new inquiries, address changes, or derogatory information on the Experian report. These alerts help cardmembers identify activity that might signal unauthorized use of their personal information.
Accessing and Managing Your Monitoring Tools
Discover’s credit monitoring tools are available through a cardmember’s online account or mobile application. The service is often automatically available or can be activated upon logging into the Discover website or app. Cardmembers can navigate to sections like “Credit Scorecard” or “Identity Theft Protection” to view their information.
Once inside, users can review their current FICO Score and any recent alerts. The platform allows cardmembers to customize their alert preferences. This customization includes choosing how they receive notifications. Managing these settings ensures timely updates.
The interface is designed for ease of use, allowing cardmembers to quickly navigate through different sections to check their credit score, review details of any alerts received, and manage their personal information monitored by the service. This accessibility ensures cardmembers can actively engage with their credit monitoring without extensive technical knowledge.
Interpreting Your Credit Information
The FICO Score summarizes credit risk based on factors like payment history, amounts owed, length of credit history, new credit, and credit mix. A change in this score can indicate shifts in credit behavior or underlying data from the credit bureau.
When an alert is received, whether for an SSN appearing on a risky website or a new account opening, it is important to promptly verify its legitimacy. If the activity is unfamiliar or suspicious, cardmembers should contact Discover’s customer service for guidance on the next steps. The card issuer may place a hold on the account and can assist in initiating a fraud report if necessary.
In confirmed cases of identity theft, it is advisable to place a fraud alert with the major credit bureaus, Experian, Equifax, and TransUnion. This measure encourages lenders to take extra steps to verify identity before extending new credit. Regularly reviewing the credit monitoring dashboard and periodically checking full credit reports from AnnualCreditReport.com helps in proactively identifying and addressing potential issues.