If you own a T.V. then you’ve undoubtedly heard of Credit Karma, the free service that provides consumers with a credit score on demand as well as free credit monitoring alerts. The credit score is a proprietary score named the “TransRisk” score, and the Vantage score. The Vantage score is a score created by the credit reporting agencies to closely estimate the consumer’s FICO score. The TransRisk score is based on a 300 to 850 point scale, just like the FICO score. However, reviews indicate that the TransRisk score can vary from the FICO score by as much as 50 points. Credit Karma also provides a TransUnion Auto Insurance score.
Credit Karma gathers credit data from one credit bureau, TransUnion. However, Credit Karma offers tools and information about how to improve your credit. One such tool is the Credit Karma Report Card. The report card divides your credit report into sections, and then assigns each section a letter grade of A through F. The report card also offers suggestions regarding how the consumer can improve his or her credit score.
As a member of the Credit Karma service, you have weekly access to your credit score. Credit Karma makes do-it-yourself credit repair easy to prioritize and accomplish. Access your Score Center page to view your TransRisk and Vantage scores.
Premium on Security
Credit Karma never shares customers’ personal data with other companies. In fact, Credit Karma does not store detailed personal information. The company maintains only basic data for each account. The Credit Karma website uses 128-bit encryption to secure your connect when you send your personal data over the Internet. You can safely enter your Social Security Number into the Account form knowing that the transmission is protected by SSL, the industry standard encryption.
Developed by Financial Experts
Credit Karma was created by a group of experienced financial experts. The site is supported through sponsorship and advertising, so membership always remains free to the consumer. An inquiry on your credit report by Credit Karma does not count as a negative item against your credit rating. Though the TransRisk and Vantage scores only approximate the true FICO score, Credit Karma can be a valuable service for individuals seeking to build or repair their credit.
If you have placed a fraud alert on your credit account with TransUnion, you will be required to answer several additional security questions when creating your Credit Karma account. If you fail the answers to these security questions, you will not be able to access your credit report and credit score through Credit Karma.
Credit Karma is a valuable credit tool that can assist members with keeping tabs on their credit scores and reports. Though the TransRisk score is not a true FICO score, the TransRisk score uses the same data and a similar formula for calculations. Monitoring the TransRisk score and building up the score over time improves the member’s credit standing and shows the member’s creditworthiness. Pay bills on time and in full, and pay off accounts as you can to build your credit and obtain that great credit score.