Yusra3
VIP Contributor
Credit Karma is a personal finance technology company, which provides free credit monitoring and other financial services to its over 85 million members. With its founding in 2007, it has grown to one of the most popular platforms for tracking and understanding your credit scores. At its core, Credit Karma provides your credit reports and scores from two of the three major credit bureaus (TransUnion and Equifax) free, allowing you to check in on your credit health regularly, an important task for managing your finances, securing loans, and identifying fraudulent or erroneous activity on your reports. Alongside this credit monitoring, Credit Karma provide a number of other educational resources and tools to help its members improve their financial literacy. examples include personalized product recommendations, credit score simulators and detailed explanations of what factors in your credit score.
For example, the company partners with credit card issuers and lenders, among various other financial institutions. When users apply for and are approved for financial products through Credit Karma’s platform, the company gets paid by its partners.
While users don’t have to pay for its services, it’s worth noting that the company makes money by recommending financial products, based on users’ creditworthiness as was the case here. But remember that users are under no obligation to apply for any of the products they’re recommended.
The bottom line is that Credit Karma has played a big role in democratizing access to credit information, and in advancing financial literacy in general, helping millions of people gain a greater understanding and take control of their credit.
For example, the company partners with credit card issuers and lenders, among various other financial institutions. When users apply for and are approved for financial products through Credit Karma’s platform, the company gets paid by its partners.
While users don’t have to pay for its services, it’s worth noting that the company makes money by recommending financial products, based on users’ creditworthiness as was the case here. But remember that users are under no obligation to apply for any of the products they’re recommended.
The bottom line is that Credit Karma has played a big role in democratizing access to credit information, and in advancing financial literacy in general, helping millions of people gain a greater understanding and take control of their credit.
