Are you planning on steering your credit score to the right track? There are a number of tools online that can help you whip your finances into shape, from budgeting, planning and reporting software to personal finance managers, there's always a freebie that can assist you.
It's a different story with daily credit reports though. Usually, daily credit reports are from paid services or are free for a limited time.
How important is a credit score? Your credit report tells a company at a glance your level of debt, how often you make payments and generally shows how risky it is to lend you money or enter a long-term arrangement with you. It is a good idea to monitor your credit score religiously to avoid nasty financial surprises like loan rejections and identity theft.
While the Federal Trade Commission states that everyone is entitled to one free credit report each year from each of the three major credit reporting companies (Experian, Equifax, and TransUnion), WalletHub's lets you access your credit information as often as you want.
Additionally, while there are other free credit score services out there, WallHub's developers claim that their app is the "only free credit score app to offer daily updates and truly personalized advice." With that said, the advice and insights the app offers can be valuable if you are trying to improve your credit score.
To start using WalletHub's service, you will have to provide some personal information since this is the only way they can pull your information on your behalf. Prepare to submit personal data like your name, address, email, date of birth, cellphone number and the last four digits of your Social Security Number. It's all up to you if you want to divulge this type of information to WalletHub but remember that this is the only way they can provide you with your credit report.
Once you have verified your identity and signed in with the service, WalletHub does provide you with tons of useful financial information. Aside from your credit score, the app can even show you outstanding balance figures and loans that you have, quite handy for managing and improving your credit lines.
Obviously, you don't want this kind of sensitive information to fall into the wrong hands so make sure you set up a real strong password for your WalletHub account. Thankfully, the service does not allow any sort of money transfers nor display actual account numbers directly from the app.
Another thing to keep in mind is that instead of the more popular FICO credit score, WalletHub uses VantageScore to determine your credit rating. VantageScore was developed jointly by the three big credit reporting companies and is commonly used by free credit reporting services. As such, your WalletHub score may not necessarily match your FICO score exactly.
So maybe you're now thinking that this all sounds great since it's free but "what's the catch?"
Well, according to WebHub's Terms and Conditions they can "obtain and exchange information" about you with "third parties." This implies that they make money by selling targeted ads to other companies.
For example, they can provide a copy of your credit score to lenders and other credit card companies to determine your eligibility for pre-qualified offers. They can also target you with relevant ads via email and through "Personalized Saving Alerts" so don't worry, WebHub does have a sound business model in order to remain free.
Ready to get your daily credit report and financial advice?