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FICO Score on Your Statements: Good or Not?

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As the article below mentions, a growing number of credit card issuers are beginning to offer a monthly update on the cardholder’s FICO credit score.  I can see why some would want to see their score on a monthly basis, but I also see it as another attempt to get people to conflate their personal identity with their credit score.  The banks want people to think:  “I have a 750 FICO, I am a good person” or “I have a 600 FICO, I am a loser.”

The benefit for banks in encouraging this type of thinking is that it reinforces the bank’s attempt to inject morality into their contractual relationships with their card holders.  Morality is often the bank’s trump card when a card holder falls on hard times and has to make difficult decisions about their finances.  Cardholders who decide that their best option is to stop payment and seek resolution thru bankruptcy or debt settlement are always first met with some screed on the immorality of the cardholder’s responsible decision to deal with their finances.  A monthly reminder of one’s FICO score, in my opinion, helps the bank with their morality narrative.

http://www.pymnts.com/in-depth/2014/nelms-its-card-and-free-fico-scores-fueling-discovers-receivables-growth/#.U1qaFce6Sts

FICO Score on Your Statements: Good or Not? was last modified: November 1st, 2014 by Kevin Fallon McCarthy
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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.
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