Credit Karma is a company that is based in San Francisco that gives the consumers credit monitoring services for free. The company also gives the credit card holders a Credit Report Card that gives a summary of the credit report of the consumer. The summary is graded with letter grades that range from A-F. The effect of financial actions on their credit scores are stimulated by the Credit Score Simulator. With the use of Credit Karma, the credit scores of the consumers can be updated daily and monitor their credits even over time with additional resources for your credit.
The Company’s Founder and First Investors
The founder of the Credit Karma is Kenneth Lin, who worked before with Upromise and E-loan, he formally launched Credit Karma by March of 2008. The company was funded by investors from Prosper’s CEO, Chris Larson and E-loan’s former president, Mark Lefanowickz. And by 2009, the company had additional investors namely, Ron Conway, QED investors, Dave McClure.
Credit Scores from Credit Karma
The company gives the users a proprietary generated credit scores from a TransRisk score model of TransUnion that is mainly used by many sites of credit monitoring. Credit Karma also uses the lenders mostly used credit score of FICO that ranges from 300 to 850. Credit Karma scores are compared to that of FICO, but differs almost 50 points with credit bureaus. Vantage Score, started to provide a new page of Score center on January 2011, with Auto Insurance Score of TransUnion gave credit services free for all its members. With the new offers of credit monitoring services, the consumers can have insights for better ideas with their credit situations.
How Does Credit Karma Monitor an Account?
They would check the daily reports or updates of the holder if there are any changes in their consumers’ accounts. They would give their consumers a notice whether their accounts has a positive or negative reports that are sent directly to their members. It is an advantage to be sent a quick notice about it and make a settlement for the account.
There are credit monitoring services that are offered by different sites but the consumer must always be careful of choosing one, because they may never know that these sites are doing scams. According to consumers who were victims of scams, there are sites asking for their credit card numbers and some personal information. With the personal informations that they gave, including their card number and bank account, the companies can deduct automatically money from accounts within a short period of time. According to consumer Credit Karma reviews, their credit monitoring service are not a scam at all and is a legitimate company that gives consumers a edge in protecting their credit profile. The company doesn’t ask for personal information where they can get connections to personal accounts of the person. They had never asked for it and give the consumers a credit score estimate of your account. They won’t give you an exact estimate report of your account that is based with the informations that you gave to them. It doesn’t use an exact FICO score but gives almost an exact credit scores for your need.
Credit Karma Scam Complaints?,
There are still no violent complaints for Credit Karma but it has problem with the FICO score. The company gives information about your credits based on the information that you provide for them. The credit report that the company gives is based on the updated informations that are continuously given to them. With updating information on the account, the holder can make sure that the credit scores that they can receive can almost be the same as FICO. With Credit Karma company gives scores for free and can have an update every time you want. They can provide any credit monitoring services without spending a single cent. The consumer doesn’t have to purchase anything with their services or clicking advertisements on their sites.
Credit Karma: The Must Have Service for Credit Monitoring
The reports of a Credit Karma scam are not true from our investigation. Moreover, it is a safe credit monitoring company that can give credit services that are free of charge. Consumers can assure that it is not a scam but a real and legitimate company that can provide them the service that consumers want. It is a company that gives their customers a great deal of services to manage their money and credits without worrying about scams. They won’t let their consumer to sign up and pay for anything. They can also provide a protection for identity theft in their sites, making sure that their member’s data is safe and secured within the company. It is a good company to sign up with because it is absolutely free and doesn’t require their consumers to have a trial subscription. It is a great deal to subscribe with Credit Karma because it is not a scam and it gives credit monitoring services for free.