If you’re considering applying for a loan one of these fine days, it’s imperative that you keep tabs on your credit score. This 3-digit number can mean the difference between approval and denial of your next loan application. Handily, there are many websites that let you check your credit score for free. Credit Karma is one of the best free credit score sites out there. Here’s our detailed Credit Karma review that sheds some light on the important aspects about the company and their services.
About Credit Karma
Credit Karma is a free online service, which also happens to be one of the largest and most renowned free credit score sites. The site was launched in 2007, and it has served over 60 million members across the United States since then. The company is exploring new territories, with its eyes now focused on Canada.
How Does Credit Karma Work
Credit Karma provides its members with a wide variety of tools and features that help them stay on top of their credit situations. To become a member, you will need to sign up to Credit Karma. The signing up process is simple and requires taking a few steps. Here’s what you need to do to become a member:
- Create your account using your email and a password
- Enter the last 4 digits of your security number
- Answer some questions to verify your identity
After you successfully create an account with Credit Karma, you’ll gain access to a variety of financial solutions that will help you better manage your financial life.
Financial Solutions Offered by Credit Karma
1. Free Credit Score and Report
As a member, you will have access to your credit score from two credit bureaus (TransUnion and Experian) from your dashboard absolutely free. Since the figures are updated on a daily basis, it becomes a great way to track your credit score. This means that you can easily check your score every day on the site to see if it goes up or down.
Besides accessing your credit score, you will also be able to access your credit report from your Credit Karma dashboard. With the free membership, you’ll get to receive a full Equifax credit report and a full TransUnion credit report, both updated each week. These full credit reports feature information such as your public records, accounts, collection activity, and credit inquiries. From your dashboard, you will be able to connect all your online financial accounts to track your spending and determine where your money is actually going.
2. Free Credit Monitoring
Credit Karma also provides free credit monitoring, whereby you’ll get to receive alerts and notifications whenever there’s an activity in your credit accounts, such as:
- When a new credit account that’s opened in your name is approved,
- When a hard inquiry is made,
- When any unusual activity (such as potential fraud or a data breach) takes place.
As data breaches become rampant, this free credit monitoring service that reports information from two credit bureaus is certainly something you should consider.
3. Free Federal and State Tax Filing
This is the most recent service to be introduced by Credit Karma. If you are tired of spending a small fortune whenever you complete your federal and state tax returns, then this is one service that you’ll truly appreciate. Whether you have self-employment income or investment income to report, you will be able to file almost any tax return through this online service at no extra cost.
4. Credit Cards and Loans Recommendations
This online service will also provide you with a list of credit cards based on your credit scores and odds of approval. You will be able to filter credit card recommendations in different categories, including student, business, cashback, rewards, airlines, low interest and balance transfer. You’ll also get loan recommendations for different types of loans, including business, auto, student, home and personal loans.
5. Free Financial Tools
As a member of Credit Karma, you’ll also access a variety of free financial tools, including:
- Credit score simulator: There are different actions that will have an effect on your credit score, such as opening or closing a credit card account, increasing your credit line, and paying off a balance. The credit score simulator is a beneficial tool that will show you how such actions affect your credit score.
- Calculators: Credit Karma helps you with 4 different calculators, which are Home Affordability Calculator, Debt Repayment Calculator, Simple Loan Calculator, and Amortization Calculator. All these calculators help you to learn about your loans and what to expect in terms of interest rates and monthly payments.
Is Credit Karma Reliable
Almost every Credit Karma review you come across will tell you that this company is very reliable. Our review is no different. Considering that this online service has catered to over 60 million people, we can only say that this is one of the most reliable services we have come across.
Besides being reliable, Credit Karma is a safe online service. The site has taken stringent measures to safeguard its members and their information. Firstly, the site is read-only, which means that it cannot be altered. Secondly, it has DigiCert EV SSL certificate, meaning that their site has the utmost level of authentication.
Final Opinion of Bonsai
We finish our Credit Karma review by saying that this is without a doubt a reliable and safe online service that you can rely on. It has remained true to its promises since it started offering its services back in 2007. The fact that its more than 60 million members get to access the various services provided free of charge is a good indicator that this company is one of the genuine ones out there.