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.