A review of Credit Karma

A review of Credit Karma

Credit Rating

There are many services and websites offering free credit reports – often at a price. One that I like is Annual Credit Report at Annual Credit Report

AnnualCreditReport.com is a centralized service for consumers to request free annual credit reports. It was created by the three nationwide consumer credit reporting companies – Equifax, Experian and TransUnion.

AnnualCreditReport.com provides consumers with the secure means to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies in accordance with the Fair and Accurate Credit Transactions Act (FACT Act).

The program does asks some good questions, in order to verify your identify. It’s the same caliver of questions asked by insurance companies, such as my auto insurance. There’s only one thing missing and that’s a credit score.

This is where Credit Card Karma at Credit Card Karma comes in. They do issue you a credit score. I have signed up for it, as it is free.

 

Karma

 

 

Here’s some info provided by the Wiki website: “Credit Karma, a San Francisco-based website, is a company that provides free credit scores to consumers. Credit Karma provides the TransRisk credit score generated from national credit bureau TransUnion, the VantageScore, and the TransUnion Auto Insurance Risk Score.”

In addition to providing free credit scores, Credit Karma also offers credit tools like the Credit Report Card, which summarizes a consumer’s credit report into components graded with an A-F letter grade, and the Credit Score Simulator, which simulates the effect of certain financial actions on credit scores.”

So how does Credit Karma make money? Again, we find the answer in the Wiki website:

Credit Karma’s business model involves selling targeted advertising. Revenue from these advertisements offsets the costs of free credit score tracking for Credit Karma members so the service is free to consumers.”

So far, I haven’t really noticed any advertisements. Perhaps that’s because I don’t spend that much time visiting them. After all, I just signed up a few weeks ago.

Overall, the content is very good. I get my latest credit score every week or two. There’s also info on your purchases, credit card payments, how many on time payments, etc. In fact, it’s everything you might find in an annual credit card report. Much like you find in the free annual credit card reports.

Are free services that use advertising messages worth it? In this case, it is. You probably need to evaluate things on a case by case basis. But I would endorse this service. Let me know what you think.

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