Description: Have you ever wondered how Credit Karma helps you find your credit score for free? And how reliable are their results? So in today’s guide, we will be talking about it in detail. So stay with us until the end!
Is Credit Karma Score Accurate?
Hundreds of people love using Credit Karma to find out their credit scores for free. But what most users wonder is how accurate their actual Credit Karma’s results are?
We know that this is a common query, and hence, our financial experts decided to address it today! In this blog, you will find all about the reliability of the Credit Karma free service.
Whenever you plan to take a loan, the first thing that pops up in your mind is the borrowing score. Even the best title loan company that promises to give out cash without hard checking is concerned about your score. Unfortunately, it’s not always possible for a borrower to keep track of his score.
That is why the Credit Karma app has taken on this responsibility. Are you wondering what Credit Karma is and how it can help you find your actual score? Keep calm because we have covered all of that below.
Credit Karma Overview
In simple words, Credit Karma is a company that offers free monitoring of your borrowing score.
It helps you keep track of the score and learn more about the recent alerts. As it provides the service for free, its primary source of income comes from the advertisements shown on the website.
With the rise in the number of free users on the site, their income increases. Users can also create a Credit Karma savings account on this platform. As it’s a legit site, creating an account here is risk-free. Read on to know about the company’s accuracy while monitoring scores!
Is the Score Shown by Credit Karma Correct?
If you are using a free service, it’s quite impossible to expect perfect results. But gladly, the scores shown by Credit Karma free monitoring tool are more or less accurate.
It’s because it collects info from three renowned financial agencies. As we said, the scores shown by them aren’t the perfect ones but close to the real score. Moreover, they offer the current VantageScore, which is detailed and trustworthy. Hence, if you are using the service to check your score from time to time, it’s harmless.
However, please don’t rely on their free service if you’re planning to buy a property or want to take a loan. In such cases, our experts recommend that you hire a financier and let the professionals do their job.
In the past few years, Credit Karma’s popularity has been increasing massively. It isn’t that customers use the site just for once. Instead, they keep returning to check their borrowing score for free.
It implies that the monitoring tool works fine because if it didn’t, then people would have long left using their services. Credit Karma is associated with popular agencies like Equifax and TransUnion. These are some of the best bureaus in the financial industry.
Credit Karma reviews also speak highly of the company. It answers your query – is Yes, Credit Karma is accurate. Now that you know it is, read on to find out more about the free service!
Is Credit Karma Safe to Use?
People often wonder – is Credit Karma safe? Fortunately, it is!
However, it requires many extremely personal details during registration. Many users aren’t comfortable with sharing such details with a site.
But if you feel it’s okay, then using Credit Karma will be the right decision. Collecting these important personal details of the users is a part of the Credit Karma identity monitoring process. Even if you try to find out your borrowing score from some other site, you will have to provide this detail.
Providing just some of these personal details to a service provider like Credit Karma won’t be counted as a hard inquiry. But when you offer the exact details to a lender, it counts as a hard inquiry. We feel that keeping regular track of your borrowing score is indeed a good habit. Hence, creating a Credit Karma account for this job isn’t a bad idea.
Even though we recommend you using their services, know that there is one con of Credit Karma that might disappoint you. To begin with, Credit Karma shows a lot of unnecessary advertisements on the screen. As it is their primary source of income, you cannot get rid of it.
We know it isn’t comforting, but it would be better not to complain as it is a free service. Other premium sites let you check your borrowing score without advertisements. But those charge high fees and aren’t at all reasonable. Hence, cope up with this minor drawback and monitor your score for free at Credit Karma!
How Frequently Does Credit Karma Update the Score?
The next valid question is how often the Credit Karma credit score gets updated. Well, usually, the score gets updated every week. However, sometimes, it might take up to a month if the agencies cannot collect information from your bank. But this is a rare problem and hence, doesn’t deserve much of your attention.
As the score gets updated every week, you can closely monitor the changes and take necessary actions whenever needed. Another perk that our experts love is that Credit Karma monitors your score and helps you solve the problems related to recent alters. They have dedicated blogs to each issue, and trust us, their tips are indeed valuable!
Credit Karma or Credit Sesame: Which One Is Better?
Even though both the sites offer more or less the same services, we believe the Credit Karma money monitoring tool is far better than that of Credit Sesame. We have a few reasons to think so. Have a look below to find out why:
● Firstly, Credit Karma collects info from the top two agencies in the market. On the other hand, Credit Sesame is involved with just one bureau. Hence, the score shown by the former is more accurate.
● It also comes with the identity monitoring alert, ensuring that no fraudsters get to use their service. This benefit lacks in the other site, and hence, it loses in the competition.
● Credit Karma customer service is there to support its users 24/7. Such a friendly and patient support team is hardly found in other borrowing score-checking companies.
These are the three primary reasons why you should be choosing Credit Karma over Credit Sesame. Now that you know, don’t make a wrong choice!
We hope this blog has helped you learn Credit Karma accuracy and more! It’s one such free tool that is used all over the world by many people.
If they have trusted the site for so many years, we don’t see why you shouldn’t. However, as Credit Karma shows your VantageScore, please don’t use it to find your FICO score.
You can get in touch with a financier for that. Also, as the results aren’t 100% accurate, you can always connect with a professional banker to find the actual score.
So, will you use Credit Karma to find your borrowing score? Do let us know!
Jade is a finance analyst and has been involved in many successful business projects with a range of companies throughout the country. She started writing 3 years ago and enjoys researching, discussing, and writing on the topics of finances, budgeting, money advice, lifestyle and wellness. Jade loves to spend time with her family and has a lot of hobbies including hiking, riding a bike, cooking and traveling.