Credit Scores might seem like a bunch of numbers, but we know better, since your credit score and the details of your credit report help lenders decide your credit worthiness and whether they will offer you a loan.
Under Federal Law, Americans are entitled to one free credit report in every 12 month period from each of the three major three major credit bureaus, Equifax, Experian, and TransUnion, but are not entitled to receive a free credit score. Credit scores are available for a fee that is typically about 8 dollars.
However, there is now a credit management website that not only offers access to your credit reports, but your credit score as well, for free.
Enter Credit Karma
Credit-management website Credit Karma allows individuals to sign up for free on their website to access their credit reports from Equifax and TransUnion.
With a Credit Karma account, you gain access to all of your financial information, including your bank accounts, credit cards, bills, mortgages, loans, and credit scores. Their pitch is: all in one location, all under one account, all for FREE.
This is a terrific way for individuals to view their credit information, to ensure their information is correct, and to discover if any fraudulent or credit theft activity is happening under your name. Any missing, incomplete, or incorrect information can be corrected by contacting the credit bureaus or lender directly.
Know The Pitch
Though Credit Karma is a free service, be aware that by registering with the website, you are granting Credit Karma the authorization to access your credit history, as well as giving them permission to pitch exclusive loans and credit card offers that might be right for you.
This sales pitch might seem intrusive for some, but the partnerships that Credit Karma has with these lenders is how the company generates revenue.
In the end, having access to this valuable credit information is worth having to deal through an occasional credit card sales pitch.
Have you used Credit Karma? What was your experience? Let us know in the comments below.