Since its foundation in 2007, credit karma has continuously offered free credit and other financial reports to its users. Well, having a platform that can display your credit scores and provide reports is good. Right? As s beginner, it is important to understand what credit Karma is, its possibilities and how to go about. Check, Credit Karma Review: The Good and the Bad to get more insights on the credit score tracker. Besides, this article offers the best guide on credit karma.
A guide to credit karma
What is credit karma?
Credit Karma is a free software that is available for download to peoples’ computers and Smartphones. The software helps consumers to check the credit scores which is an important step to check their creditworthiness. Every consumer is striving to achieve the 850 possible score. Since it is hard to keep tabs on these, then someone had to come in and assist. Thus credit karma was born.
How Credit Karma works
The first needed step is to sign up through the credit karma official website with your details, and you are good to go. Credit Karma uses data from two credit control bodies Equifax and TransUnion to give you the specific credit score each has assigned you. People can check their credit often as there is no limit on the number of times to check.
Benefits of Credit Karma to consumer
The founders saw a need for consumers to get their credit information as often as they want without paying a single dime and therefore started the company. They offer an easy to read dashboard with the credit score from both TransUnion and Equifax separately on a gauge like features. Further the company has through the website offers the credit factors section through which consumers can know the areas they need to work on in order the better their credit chances.
People need to know the credit reports which are detailed to include the credit accounts and credit limit. At Credit Karma, this comes in a very simplified way that the layman can understand without strain. As if this is not enough they offers a tool called credit simulator that reasons on probabilities to ensure that consumers make the best decision on loans.
How Credit Karma Benefits
All these hail as to how Credit Karma helps consumers track their credit information for free! You wonder who the sponsor to these big operations is. Well, Credit Karma website has an advertising platform where financial companies can provide their ads not for free but for a fee. Thus this gives the company profit.