Wednesday, August 4, 2010

Get your credit score for free (No seriously) - Credit Karma Review

The site is called Credit Karma. Yes, it is actually free. No, you will not need to sign up only to cancel an account. The site gives you your TransUnion score. The site attempts to make money by selling products to users based upon the individual's profile. Don't believe me? Ask the Wall Street Journal what they think.


As banks continue to reign in credit your score become of critical importance to receive a superior financing rate. If you were to purchase a 500k home in Chicago a excellent score would saved you $174,000 dollars in interest over the life of the loan. You can try your own calculation here.


Now back to Credit Karma. You cannot beat price. The only barrier is that you will need to give personal data and trust the company with it, however you probably do the same thing when getting a credit card for a free t-shirt at a ballpark. Between the scorecard (shown below) and the credit simulator this site is a winner.

In addition to giving you your score there is a 'scorecard' that ranks you against your peers. 



3 comments:

  1. Hey Educated Debt!

    Just wanted to drop a note to say thank you for mentioning and reviewing Credit Karma. We highly value any feedback you have, so please let us know.

    Also, we mentioned your great post on our blog roundup today, Friday Scoop On Credit Karma & Housing Market News, found here: http://blog.creditkarma.com/credit-karma/friday-scoop-on-credit-karma-housing-market-news-44/!

    Thank you for the informative post and please help spread the word on Twitter, Facebook, on your blog, across your office, and to your neighbors that we featured your awesome content!

    See you around the blogosphere!

    Cheers,
    Justine


    Justine Rivero | Social Media Manager | Credit Karma, Inc.

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  2. My credit score hasn't updated since Dec '09. What gives?

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  3. Marylou - there is an button that says 'update score' after signing in. Click it. Approve the credit pull and you're good to go.

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