FYI, Credit Karma provides individuals with their TransUnion VantageScore's and TransRisk scores, there is no such thing as a "TransUnion credit score"
I have had a number of people ask me about Credit Karma. I have used it a number of times to check my credit score and like it, so I figured I would go ahead and write a Credit Karma Review for all of you.
When people start to repair bad credit or even if you are not sure what is a good credit score, Credit Karma is a good place to start. While most people enjoy the idea of the service, many are not sure it is legitimate. In reality, Credit Karma is a great service that a savvy consumer must use. Of course, many vigilant consumers will still have their doubts about the business. Here is a quick guide for a consumer who wants to learn more about Credit Karma and how it works.
Completely free: Oftentimes, a user will sign up for a “free credit score” only to find out that the score is not free. Not only that, the consumer will only find out the monitoring service costs money once he or she has entered all of their personal information. With Credit Karma, a user can sign up and will never have to give his or her credit card information.
Make money: Naturally, most people probably wonder how the company makes money. They make money in a couple of ways. For starters, when logged in, Credit Karma will recommend credit cards to their users. When clicking the link and signing up for a card, the company will then make a small commission. Furthermore, with this service, a consumer will receive monthly emails with advertisements. Of course, a client can easily opt out of the promotion emails at any time. While other services charge a fee or sell information, they only make money by sending relevant marketing emails and showing relevant advertisements.
Secure: There is no doubt about it; Credit Karma is a legitimate service. In fact, the company has an A rating with the Better Business Bureau and has only eight complaints filed against them in the past. Some fear using Credit Karma as it requires the customer to provide his or her social security number. This fear is unfounded; when you go to check your credit score with any service, a user must give their social security number as a way for the company to get access to their data. Furthermore, the company uses SSL for their website and takes plenty of steps to ensure the safety of their customer’s information.
Scores: Credit Karma provides customers their TransUnion credit score. The company updates the information often, which allows a user to see what direction where their score is heading. In addition, a customer will receive his or her TransUnion auto grade. Finally, a consumer can get access to his or her Vantage Score, which is a cumulative score across all three credit bureaus. Without a doubt, the TransUnion score is the most valuable information that Credit Karma offers, though the other two scores are valuable to most customers.
Understanding: When looking at a credit profile, a consumer should understand what he or she is viewing. With a Credit Karma account, a customer will see more than his or her credit score. A user will see the total accounts he or she has, the age of the accounts, the amount of credit inquiries and much more. With all the information provided, a consumer will know exactly where he or she stands.
Simulator: For consumers looking for how to improve credit score, the included simulator is a godsend. With this tool, a user can see what will hurt and improve their score. The simulator will help a customer who wants to get back on track. Ideally, a user would consult the score simulator before making any credit decisions. When doing this, one can avoid any serious dings to his or her credit score.
Alerts: When actively monitoring ones credit score, a user can avoid serious problems. Luckily, Credit Karma alerts users of potential problems. For example, when a user is near a limit on one of his or her cards, the company will inform the client. While it may not seem important, it is crucial for a consumer to take proactive steps to protect his or her credit profile.
Conclusion: There are plenty of upsides to Credit Karma and only a couple of minor downsides. When using this service, a consumer will get a lot of pertinent information. While Credit Karma is certainly not the end-all solution, a consumer who wants to watch his or her credit profile must use the service if he or she wants to stay on top of their personal finances. Not only that, since Credit Karma does not cost any money, it would be foolish for a consumer to forego using Credit Karma.
Go ahead and sign up for Credit Karma by clicking here.
How many of you use Credit Karma?
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Filed Under: Reviews
About the Author: KC Beavers is a semi-retired entrepreneur. The subject of personal finance has always fascinated him. In an effort to not bore those around him with all his love of personal finance as much he has come here to bore all of you instead. Be sure to follow KC on Twitter or Google+.
Credit Karma is a good resource. I like to check my credit score in twice in a week to make sure everything is in right track.
Interesting points you mentioned about Credit Karma. And if you say
that there are more upsides to it than downsides, I'm sure this will be
patronized by those who are after their credit standing.
I used to check my scores every few days until they changed their policy that you can only update them once every 7 days. It's a nice free service with no catches. Nice review.
I actually use Credit Karma and like it. Since I churn credit cards, I like to monitor my score to make sure that it doesn't get all jacked up.
Credit Karma is a great site and I am glad to be a part of it. I think it provides something that many people can use to make their credit lives cleaner.
Aside from the free services, what I love most about CK is the speedy, accurate result, and security. SSN is not stored in any database or whatsoever. The credit score simulator also comes in handy.