Credit Tracker, a new interactive tool from Capital One, allows customers to get their credit score for free anytime and provides tips on how to improve it. The service provides access to credit bureau summaries, fraud alerts, credit report cards, and even has a simulator that lets someone see how financial decisions might affect their credit score.
The Tracker is part of the Capital One app, which is available for iPhones and Android devices. An online version will be available on the website in April.
Getting on track
Credit Tracker offers people free access to their TransUnion score, whether using the app or the online portal. Cardholders can also review their credit bureau summary, which includes account balances, how many accounts they have open, monthly payment history, and how many credit inquires have been made.
Report cards are not just for students. Cardholders receive a credit report card, which gives them a letter grade in five or six key areas that impact their credit score like credit utilization, on-time payments, credit line history and new accounts.
A credit-monitoring feature is also included to provide users with another layer of security and alert them to potential identity theft or fraud. An alert will be sent when a new account is opened in their name, or when changes are made to key information in already existing accounts such as work or address information.
Foretelling your financial future
Everyday financial decisions can affect credit scores, so Capital One has included a simulator that allows members to see how financial choices they might make each day can impact their score. Customers can use the tools as often as they want or need to.
Capital One Financial Corporation is headquartered in McLean, Virginia, and owns Capital One, N.A., and Capital One Bank (USA), N.A. They provide offer a wide range of financial services to consumers, as well as small businesses and commercial clients.