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LAST UPDATED: March 19th, 2021

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.

WalletHub monitors consumers' TransUnion credit reports on a 24/7 basis. Consumers can download the WalletHub app for free and can use it to check credit monitoring notifications.

Keep reading to learn more about WalletHub's free credit monitoring service. 

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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 free credit monitoring service that will provide consumers with a free credit score and a full credit report at no cost along with daily updates.

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 is updated on a daily basis.

Daily Credit Updates

Many credit monitoring companies will monitor consumers' credit reports daily. However, most of them don't refresh and update reports that often.

With most other monitoring sites, a consumer's credit report will only be updated weekly, monthly, or even yearly. This leaves a lot of time in between updated reports that the consumer won't be able to look for errors or see how changes are affecting their credit. With WalletHub, users' credit scores and reports will be updated on a daily basis.

Customized Credit Improvement Advice and Assistance

Unlike some other companies in the industry, WalletHub provides consumers with customized recommendations for improving their credit score, as well as personalized savings alerts. The company also has an "Ask An Expert" feature, which is a forum where consumers can ask questions to a community of top financial experts.

24/7 Credit Monitoring

With this credit monitoring service, WalletHub will monitor a user's TransUnion credit report 24/7 and immediately alert them if anything changes. This can allow consumers to catch mistakes quicker and help stop identity theft from progressing.

As mentioned previously, consumers can download the free WalletHub app and/or sign up for text message alerts in order to see their credit monitoring notifications. 

Helpful Tools and Educational Articles

The WalletHub website provides several financial calculators that consumers can use to help make their financial decisions like their monthly budget (based on your cost of living), compare borrowing costs, and plan for their future.

Additionally, the company website has a huge article library full of a wide variety of financial topics, including credit card usage, credit history, credit limit, credit reports, credit inquiries, credit scores, and more.

No Credit Impact

With WalletHub, when users pull their own credit, it is considered a "soft" inquiry. Therefore, consumers can look at their credit report as often as they would like and it won't affect their overall credit score.

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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 consumers' credit risk levels. Therefore, those who use WalletHub's credit monitoring service won't be receiving any of FICO scores, which is the model that the vast majority of lenders use to determine creditworthiness.

Those who would prefer to receive a FICO credit score so that they are on the same page as potential lenders will have to find a different credit monitoring company.

Only One Credit Bureau Report Provided

The WalletHub service only provides users with their credit report from one of the three major credit bureaus (TransUnion). The majority of the other credit monitoring companies at least give consumers 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.

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The Bottom Line

WalletHub has some admirable features, especially for a free credit monitoring 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.

The downside is that 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 users with their TransUnion credit report, 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 and read current Wallethub reviews before making any final decisions about which credit monitoring company is best for you and your particular situation.

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