CreditWise by Capital One is a comprehensive and free credit monitoring service designed to empower individuals to manage, monitor, and improve their credit health. Here’s an overview of what the product does and its key features:
What CreditWise Does
CreditWise is a tool that goes beyond just providing your credit score; it offers a suite of features to help you understand, monitor, and improve your credit. It is available to everyone, regardless of whether you are a Capital One customer or not.
Key Features
Credit Score and Report Access
CreditWise provides you with your VantageScore 3.0 credit score from TransUnion, updated as frequently as daily. You also get access to your credit report from TransUnion, allowing you to check for errors, theft, or fraud.
Dual Bureau Monitoring
The service monitors changes to your credit reports from both TransUnion and Experian, sending you real-time alerts when meaningful changes occur. This helps you stay connected to your credit profile and fight potential fraud.
Credit Simulator
One of the standout features is the Credit Simulator, which allows you to forecast how everyday financial decisions might affect your credit score. You can see the potential impact of actions like closing a credit card account, paying off debt, or making other financial changes before you take them.
Identity Theft Protection
CreditWise includes robust identity theft monitoring tools. It scans the dark web for your Social Security number and email address, alerting you immediately if your information is detected. Additionally, it tracks names and addresses associated with your Social Security number on credit applications, notifying you of any new associations.
Personalized Credit Advice
The service provides detailed and personalized credit summaries, breaking down the key factors that make up your credit score. It also offers targeted advice and suggestions to help you improve and take control of your credit score.
Security and Accessibility
CreditWise ensures your data is protected with leading security protocols, including 256-bit end-to-end encryption, biometrics, and two-factor authentication. The service is accessible via a mobile app available on both iOS and Android devices.
How to Sign Up
Signing up for CreditWise is straightforward. You can download the app from the App Store or Google Play, or enroll online. The process involves providing your personal information (name, email, phone number, birthdate, Social Security number, and home address), verifying your identity, and agreeing to the terms of service. This process does not affect your credit score.
In summary, CreditWise by Capital One is a powerful, free tool that offers extensive credit monitoring, identity theft protection, and personalized advice to help you manage and improve your credit health.