CreditWise is a free credit monitoring service by Capital One, but you don’t have to be a Capital One customer to take advantage of it. If you want an easy way to stay on top of changes to your credit file, along with other great features, you’ll want to keep reading for everything you need to know about CreditWise.
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 email updates whenever there are changes in your credit history, including new account inquiries and openings, delinquent accounts and balance changes.
CreditWise will explain what your score means, how it’s calculated and how you compare with the average American. They also offer personalized suggestions on how you can improve your score, such as opening a new line of credit or reducing your credit usage. Other features include:
Weekly Updated Scores
CreditWise allows you 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 you’re actively trying to build credit, or monitor your credit before a big purchase, you’ll want weekly updates of your credit score.
In comparison, most free credit monitoring services let you refresh your credit score only once a month.
Dark Web & Social Security Monitoring
Also unlike other free credit monitoring services, CreditWise provides 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
Use the CreditWise credit score simulator to help you gauge how certain actions – like 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
Anyone can register for CreditWise, whether or not you’re a Capital One customer. If you do have a Capital One product, like 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 Credit Monitoring Pricing
CreditWise is 100% free to use. When you register, they won’t ask for your credit card information.
CreditWise Credit Monitoring Limitations
Before you register with CreditWise, 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.
CreditWise is an excellent, free credit monitoring service that helps you keep track of changes to your Experian and TransUnion credit reports. The service comes with a credit score simulator and other educational features so you can keep your credit score moving in a positive direction.
However, if you want to monitor all three credit bureaus, or you want more comprehensive coverage, then you’ll want to opt for a paid service like IdentityIQ.
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