Credit Karma, a company founded in 2007 in San Francisco, provides consumers with free access to their credit scores and reports from two of the three companies that report them, Equifax and Transunion. While consumers are entitled to a free credit report from each of the agencies listed above, as well as Experian, you’ll have to apply at the official website. Additionally, the free report you receive does not include your credit score.
The Credit Karma Difference
There are several key factors that make Credit Karma stand out among other sites that offer the same services. You can purchase monitoring services, credit reports and credit scores from each of the three credit-reporting companies, but you’ll also be signing up for monthly fees. Even worse is their free trial offers often include terms that lock unsuspecting consumers into paying those fees if they don’t cancel according to the fine print.
Credit Karma, on the other hand, is always free. Their website (creditkarma.com) offers quick and easy signup. The other big difference between Credit Karma and the services offered by Equifax, Experian and Transunion is that you don’t have to register a credit card with the site like you do with the others.
Credit Karma: More Than a Credit Tracker
The ability to have ongoing access to your credit scores and credit reports is a huge advantage to using Credit Karma’s free services. Credit Karma goes far beyond being a credit tracker that you can access at your leisure, though. The site also provides lots of tools and information that is geared to helping consumers better understand their scores. Based on your unique profile, these tools might suggest various ways, such as paying your bills on time, that you can use to improve your score.
Credit Karma: A Trusted Name in the Financial Landscape
Credit Karma uses the latest 128-bit encryption to securely transmit information from the credit-reporting companies to your account. The company has a responsive history with the BBB and is independently certified by Digicert. Additionally, Credit Karma does not rent or sell any of your personal information to third parties.
Instead, when pulling your credit reports, Credit Karma notes the amounts you are paying for credit cards and other debt. It then suggests financial products, such as personal loans, insurance and other credit cards that you would likely qualify for. If you take advantage of the opportunities, the advertiser gets a new customer, Credit Karma makes money while you have the opportunity to save money.
~Here’s to Your Financial Health!