In 2014, the Consumer Financial Protection Bureau recommended that the nation’s major credit card companies make credit scores freely available to their customers. Capital One went above and beyond that recommendation when it released CreditWise, a credit monitoring app that’s free even for non-Capital One members. Keep reading to find out how to monitor your credit with CreditWise.
CreditWise Features and Services
The CreditWise app — which is available in the Apple App Store and in Google Play — can provide you with key services relating to your credit. These services include:
- CreditWise free credit score: When you enroll, you’ll receive your VantageScore 3.0 credit score, provided by TransUnion.
- Email alerts: You’ll receive an email notification when there are changes to your TransUnion credit report. Changes can include recent inquiries or delinquent accounts.
- Credit protection: CreditWise monitors the dark web, tracks your Social Security number and sends you alerts from two credit bureaus if any fraud is detected.
The CreditWise Simulator allows you to see how your financial decisions can affect your credit score before you make them. For example, you can input the amount of money you plan to put toward credit card debt or the amount you plan to increase your credit limit on one of your credit cards, and you’ll see how many points your credit score is expected to gain or lose based on this action.
What Does Your CreditWise Credit Score Mean?
The score you receive from CreditWise is an indicator of your credit health. However, it’s important to note that this score won’t be the same as the score prospective lenders use to determine your lending terms because that score takes additional factors into account.
Is CreditWise Secure?
Data you share with CreditWise from Capital One is encrypted with 256-bit Transport Layer Security. This means any sensitive information you share can only be viewed by you and CreditWise’s secure systems.
Signing Up for CreditWise
You don’t need to be a Capital One customer to enroll in CreditWise. However, you do need to be over 18 and have a valid Social Security number that matches a credit profile with the TransUnion credit bureau. To enroll, you will need to provide basic personal information as well as your Social Security number. If you are already a Capital One customer, you can use your existing online login to access CreditWise.
Signing up for CreditWise and using its features will not hurt your credit score.
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