CreditWise is a free credit monitoring service led by Capital One. Plus, you don’t have to be a Capital One member to make the most out of this service. If you want a simple way of staying on top of changes to your credit file and other features, read below for more information on CreditWise.
CreditWise Credit Monitoring Features
CreditWise gives you access to your Experian and TransUnion credit report and bases the score on the VantageScore 3.0 model. Additionally, you get email updates when there are any changes in your credit history including: new account inquiries, openings, delinquent accounts, and balance changes.
Furthermore, CreditWise will explain what your score means, how it’s calculated, and how to compare it with the average American. They even offer personalized suggestions on how you can improve your score like opening a new line of credit or reducing the credit usage. Other perks that come with this service are:
Weekly Updated Scores
CreditWise will enable you to refresh your credit score and report at least once a week. Your credit score can change at any time like: when you miss a loan payment, pay down the balance of a card, apply for credit, close an existing account, etc. Compared to most other free credit monitoring services, they will let you refresh your score only once a month.
Dark Web & Social Security Monitoring
Not like the other free credit monitoring services, CreditWise offers dark web surveillance and notifications when your social security number or email address is found on these dangerous websites. Hacking forums, and illegal digital marketplaces will get ahold of this and damage your score and identity. Plus, you even get alerts if your SSN was used on a credit application with a new name or address.
Credit Score Simulator
You’ll be able to use the CreditWise credit score simulator to help you get a better idea on how specific things affect your credit score. Some hypothetical scenarios include: closing a credit card, paying off debt, making on-time payments for 12 months, increasing the credit limit on a card, opening a new account, and more.
Open to Everyone
Anyone will be able to sign up for CreditWise, even if you’re not a Capital One customer. However, if you do have a Capital One product like: Capital One 360 Checking Account or the Capital One Savor Cash Rewards Credit Card, then it’s much easier to apply from their mobile app.
CreditWise Credit Monitoring Pricing
CreditWise is completely free to use. When you apply, they won’t ask for any credit card information at all.
Here are some of the best ways for you to check your credit score for free.
CreditWise Credit Monitoring Limitations
Before you sign up with CreditWise, be sure that you keep these facts 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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Conclusion
CreditWise is a great option to consider if you want to check your credit score for free. This service will assist you in keeping track of changes to your credit reports. Additionally, there are many appealing perks that you can take advantage of as well.
But, if you want to monitor all 3 credit bureaus, or want better coverage, then consider getting a paid service like IdentityIQ.
