Credit Builder

McBurberod Financial, Inc. dba Credit Karma Credit Builder (“we” “us”) is a Delaware corporation with its principal place of business located at 1100 Broadway, STE 1800, Oakland, CA 94607, accessible online at creditkarma.com and through the Credit Karma mobile app. We display products offered by our partner bank that can help customers build credit. The general structure of our partner bank’s credit building products involves establishing a loan for a relatively low balance amount, depositing those loan proceeds into a deposit account, and collecting payments of that loan from the customer. The customer’s activity is reported to the credit bureaus so that positive payment activity may enhance their credit scores. Our partner bank’s credit building product does not have annual rates in excess of thirty-six percent, including all charges for any ancillary products or services and any other charge or fee incident to the extension of credit.  

We do not make credit decisions, fund loans, or offer any other similar loan services. We do not and cannot issue approvals or commitments on our partner bank’s behalf. Our partner bank collects the information they need in order to open an account and/or complete loan applications. We do not enter into loan brokerage contracts with members, and we do not charge members any fee for our services. Once a member obtains a credit building product from our partner bank, we report related activity to credit bureaus, may allow the member to interact with the product through our website and app, (including scheduling related deposits and/or payments), and may address past due accounts.

Licenses

Arizona

Collection Agency License No. 1021496

Arizona Consumer Lender License No. CL-1045789

Arkansas

Collection Agency License No. 5806

California

Debt Collection License No. 10553-99

Hawaii

Exempt Out of State Collection Agency License No. COLAX-1158

Idaho

Regulated Lender License No. RRL-11048

Illinois

Collection Agency License No. 17.022544

Illinois – Chicago

Collection Agency License No. 2911727

Indiana

SOS Collection Agency License No. 2057952

Iowa

Debt Collector Notification

Louisiana

Collection Agency Registration WEBID: 441426531

Maine

Maine Loan Broker License No. 2057952

As required by Maine law, McBurberod Financial, Inc. has secured a bond by Capitol Indemnity Corporation, 1600 Aspen Commons, Middleton, WI 53562, a surety authorized to do business in Maine.

Maryland

Collection Agency License No. 2057952

Credit Services Business License No. 2057952

Minnesota

Collection Agency License No. 40745709

New Jersey

Collection Agency Bond

New Mexico

New Mexico Small Loan Company License No. 2316 – Expiration June 30, 2024

TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL

Compliance Counsel

PO Box 30963

Oakland, CA 94604

415.510.5272

licensing@creditkarma.com

This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504.

To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website www.rld.state.nm.us/financialinstitutions/.

IMPORTANT CONSUMER INFORMATION

This website contains some common terms and definitions, which are intended to help you better understand your credit transaction. Credit costs money, so it is important that you fully understand the terms of your credit transaction. If you come across terms you do not understand, look up the terms, or ask our personnel to explain the terms to you. Ask questions. Make certain the questions that you ask are answered. Make certain you understand the terms and costs of your loan.

Common Terms and Definitions

Equal Credit Opportunity Act (ECOA): A federal regulation which requires lenders to promote the availability of credit to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to whether all or part of the applicant’s income derives from a public assistance program; or to whether the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The regulation prohibits creditor practices that discriminate on the basis of any of these factors.

Contract: A written binding document, describing terms of an agreement between two or more persons. (Keep all paperwork. Later, if there are any questions, you will have your agreement in writing.)

Annual Percentage Rate (APR): The cost of your credit as a yearly rate. APR is a combination of the interest rate plus the fees charged on your loan. APR is higher than the interest rate because it includes both fees and interest as finance charges. The calculation of APR is mandated pursuant to Federal Law ( 12 CFR Part 1026 – Truth in Lending Act (“TIL-APR”)). It is intended to provide a single value for a consumer to compare the cost of credit between one lender and another. Under New Mexico law, an additional type of annual percentage rate (“NM-APR”) must be disclosed, which may include additional charges that are not included in the TIL-APR. The NM-APR for a loan in an amount of more than $500 and up to $10,000 made pursuant to the Small Loan Act of 1955 or the Bank Installment Loan Act of 1959 cannot exceed thirty-six percent. The NM-APR for a loan in an amount of $500 or less made pursuant to the Small Loan Act of 1955 or the Bank Installment Loan Act of 1959 cannot exceed thirty-six percent plus a fee that shall not exceed five percent of the total principal of the loan and shall not be imposed on any borrower more than once per 12-month period.

Finance Charge: The dollar amount the credit will cost you. Finance charges include interest, and may also include transaction fees and service fees.

Principal: The amount of money owed on a debt, on which interest is calculated.

Interest: The cost of borrowing money, generally a percentage of the amount owed.

Balance: The total amount of money owed to a lender.

Default: Failure to pay a debt as agreed to on a contract. When a loan is in default, the lender may demand full payment of the remaining debt.

Collateral: Security pledged by a borrower to protect the interests of the lender; in case of default, the lender may take ownership of the security, if any, pledged by the borrower.

Credit Bureau: A private company that keeps a record of your credit history for distribution upon request by authorized parties. When you apply for credit, a lender may request a credit report to review when considering your application.

Credit History: A record containing information about you, including your payment history on previous debts.

Credit Report: A report of the credit history and other information about you that is kept by credit bureaus, which may include: your name, address, social security number, payment history (good and bad), current and previous debts, employers, income, etc. Accurate information on a credit report may not be legally removed. Incorrect information may be removed by disputing the information to the credit bureau involved.

New Mexico Only: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website: www.rld.nm.gov/financial-institutions/.

New York

New York- Buffalo

Collection Agency License No. CAG20-10058715

New York- New York City

Debt Collection Agency License No. 2111182-DCA

New York- Yonkers

Collection Agency License No. 10704

North Dakota

Debt Collection Agency No. CA104210

Money Broker License No. MB104209

North Carolina

North Carolina Loan Broker Registration No. 979

As required by North Carolina law, McBurberod Financial, Inc. has secured a bond by Capitol Indemnity Corporation, 1600 Aspen Commons, Middleton, WI 53562, a surety authorized to do business in North Carolina.

Oklahoma

Oklahoma Credit Service Organization No. CSO00579

As required by Oklahoma law, McBurberod Financial, Inc. has secured a bond by Capitol Indemnity Corporation, 1600 Aspen Commons, Middleton, WI 53562, a surety authorized to do business in Oklahoma.

Oregon

Collection Agency Registration No. 2057952

Pennsylvania

Pennsylvania Credit Services Loan Broker License No. 104049

South Dakota

Money Lender License No. 2057952.MYL

Utah

Consumer Credit Notification, January 2021

Vermont

Lender License No. LL-2057952

Lender License Other Trade Name #1 No. LL-2057952-1

Washington

Out of State Collection Agency License UBI: 604 650 679

Wisconsin

Consumer Act Registration, March 2021

West Virginia

Business Franchise Registration Certificate No. 2442-2048

Credit Services Organization Registration No. 506290