Capital One offers a free credit monitoring services called CreditWise. CreditWise help you stay on top of your credit score through dark web monitoring, credit score simulator, and more!Although CreditWise was created by Capital One, you do not need to be a Capital One customer in order to take advantage of these services.
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CreditWise Credit Monitoring Features
CreditWise provides access to your Experian and TransUnion credit report and bases its score on the VantageScore 3.0 model. You’ll receive updates via email whenever there are changes in your credit history. These changes include new account inquiries and openings, delinquent accounts and balance changes.
Additionally, CreditWise will explain what your score means, how it’s calculated and how you compare with the average American. You will also receive personalized suggestions on how you can improve your score, such as opening a new line of credit or reducing your credit usage.
(Click here to learn more at CreditWise From Capital One)
Here are other key features of CreditWise’s service:
WeeklyUpdated Scored
CreditWise gives users the ability to refresh you credit score and report once a week. Your credit score can change at any time: whenever you miss a loan payment, pay down the balance on a credit card, apply for credit, close an existing account and much more. If your goal is to build credit or monitor your credit before a big purchase, then you’ll benefit from weekly updates of your credit score.
In comparison to other free credit monitoring services that only allow you to refresh your credit score once a month, this is a pretty cool feature.
Dark Web & Social Security Monitoring
Differing from other credit monitoring services, CreditWise includes dark web surveillance and alerts you when your social security number or email address is found on unsafe sites, hacking forums and illegal digital marketplaces. You’ll even receive notifications if your SSN was used on a credit application with a new name or address.
Credit Score Simulator
The credit score simulator from CreditWise is used to help you see how certain actions – such as closing a credit card or paying off debt – may impact your credit score. Other hypothetical scenarios include making on-time payments for 12 months, increasing the credit limit on a card, opening an account, having your wages garnished and much more.
Open to Everyone
CreditWise’s services are free to use for everyone, whether or not you’re a Capital One customer. If you do have a Capital One product, such as the Capital One 360 Checking Account or the Capital One Savor Cash Rewards Credit Card, then you can seamlessly register and access CreditWise from the Capital One mobile app.
CreditWise Plans & Pricing
CreditWise’s service are completely free to use. Once you’ve registered, you will not be prompted to share your credit card informations. Click here for the best ways to access your credit score for free.
CreditWise Limitations
Before you register with CreditWise, it’s important to keep the following in mind:
- CreditWise scores are based on the VantageScore 3.0 model, while most lenders use FICO.
- CreditWise only works with 2 out of the 3 credit bureaus. You won’t be alerted of changes to your Equifax reports.
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Bottom Line
CreditWise a great option when it comes to free credit monitoring services. Not only are you able to keep track of changes to your Experian and TransUnion credit reports, the service includes a credit score simulator and other educational features so you can keep your credit score moving in a positive direction.
Some other great credit monitoring services to use include MyFICO and IdentityIQ -which offers more comprehensive, paid coverage. Check them out if you need a similar service.
(Click here to learn more at CreditWise From Capital One)
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