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.
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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).