Credit Karma Scam or Reputable?

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bmw1990Z
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Credit Karma Scam or Reputable?

Postby bmw1990Z » Tue Apr 03, 2012 11:27 pm

Hey, so I was looking at this site called Credit Karma... not sure if it is reputable or a scam considering the government gives you a free report once each year, plus how you can purchase yours from the various reporters and myFICO.

Anyone try this?
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mookie
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Postby mookie » Wed Apr 04, 2012 1:01 am


JCarter
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Postby JCarter » Wed Apr 04, 2012 5:36 am

bmw1990Z wrote:Hey, so I was looking at this site called Credit Karma... not sure if it is reputable or a scam considering the government gives you a free report once each year, plus how you can purchase yours from the various reporters and myFICO.

Anyone try this?


Credit Karma is officially owned by TransUnion, so they are quite legit.


Crashem
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Postby Crashem » Wed Apr 04, 2012 11:01 am

You should check both Credit Karma and Credit Sesame. They pull TU and experian respectively. basically they both give you a score which is a FAKO and then monitor changes to score over time. Think of it as credit monitoring light, but for free. btw, Credit Karma only has small investment by TU. know the guys in both companies. basically they monitor it for free, but you don't really see your report, but only some score and factors affecting your score.
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

bmw1990Z
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Postby bmw1990Z » Wed Apr 04, 2012 11:37 am

but neither give FICO so I would need to goto myFICO to get an accurate score correct?
Cards in my wallet:

-Citi Forward Card for College Students-July 2011

-American Express Platinum Delta Skymiles--July 2013

Crashem
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Postby Crashem » Wed Apr 04, 2012 12:27 pm

Yeah. Myfico has "real" FICO scores. Here is the problem. The only one worth getting, in my opinion, is the Equifax FICO score. You can't get the experian one and the TU FICO score using an old FICO scoring method that is basically hardly used and can be significantly different than the current FICO models in use.

Your best method is to get all your credit reports and compare. Assuming they all match, you can get your Equifax FICO score and use that as a basis, but variations betweent he 3 bureau's FICO score on the same information of 30 points in either direction isn't unusual.

Remember a lot of lenders use one or all of the base FICO models from the credit bureaus and then adjust them with their own criteria so even a "real" FICO score might not be too accurate. There are some other sources of getting FICO scores. Some credit unions give them free to their members as a service. Walmart card gives you a quarterly TU08 FICO score as a service although TU04 FICO is the most used TU FICO Score. There is some credit union that gives the Experian FICO score, but Experian is generally very hard to get.
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

FutureBillionaire
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Postby FutureBillionaire » Wed Apr 04, 2012 7:55 pm

If I want to know what lenders think of me, I go to equifax and buy their product. If I want to get general information, I go to credit karma and other sites.
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JCarter
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Postby JCarter » Thu Apr 05, 2012 11:20 am

Crashem wrote:You should check both Credit Karma and Credit Sesame. They pull TU and experian respectively. basically they both give you a score which is a FAKO and then monitor changes to score over time. Think of it as credit monitoring light, but for free. btw, Credit Karma only has small investment by TU. know the guys in both companies. basically they monitor it for free, but you don't really see your report, but only some score and factors affecting your score.


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.

JCarter
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Postby JCarter » Thu Apr 05, 2012 11:29 am

Actually most lenders do NOT use their own adjustments. They setup a structured profile of what they deem an acceptible risk, and then they have manual review provisions for certain persons who fail to meet the entire credit profile but meet portions. This is to avoid them having to comply with FCRA and having to release these "models" for maintaining their own credit reports.

Obtaining a credit score is not at all that hard, you can get a "FICO" from FICO (Fair Issac Co) but no where else. What you get from TU, EX, EQ is simply a "FAKO" built on their own modeling and scoring. (Ex: Vantage). If you apply for a mortgage and your lender obtains a report from all (3) bureaus and your score from say Experian then you can simply ask for it. Otherwise you simply buy the score from the CRA.

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Postby thecreditguy » Thu Apr 05, 2012 6:04 pm

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.


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



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