WalletHub

6.3

Overall Score

2 User Reviews

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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.

The Good

  • Free service, credit scores, and full credit reports
  • Daily credit report updates
  • Customized credit improvement advice and assistance
  • 24/7 credit monitoring
  • Helpful tools and educational articles
  • No credit impact

Free Service, Credit Scores, and Full Credit Reports

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.

Daily Credit Updates

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.

Customized Credit Improvement Advice and Assistance

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.

24/7 Credit Monitoring

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.

Helpful Tools and Educational Articles

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.

No Credit Impact

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.

The Bad

  • FICO scores not provided
  • Only one credit bureau report provided
  • No identity theft protection or identity theft insurance

FICO Scores Not Provided

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.

Only One Credit Bureau Report Provided

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.

No Identity Theft Protection or Identity Theft Insurance

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.

The Bottom Line

WalletHub has some great features, especially for a free service. Customers receive credit scores and full credit reports at no cost. WalletHub's service also includes daily credit report updates, customized credit improvement advice and assistance, 24/7 credit monitoring, helpful tools, educational articles, and soft credit pulls.

However, WalletHub uses the VantageScore 3.0 scoring model rather than the FICO scoring model, which may pose a problem for consumers who would like to be on the same page as potential lenders. Additionally, WalletHub only provides you with scores and reports from one credit bureau, leaving a bit of a gap in coverage. Lastly, WalletHub doesn't offer any type of identity theft protection or insurance, which may leave customers vulnerable to fraud.

All in all, WalletHub appears to be a reputable credit monitoring service. Therefore, we have no problem recommending this company. However, we suggest you perform your own due diligence before making any final decisions about which credit monitoring company is best for you and your particular situation.

User Reviews

5

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  • 10

    November 16th, 2017 Denver, CO DETAILS

    Value for your money
    Quality of product or service
    Customer Service
    Company trustworthiness

    Love the daily updates, and the credit card suggestions, one of them really helped my score!

    Helpful?
  • 10

    October 11th, 2017 New York, NY

    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.

    Helpful?