CreditWise by Capital One Review: Monitor Your Credit for Free

CreditWise by Capital One's comprehensive suite of features makes it easy for consumers to track changes, get personalized advice on how to improve their score, and understand the potential impact of financial decisions on their score.

Discover the ins and outs and learn how CreditWise by Capital One could benefit you.

What is CreditWise by Capital One and how does it work?

CreditWise by Capital One is a free service for consumers to track their credit report, score, and more. It also provides notifications about changes in your credit report and alerts about suspicious activity.

CreditWise offers users insights into their financial health, including detailed information about what affects their credit score and tips for improving it over time. CreditWise also provides access to educational resources, like videos and other materials, that help users better understand the ins and outs of personal finance.

You don't need to be a Capital One credit card or banking customer to use CreditWise. In order to enroll in CreditWise, you need to be over the age of 18 with a valid Social Security number that can be matched to a credit profile from the TransUnion credit bureau.

You can sign up through the iOS or Android app, or on Capital One's website. If you're a current Capital One customer, you can use your existing online credentials to access CreditWise. CreditWise also offers a dark web scan so you can take action if your Social Security number or email address is detected on the dark web.

Top perks

Monitor your credit score for free

Your credit score is one of the most important financial numbers to monitor. Through CreditWise, you can access your credit score and report at any time. Your credit summary is a great starting point for specific advice to help improve your credit score and check up on your financial health. As part of the free monitoring service, CreditWise gives you the factors that may move your credit score up or down.

Keep in mind: The CreditWise score is calculated using the TransUnion® VantageScore® 3.0 model, which is one of many scoring models. Your CreditWise score is a good measure of your overall credit health, but it is not likely to be the same score used by creditors. Some monitoring and alerts may not be available if your enrollment information does not match the information at one or more consumer reporting agencies.

Tailored suggestions to help increase your score

CreditWise gives you a detailed and personalized credit summary so you can better understand your score. It also has a score improvement section with tips for increasing your credit score. The score improvement suggestions list the main issues that could be impacting your credit score, ranked in order of impact.

Your suggestions and CreditWise credit score may update as frequently as daily when you sign into your account. The suggestions address the factors that could help positively influence your score. So even if you're doing great, CreditWise still identifies factors you could address to help improve your score.

TransUnion or Experian credit alerts

CreditWise provides credit report alerts from two of the major credit bureaus: Experian and TransUnion. CreditWise gives you real-time alerts if there are any inquiries, delinquent accounts, or other meaningful credit report changes. These and CreditWise's other features use soft inquiries that do not affect your score.

Dark web alerts

CreditWise also searches the dark web, scanning thousands of unsafe sites, hacking forums, and illegal digital marketplaces for your Social Security number and email address. The dark web is a network of websites that are hidden from search engines and only accessible with special software. Hackers and fraudsters use the dark web to sell stolen personal information on the black market, which could lead to identity theft.

CreditWise will send you an alert if it finds your SSN or email address somewhere suspicious. Also, fraudsters may have more than just your SSN or email address. If it finds additional personal information (such as credit card numbers, usernames, or passwords) linked to your SSN or email, CreditWise will send you an immediate alert as well. CreditWise scans the dark web for your information daily.

Credit score simulator

Want to borrow money for a car or house? Or maybe open a new credit card or buy something with your available credit? The CreditWise Credit Simulator is a tool that helps you understand how specific credit choices may affect credit scores. It can be used to determine how certain credit behaviors can have either a positive or negative impact on your credit score. While it does not guarantee to show how your score will change, it is a helpful tool to see how certain actions, like paying down your balance or increasing your credit limit, may affect your score.

What could be improved

Does not track Equifax

CreditWise provides credit report alerts based on data from two of the three credit bureaus: TransUnion and Experian. A single bureau may provide an incomplete picture of your credit activity because lenders are not required to report to every bureau. For example, a lender could report to Experian but not Equifax, or vice versa. If a lender uses Equifax, then CreditWise may not give you a complete picture.

Does not use FICO credit scoring model

FICO uses a different credit score model than the TransUnion VantageScore 3.0 credit score that CreditWise uses. Only information reported to TransUnion will impact it. Your CreditWise score does not include information reported to Experian, and Experian alerts have no impact on your CreditWise score.

While both the FICO® Score and VantageScore 3.0 models are based on similar key factors, there may be differences and FICO® Scores are more widely used. According to FICO, 90% of top lenders make lending decisions based on FICO® Scores.

If you want to monitor all three credit bureaus: IdentityForce® UltraSecure and UltraSecure+Credit by Transunion is an alternative that monitors all three credit bureaus, offers up to $1 million in identity insurance, and scans the dark web. But you may want to stick with CreditWise if you want a free service. IdentityForce can cost up to $240 a year.

If you want all three credit reports for free: Annualcreditreport.com is the only official site explicitly directed by federal law to provide free credit reports from each bureau. You can get a free copy of your credit report every week from each credit reporting company through the site. It does not, however, give real-time updates or a credit score like CreditWise.

CreditWise by Capital One is free and you don't have to be a Capital One cardholder to use the service.

CreditWise by Capital One is a tool that allows you to monitor and manage your credit. It's a great way to keep an eye on your credit score, as well as any potential changes or fraud. If you're interested in keeping an eye on your credit score, personal information on the dark web, improving your credit score, or simply learning more about personal finance, then CreditWise may be the perfect tool for you.

The CreditWise score is calculated using the TransUnion® VantageScore® 3.0 model, which is one of many scoring models. Your CreditWise score is a good measure of your overall credit health, but it is not likely to be the same score used by creditors. Some monitoring and alerts may not be available if your enrollment information does not match the information at one or more consumer reporting agencies.