Capital One Offers Free Credit Tracker Tool To Customers

Capital One will join many of the largest U.S. Already available through one among its cards, the organization will expand usage of its Credit Tracker tool to all or any Capital One personal charge cards. Credit Tracker was initially introduced in 2012 for customers while using Journey® Student Rewards charge card. In the past, the Credit Tracker tool was powered by Credit Karma, a third-party company which offers free credit-monitoring services. With the tool, cardmembers can check their TransUnion credit worthiness and credit profile every month.



The new Credit Tracker tool obtainable in 2016 will not be powered by Credit Karma, nonetheless it will offer a lot of the same features. “These features might help customers more grasp their credit history, and still provide actionable insights on strategies to maintain and improve it,” said Sukhi Sahni, a Capital One spokesperson. In is in Capital One’s intends to launch the Credit Tracker tool for many Capital One consumer plastic cards within the next month or so. It are going to be accessible through online banking and Capital One’s mobile banking applications.



The tool will not likely yet be for sale to store-issued and partnered Capital One plastic cards. “We will probably be working on so that it is available to everyone customers after some time,” Sahni said. The decision to provide the free credit-tracking tool comes alongside the phone call for the entire bank card industry to produce free usage of consumer credit ratings. Last year, Discover and Barclaycard US began offering free monthly FICO people's credit reports to plastic card customers.



Capital One’s Credit Tracker tool won't provide a FICO score. Instead, it uses a credit worthiness developed by having a proprietary model by TransUnion, one among the three major credit reporting agencies. Although the TransUnion credit rating (referred to as the TransUnion Educational Score) might not be the standard credit-gauging metric utilised by lenders, plastic card customers could use it to watch the changes for their credit profiles. “The free FICO score, as leveraged by a few other issuers, is bound to the score and 2 factors,” said Pam Girardo, a Capital One spokesperson.

Given the heightened sensitivity to card fraud within the light of various retailer security breaches, more people are learning about the need for keeping a close eye on their credit. As major debit card issuers will offer credit-monitoring programs, there's every chance that others follows. Tip: In the case that you want usage of your free FICO credit ratings ., bear in mind you can get them at no cost through certainly one of these plastic card issuers. Simon Zhen can be a research analyst for MyBankTracker. He is a professional on consumer banking products, bank innovations, and financial technology. Simon has contributed and/or been quoted in leading publications and outlets including Consumer Reports, American Banker, Yahoo Finance, U.S.