Credit Karma Scam or Reputable?

For just about anything you want to get off your chest about credit cards.
17 posts
JCarter
Centurion Member
Centurion Member
 
Posts: 323
Joined: Thu Mar 15, 2012 10:40 pm
Location: Virginia

Postby JCarter » Mon Apr 09, 2012 4:27 am

thecreditguy wrote:As a Credit Karma employee, I can assure you that is not true.


As a guy with (1) post, joining a site without verification how am I to rely upon this? It just so happened to be found by you 29 minutes after my posting? Doubtful....

I've said as much as I can say without breaching ethics. I assure you, "employee" of Credit Karma, you're incorrect.


Crashem
Centurion Member
Centurion Member
 
Posts: 538
Joined: Fri Mar 09, 2012 9:29 am
Location: San Francisco, CA

Postby Crashem » Mon Apr 09, 2012 11:00 am

JCarter wrote:Crashem,

I assure you that you're incorrect. The firm I work for represents a number of blue chip firms with M&A advisory, and corporate transaction services. CreditKarma was 100% sold to TransUnion.


Ahh nice. Funny, I know the founder pretty well and talked to him a couple weeks ago. I remember the initial investment. Surprised he didn't mention the buyout
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

JCarter
Centurion Member
Centurion Member
 
Posts: 323
Joined: Thu Mar 15, 2012 10:40 pm
Location: Virginia

Postby JCarter » Thu Apr 12, 2012 10:17 am

Crashem wrote:Ahh nice. Funny, I know the founder pretty well and talked to him a couple weeks ago. I remember the initial investment. Surprised he didn't mention the buyout


Crashem,

Maybe you could try reading SEC filings?

Crashem
Centurion Member
Centurion Member
 
Posts: 538
Joined: Fri Mar 09, 2012 9:29 am
Location: San Francisco, CA

Postby Crashem » Sun Apr 15, 2012 11:33 am

JCarter wrote:Crashem,

Maybe you could try reading SEC filings?


Why would i? Just surprised he didn't mention to me as we hadn't talked in a while. In the startup world, this is usually the first kind of information that comes up. Btw, what kind of sec filing would there be? Both companies are private if I remember correctly. Well at least credit karma is. Transunion owned by pritzkers and some private equity firm if I remember correctly. Forget what reporting requirements around buyouts but they are minor
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

JCarter
Centurion Member
Centurion Member
 
Posts: 323
Joined: Thu Mar 15, 2012 10:40 pm
Location: Virginia

Postby JCarter » Sun Apr 15, 2012 6:02 pm

Crashem wrote:Why would i? Just surprised he didn't mention to me as we hadn't talked in a while. In the startup world, this is usually the first kind of information that comes up. Btw, what kind of sec filing would there be? Both companies are private if I remember correctly. Well at least credit karma is. Transunion owned by pritzkers and some private equity firm if I remember correctly. Forget what reporting requirements around buyouts but they are minor


No SEC reporting requirements concerning private mergers. However in 2011, TU did file an S1 for an IPO before they were sold to Goldman and Advent.

Reviewing the S1 from 2011 it shows any investments or holdings in subsidary/partner firms. Goldman's 10K/10Q contains information on it's private equity arm and specifically what each portfolio company owns.

Crashem
Centurion Member
Centurion Member
 
Posts: 538
Joined: Fri Mar 09, 2012 9:29 am
Location: San Francisco, CA

Postby Crashem » Sun Apr 15, 2012 7:45 pm

JCarter wrote:No SEC reporting requirements concerning private mergers. However in 2011, TU did file an S1 for an IPO before they were sold to Goldman and Advent.

Reviewing the S1 from 2011 it shows any investments or holdings in subsidary/partner firms. Goldman's 10K/10Q contains information on it's private equity arm and specifically what each portfolio company owns.


I get what you are saying. But only "material" transactions are reported on. Out of curiosity, which filing do you see the credit karma transaction on? Wouldn't think credit karma would make any of the filings for either s1 of transunion or any goldman filings. Of course, I didn't hear of the transaction so i don't know the size and therefore whether it was material or not. Would love the links to the relevant details.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

JCarter
Centurion Member
Centurion Member
 
Posts: 323
Joined: Thu Mar 15, 2012 10:40 pm
Location: Virginia

Postby JCarter » Mon Apr 16, 2012 10:09 am

Crashem wrote:I get what you are saying. But only "material" transactions are reported on. Out of curiosity, which filing do you see the credit karma transaction on? Wouldn't think credit karma would make any of the filings for either s1 of transunion or any goldman filings. Of course, I didn't hear of the transaction so i don't know the size and therefore whether it was material or not. Would love the links to the relevant details.


Any subsidiary or division with over (3) employees is considered material by the SEC for purposes of full-disclosure and S1 compliance. I am not 100% sure off the top of my head, but I believe this is in 17 CFR 210. I wll find the exact code section later.

It was last year, when they had retained JPMorgan to underwrite the IPO. I am a PWM customer of JPMorgan and received the information from them, I presume it was the S1 directly and not other forms during my due diligence.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests