A: Credit Karma is a legitimate company; however, for a variety of reasons, its scores may vary greatly from the number your lender will share with you when it checks your credit. We have answers to all your questions about Credit Karma.
Here's the short answer: The credit scores and reports you see on Credit Karma come directly from TransUnion and Equifax, two of the three major consumer credit bureaus. The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus.
Why your Credit Karma credit score differs
Your score can then differ based on what bureau your credit report is pulled from since they don't all receive the same information about your credit accounts. Secondly, different credit score models (and versions) exist across the board.
Ultimately, Credit Karma is safe. I've been using the service for over five years. And while they may use personal information to serve ads, they're not sharing it with third parties (to my knowledge). And, at the end of the day, Credit Karma provides really useful insights into your credit health.
Credit Karma scores are directly reported by two of the three credit agencies and are as accurate as someone can expect from a free credit monitoring service. More often than not, the accuracy of credit karma scores is in the right wheelhouse.
Best Overall AnnualCreditReport.com
The Consumer Financial Protection Bureau confirms that AnnualCreditReport.com is the official website that allows you to access each of your credit reports from all three of the major credit bureaus — Equifax, Experian, and TransUnion — at no cost.
But how accurate is Credit Karma? In some cases, as seen in an example below, Credit Karma may be off by 20 to 25 points.
Furthermore, even that information isn't stored permanently, so there's no risk of someone hacking in and stealing part of your social security number. Credit Karma doesn't sell or rent your information to any third parties, including your contact information and your credit information.
Checking your free credit scores on Credit Karma doesn't hurt your credit. These credit score checks are known as soft inquiries, which don't affect your credit at all. Hard inquiries (also known as “hard pulls”) generally happen when a lender checks your credit while reviewing your application for a financial product.
Go to Profile & Settings in the top right hand corner. Click on My Profile. Click Close my account. You'll then be presented with a pop up where you can confirm that you want to close your account permanently.
For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.
It usually takes about four to six weeks for lenders to report new information (like new balances or payment activity) to TransUnion, and the frequency of updates can vary by lender. So it can take up to seven weeks for any changes or new information to show on Credit Karma.
The most widely used credit scoring model is the FICO 8, which is used by the three largest credit bureaus, Equifax, Experian, & TransUnion (The Big Three). Scores range from 300 (very poor) to 850 (exceptional). When your score is high you have better opportunity for lower lending rates.
Credit Karma is always free. Credit Karma won't ask you for your credit card number during the registration process or at any other time. We don't ever sell your information. We do get paid through our partners if you get a product through one of our recommendations.
Your account may also be closed because of inactivity, late payments or because the credit bureau made a mistake. Whatever the reason, it's important to make sure the information that's being reported is accurate because incorrect information can negatively affect your credit.
Your score falls within the range of scores, from 580 to 669, considered Fair. A 600 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
A 720 FICO® Score is Good, but by raising your score into the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to get your free credit report from Experian and check your credit score to find out the specific factors that impact your score the most.
A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
Free identity monitoring from Credit Karma
Check if your personal info is exposed on the dark web. We'll tell you what to do next — like which passwords to stop using. Get free alerts and updates to help you spot and stop identity theft.
Emailing Credit Karma Support. Email support@creditkarma.com for help with your query.
If your information has been misused, file a report about your identity theft with the police, and file a complaint with the Federal Trade Commission at www.ftc.gov/idtheft. Read Take Charge: Fighting Back Against Identity Theft for detailed information on other steps to take in the wake of identity theft.
FICO® score ranges vary — they can range from 300 to 850 or 250 to 900, depending on the scoring model — but higher scores can indicate that you may be less risky to lenders.
For FICO, the lowest credit score range is 300 to 579; the lowest credit score range for VantageScore is 300 to 499.
A FICO® Score of 680 falls within a span of scores, from 670 to 739, that are categorized as Good. ... 21% of U.S. consumers' FICO® Scores are in the Good range. Approximately 9% of consumers with Good FICO® Scores are likely to become seriously delinquent in the future.
Credit Karma is different from Experian. While Experian compiles your credit report and determines your credit score, Credit Karma simply shows you credit scores and report information from Equifax and TransUnion.