Experian is an actual credit bureau that provides both credit reports and FICO scores to its subscribers. CreditWise, on the other hand, is a credit monitoring tool that consumers can use to monitor their TransUnion credit report. The credit scores provided by CreditWise are formulated through the VantageScore system. CreditWise is one of the features offered by Capital One to help its clients keep close tabs on their credit reports/scores.
- CreditWise is free for anyone over the age of 18
- Experian monitors all of your financial accounts as well as your personal information
- CreditWise monitors the “Dark Web”
- Experian offers full access to all three credit reports on a monthly basis to people who subscribe to their service
- CreditWise is linked to the TransUnion credit bureau
Experian is one of the largest and most well-known of the three credit reporting agencies. Credit reports offered by Experian offer monthly account balances and maintains an up to date credit history on all open accounts. It has the ability to track credit inquiries at a much faster rate than many of the other credit bureaus.
An Experian credit report is divided into several sections that allow you to find the information you need quickly and efficiently. In addition to your personal information and public records, the report also contains your employment history and any credit inquiries that have been made by lenders when new lines of credit are requested.
Experian's reports also include a variety of information about each account. This includes payment amounts, payment history, minimum payments, and current balances. This provides a more complete and accurate picture of your credit history as well as your financial health. By offering a more complete picture of your financial situation, it makes it easier for lenders to determine your credit-worthiness.
CreditWise is a free credit monitoring tool offered by Capital One. It allows anyone who has downloaded the mobile app a chance to closely monitor their credit. CreditWise provides access to TransUnion credit reports as well as credit scores that are generated through the VantageScore system. Although the VantageScore system works differently than that used to generate a FICO score, the score produced can still be used by lending institutions. Because a different formula is used, the VantageScore and FICO score may differ considerably.
While Experian offers a free version as well as a subscription service, CreditWise is free for anyone who wants to use it. CreditWise is one of the few credit monitoring tools that scan the Dark Web and notify you if your information is found on suspicious or fraudulent websites. CreditWise updates your information on a weekly basis, unlike other monitoring sites that only update on a monthly basis.
The CreditWise mobile app is convenient and offers immediate access to all of the financial information found on your TransUnion credit report. With the credit score being updated weekly, you are able to know at a glance if you are in good standing and ready to apply for a new line of credit. The weekly updates also make it easy to spot errors or mistakes much sooner than if you had to wait a month for the report to cycle through.
Even though CreditWise is sponsored by Capital One, you do not have to be a customer to use it. The only stipulation to accessing the CreditWise website is that you be at least 18 years of age. It's also important to remember that even though you can only gain access to your TransUnion credit report through the CreditWise app, you can legally request a copy of all three of your credit reports in their entirety once a year.
Experian offers a free version that provides limited access to your credit report. You also have the option to subscribe to their service. It costs $19.99 a month or $99.99 a year. This gives you access to all three of the credit reports from the three main credit bureaus as well as your FICO score from each one.
Our Thoughts: Experian vs CreditWise
Experian is the better choice if you want full and complete access to all the reports from the three primary credit bureaus and don't mind paying a monthly fee.
If you are only interested in monitoring your credit report and like the weekly updates, then CreditWise is a good choice.