There are a number of websites that claim to provide the same services for free. However, when you examine the scammers and less helpful sites, you are left with only one seemingly worthy contender. Credit Karma is fully legit and accredited with an A+ rating by TRUSTe and the Better Business Bureau (BBB).
This clears up any doubt as to whether this is a scam and leaves us with only one question: do you offer the full package?
Sign up for a free account
In case you still have unfounded doubts about its legitimacy, the fact that the website does not store your credit card information should put your mind at ease.
At registration, the only sensitive information you need to provide is your identification information, as it uses it to pull your records from various databases.
Other than that, the usual monitoring of login behavior and some other non-essential information are the only things the site will remember.
Signing up is quick and easy. In addition, your data is protected by SSL technology. It also does not collect information about your location or even your Social Security Number, with the exception of the last four, as an added security measure.
Once you sign up, you can access all services for free.
Credit scoring sites often give you a 7-day trial period before imposing your monthly fee, so Credit Karma looks to bring a better deal to the table. Thanks to this, you do not need a credit card to enjoy their services.
How accurate are your reports?
It’s natural to think that the services offered by a free credit scoring site would be mediocre at best. However, Credit Karma once again proves itself worthy as it collects its information from two of the largest and most trusted rating agencies. As such, the accuracy of your credit report shouldn’t be in question, as Credit Karma maintains world-class standards despite being completely free.
Also, you will be able to access the information on a weekly basis as the site regularly updates your credit score every week. This can be a crucial feature if you’re looking to strictly monitor your credit score, although some may find it less useful since there isn’t much credit activity in a week. They also have a program that allows you to project how your current decisions will affect your future credit score.
Credit Karma Score, a respected type of credit score?
Of course, your credit scores will differ from FICO scores, Credit Karma uses TransUnion, which can still give you a good visualization of your current position and determine your value. Lenders prefer to use FICO scores to determine your creditworthiness, so at some point FICO becomes a necessity. Also, using a different source of credit data results in credit scores that are different than the Experian Vantage credit scores you might be used to.
Using data obtained from TransUnion and Equifax credit data, Credit Karma is able to provide Vantage Credit Score 3.0. Similarly, credit reports are also generated from the two databases. The credit score, while accurate, is not a FICO credit score.
Can I provide my Credit Karma report to credit repair companies?
FICO may not be the preferred choice for lenders, but Credit Karma still stands as a good credit scoring website to help you make an informed decision about whether or not you need credit repair services. Their website is relatively easy to use and comes with a variety of useful services and information, which you can access for free. Frequently updating reports and collecting online tools give you the power to monitor your credit score and plan your finances accordingly.