A new site called Credit Karma offers free credit scores to consumers. Learning your credit score is easier now, thanks to the financial reform bill signed into law this month. The Dodd-Frank Wall Street Reform and Consumer Protection Act makes it so lenders have to show you your whole credit report they use. If you know your credit score, you can keep away from getting turned down. Websites like Credit Karma offer to make your credit score available for free anytime, as often as you would like to check on it.
The advertising of Credit Karma
Advertising supports Credit Karma so it could be free. That makes it different from most websites that offer free credit info and then make an effort to lure you into paying for credit score. Consumer Commentary reports that Credit.com offers a comparable free service. Credit.com doesn’t have as accurate of a score because it doesn’t check out as numerous categories as Credit Karma. However, credit.com offers a range for various different types of credit scores. Credit Karma only offers one score directly from one of the reporting bureaus that isn’t a FICO Score.
Will my credit be fixable with the Credit Karma score?
Some question how useful Credit Karma is when working on credit repair. Mymoneyblog.com reports the score is not a FICO score. Ranging from 300 to 900, many call Credit Karma a “FICO clone”. The FICO range is 300 to 850. Experian, Equifax and Transunion are all places Credit Karma gets data although it doesn’t explain where your credit score info is coming from. All you get with Credit Karma is your credit score also.
Really getting a free credit score?
Credit Karma and credit.com could be very helpful when trying to build or repair your credit. In this economy, it is much more useful to get free data than to pay $ 89.95 a year for FICO’s Score Watch. The government can help you get details on your credit score at AnnualCreditReport.com also. You can’t get a number for credit score, but it will tell you what affects your credit score. Stay from online websites like creditreport.com and freecreditreport.com. They bill your credit card $ 14.95 a month although they advertise to be a free company.
Further reading
Consumer Commentary
consumerismcommentary.com/credit-report-cards-credit-com-vs-credit-karma/
mymoneyblog.com
mymoneyblog.com/free-credit-score-monitoring-with-creditkarma.html
AnnualCreditReprt.com
annualcreditreport.com/cra/index.jsp
