Capital One Raises the Bar with the Launch of Credit Tracker, Providing Free Credit Score, Credit Bureau Alerts & More

New tool enables cardholders to see, track and strengthen their credit standing

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Mar 25, 2014, 08:05 ET

MCLEAN, Va., March 25, 2014 /PRNewswire/ -- Capital One (NYSE: COF) announced a new way it will be helping cardholders use their credit wisely with the launch of Credit Tracker (press.capitalone.com). The free, interactive tool gives customers easy access to their credit score, plus a credit bureau summary, a report card with letter grades on the key factors driving their score, a credit simulator that shows how a customer's actions can impact their credit score and credit bureau monitoring that provides timely alerts that can help warn customers of potential fraud. Customers can use Credit Tracker as often as they like and run as many simulations as they wish without negatively impacting their credit report or score. The launch of Credit Tracker makes Capital One the first top 10 credit card issuer to give customers free access to a tool that helps them understand their credit and provides credit bureau alerts. Credit Tracker is available to U.S. customers with a Capital One branded consumer credit card through the Capital One mobile app and will be available on the company's online servicing site next month.

Capital One Credit Tracker on Mobile App and Web. (PRNewsFoto/Capital One) (PRNewsFoto/CAPITAL ONE)

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It is widely known that a person's credit standing impacts their ability to get a job, buy a car, rent an apartment and get a cell phone or cable service. However, a recent Capital One survey found that nearly half of the respondents (41 percent) do not know their current credit score, and that number jumps to 63 percent among 18 to 24-year-olds. When asked why they don't check their report, the number one reason (47 percent) people cited was cost, followed by online security risk (27 percent), thinking that it won't impact one's life right now (23 percent), fear of the inquiry lowering their credit score (17 percent) and the belief that it is too time-consuming (10 percent).

"The beauty of Credit Tracker is its simplicity," said personal finance expert Farnoosh Torabi. "Building and maintaining a positive credit history is essential, and staying on top of it doesn't have to be cumbersome. Credit Tracker makes it easy and keeps the end game top of mind, since it's right there every time you log in to your Capital One credit card account online or through the mobile app."

Also top of mind among consumers these days is fraud protection. Credit Tracker's free credit bureau monitoring feature provides timely customer alerts which can help indicate potential identity fraud. Capital One's survey revealed that 85 percent of people were concerned about credit card fraud, but 68 percent do not have any kind of credit monitoring service.

"The credit bureau alert feature is especially timely given the recent spate of retailer data breaches," added Torabi. "People understandably have heightened concerns about credit card fraud and identity theft and need to keep a close eye on their credit reports."

Over the years, Capital One has launched many tools such as payment reminder alerts, the ability to set up automated payments and an online interactive Credit 101 course, to enable customers to build and use credit wisely. Credit Tracker is the latest offering from the company designed to guide customers on a path to financial success. Credit Tracker provides:

Quick and easy access to your TransUnion educational score through Capital One's mobile app or online banking portal
A bureau summary that includes balances, total monthly payment amounts, total accounts opened, number of inquiries, etc.
A report card called My Grade Overview, showing the top 5-6 factors impacting your score, with a letter grade on each factor so you know where you stand on each factor relative to other customers
A credit score simulator that shows how everyday financial decisions can affect your credit score before you make them
Credit bureau monitoring with timely credit alerts (like new account openings, changes in address or employment) that help warn customers of potential identity fraud
Unlimited access to your credit information. Customers can log in as often as they like, obtain updated credit information on a monthly basis and run as many simulations as they wish without negatively impacting their credit report or score

"Our cardholders need more than their credit score from us – they should understand the factors impacting their score and learn what they can do to improve it," said Manan Mahadevia, vice president, U.S. Card at Capital One. "We are providing information and insights so our customers can see, manage and improve their credit standing to help achieve the goals that are important in their lives."

Learn more about the Capital One Credit Tracker at press.capitalone.com. Join the conversation on Facebook at Capital One and on Twitter at @CapitalOne.

Survey Methodology
The survey was conducted by Research Now from March 7-9, 2014, among U.S. Adults 18 and older by using e-Rewards® "By-Invitation-Only" recruitment methodology. The total sample size for this survey was N=1,200. Research Now uses e-Rewards® "By-Invitation-Only" recruitment methodology to invite pre-validated individuals to participate in its Consumer and Business Panels. Via its diverse range of panel recruitment partners, Research Now can target groups that are not already represented in the panel. To learn more: www.ResearchNow.com.

About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $204.5 billion in deposits and $297 billion in total assets as of December 31, 2013. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.