Credit Karma has launched a new, web-based tool that turns your credit score into an easy to read report card that grades your credit health. Best of all? It’s free. Credit Karma CEO, Ken Lin, was excited to talk about the new reporting tool that provides insight for consumers who don’t understand their credit score, but actively want to improve it. Taking into account the five major influencers on a consumer’s credit score (credit card utilization, length of credit, on time payment history, etc. ), it grades each metric and gives an overall grade.
In the age of the credit crunch, credit scores are the passport to your financial future. The new year has brought many things, and with it, a new scoring model. We spoke to Ken Lin, CEO of Credit Karma (a website that lets you check your credit score for free — anytime, anywhere) about the change in the FICO credit scoring model to get a better idea of what the changes are and how they will affect you.
I was introduced to Credit Karma a few weeks ago at a Quicken media event courtesy of a chance meting with a company representative who gave me the scoop on the site. The prospect of obtaining free credit scores was more than a little bit awesome, so I thought it wise to probe deeper to get an understanding of just how Credit Karma pulled it off. This led to an opportunity to chat it up with Credit Karma\’s CEO and Founder, Kenneth Lin to find out a little more about the company, its goals, and how it\’s able to produce no-strings-attached free credit scores any day of the week. Keep on reading for some behind the scenes info (and a few credit building tips!) on one of the most helpful and beneficial websites to hit the interwebs.
Obtaining credit scores has always been an enormous hassle. You go to Annual Credit Report and request it, then you get it and it shows you the report – but not the score. That’ll be an extra $8. The sheer amount of hoops you have to jump through just to get something that should come free of charge has reached a whole new level of ridiculous. But fear not, for today is a new day. And Credit Karma has forever changed the way you’ll get your credit score; making it quick, simple, and best of all free.
