Credit Karma – Track Credit Scores For Free

Credit Karma is a web-application that consumers can use to track credit scores, manage debt, and save money without spending a dime. Credit Karma offers a bevy of free interactive tools, calculators, and simulators that show people how minor changes in their spending behavior can add up to big savings over time.

If you’re anxious to see where your credit score stands, then sign up for a Credit Karma account. Tell Credit Karma your name, address, birth date, and the last four digits of your social security number, and the application will automatically retrieve your credit records from TransUnion. Almost immediately, Credit Karma will provide you with your three-digit credit score, as well as information about when that score was last updated and what that score really means. Use the applications’ interactive tools to compare your credit report to others in your demographic, or see how missed payments and overdrawn accounts are negatively affecting your score. The application will provide you with customized offers designed to help you lower the price you pay on mortgages, credit cards, auto loans, and more.

One of the latest, and greatest, features that Credit Karma is offering users is free credit monitoring. The application will track its users’ credit reports on a daily basis, looking for signs of error or fraud. When something is uncovered, Credit Karma will send the user an automatic email alert. Daily fraud alerts give consumers more time to correct the types of costly mistakes and errors that could otherwise downgrade their credit scores for years to come.

Practical Uses:

• Find out what your credit score is
• Get email alerts when creditors make updates to your credit report
• Learn about new auto loans and mortgage products that could save you money
• See how your credit score compares to other people’s scores

Insider Tips:

• Users must give Credit Karma the last four digits of their social security numbers to use the service
• Credit Karma gets its users’ credit scores from TransUnion
• Credit Karma uses on-site advertising to defray the cost to consumers
• The application is registered with VeriSign and Hackersafe to protect user information

What we liked:

• People can get their credit scores for free
• The credit monitoring service alerts consumers when updates have been made to their credit reports
• Users can get an Auto Insurance Score that represents the risk they pose to an insurer
• Credit Karma provides people with selected banking offers based on the data that they put in about themselves

What we didn’t like:

• Credit Karma doesn’t get information from every credit agency, so its scores shouldn’t be considered comprehensive

Alternatives:

• Credit.com – http://www.credit.com
• LearnVest – http://www.learnvest.com

Company Info:

• Launched: March 2008
• Privately Held
• Headquarters: San Francisco, California
• Founded by: Kenneth Lin
• Web site: https://www.creditkarma.com

Costs:

• Free