CreditKarma.com - Free Credit Report and Credit Scores

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Real Estate Agent with COMPASS DRE# 01339266
https://activerain.com/droplet/4wTY

I was interested to read about CreditKarma.com, an online company that supplies registered users with their credit report and credit scores for free.

Unlike other companies that supply credit reports that advertise free reports but actually end up charging for their services, CreditKarma.com is truly free for consumers.

The company (founded in 2007) is funded by its advertising revenue and in turn is able to offer users free credit reports and scores.

This is a win for consumers who up until now had to pay about $15.95 (or more) to receive their credit report and score directly from the credit reporting agencies; Experian, Equifax and Transunion.

My biggest concern is that a user needs to provide his or her Social Security Number (which makes sense) ..... but I'm not convinced about the security and privacy offered by the CreditKarma.com once they receive one's Social Security Number.

The website currently boasts 800,000 registered users so I was curious if any ActiveRainers have had any experience with this site.

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Rainer
25,607
Aja Shroll
United Real Estate - Prosper, TX
Your Home Girl

I haven't heard of it, but it does sound too good to be true.  I signed up for one once before and had to remember to cancel within a certain time frame or my credit card was going to be charged something ridiculous for the year.  Of course when you call to cancel you get the run around about signing up for their awesome service.  I'll be interested to hear if anyone has used this service before.  I think it's ridiculous we don't have better access to OUR credit reports.  So many times there is something on their you'd happily pay if only you knew it was on there!

Nov 16, 2009 01:57 PM #1
Rainmaker
242,236
Jenny Durling
L.A. Property Solutions - Los Angeles, CA
For Los Angeles real estate help 213-215-4758

It's cool that the credit report is actually free but i think you're right about the security issue with peoples' SS numbers.  If the report is free, what is it that makes money for this company?

Nov 17, 2009 04:57 PM #2
Rainmaker
647,885
Team Honeycutt
Allen Tate - Concord, NC

Thanks for the interesting information on credit reports and credit scores.  The informatiio is useful and helpful.

Nov 21, 2009 02:36 AM #3
Rainer
5,107
Joe Jackson
ASF Property Services - Nashville, TN

Thanks so much that information.  I ran to it, used it, and it is OKAY.  It doesn't treat the viewing as a query - great thing.  It only gives you the Transunion score - not great but not bad.  Once it gives you your TransUnion score, there are advertisments that are on the screen for credit products that fit that credit score - this is how they make money.  CreditKarma offers:

1.  Credit report card - Basically the credit report in laymens terms

2.  Credit stimulator - Explains how certain actions affect the credit score

3.  Credit compare - Allows you to compare yourself to others across state and age categories, as well as, as a couple of useless categories. 

4.  Credit snapshot - Explains how lenders will see your score and what that score means to them.

Not a great source for the agent or mortgager because it doesn't give a full picture, but good for the consumer new to dealing with credit and all the things that it affects.

Nov 21, 2009 03:30 AM #4
Rainer
75,709
Joel Prince
The Principle Group, Inc - Hixson, TN
Hixson/Soddy Real Estate Broker

I had not heard of this site before today.  It is intriguing.  But the "what's the catch?" question is appropriate.

Nov 21, 2009 04:04 AM #5
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