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Based in Washington D.C., WalletHub is owned by Evolution Finance, Inc. The company was the first ever to offer free credit scores and full credit reports that are updated on a daily basis. The WalletHub founder, Odysseas Papadimitriou, has more than 15 years of experience in the personal finance industry and is a highly sought after personal finance expert whose views are regularly quoted by leading publications.
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As we mentioned above, WalletHub is a 100 percent free service that will provide you with credit scores and a full credit report at no cost. Additionally, no credit card is required to take advantage of WalletHub's services. Most credit monitoring companies either charge for their services or don't include a full credit report that's updated daily.
Many credit monitoring companies will monitor your credit reports daily. However, most of them don't refresh and update your reports that often. With most other companies, your credit report will only be updated weekly, monthly, or even yearly. This leaves a lot of time in between updated reports that you won't be able to look for errors or see how changes are affecting your credit. With WalletHub, your credit scores and reports will be updated on a daily basis.
WalletHub provides you with customized recommendations for improving your credit, as well as personalized savings alerts. The company also has an "Ask An Expert" feature, which is a forum where you can ask questions to a community of top finance experts.
With this service, WalletHub will monitor your TransUnion credit report 24/7 and immediately alert you if anything changes. This will allow you to catch mistakes quicker and help stop identity theft from progressing.
The WalletHub website provides several financial calculators you can use to help with your monthly budget, compare borrowing costs, and plan for your future. Additionally, the company website has a huge article library full of a wide variety of topics, including credit reports and scores.
With WalletHub, when you pull your own credit, it is considered a "soft" inquiry. Therefore, you can look at your credit report as often as you would like and it won't affect your credit score.
WalletHub uses the VantageScore 3.0 scoring model to assess your credit risk level. Therefore, you won't be receiving any of your FICO scores, which is the model that the vast majority of lenders use to determine creditworthiness. If you would prefer to receive your FICO scores so that you are on the same page as potential lenders, you will have to find a different credit monitoring company.
The WalletHub service only provides you with your credit report from one of the three major bureaus (TransUnion). The majority of the other credit monitoring companies at least give you the option to pay for comprehensive reports and scores, so WalletHub's lack thereof leaves a bit of a gap in coverage.
Many credit monitoring companies offer identity theft protection or insurance. While these services are usually minimal, something is still better than nothing. Unfortunately, it appears that WalletHub does not offer any identity theft protection services.
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Love the daily updates, and the credit card suggestions, one of them really helped my score!
It's awesome! One of my friends recommended it to me, cuz I was getting tired of sesame. What a find! I like the daily updates a lot, but I think the best part, for me, is the analysis bit, where they tell you exactly what you've been doing wrong, and how to fix it. I got the app on Android too - i still prefer the website, but hey, it's a pretty good app.