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.
Collection Agency License No. 1021496
Arizona Consumer Lender License No. CL-1045789
Collection Agency License No. 5806
Debt Collection License No. 10553-99
Exempt Out of State Collection Agency License No. COLAX-1158
Regulated Lender License No. RRL-11048
Collection Agency License No. 17.022544
Illinois – Chicago
Collection Agency License No. 2911727
SOS Collection Agency License No. 2057952
Debt Collector Notification
Collection Agency Registration WEBID: 441426531
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.
Collection Agency License No. 2057952
Credit Services Business License No. 2057952
Collection Agency License No. 40745709
Collection Agency Bond
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
PO Box 30963
Oakland, CA 94604
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- 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
Debt Collection Agency No. CA104210
Money Broker License No. MB104209
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 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.
Collection Agency Registration No. 2057952
Pennsylvania Credit Services Loan Broker License No. 104049
Money Lender License No. 2057952.MYL
Consumer Credit Notification, January 2021
Lender License No. LL-2057952
Lender License Other Trade Name #1 No. LL-2057952-1
Out of State Collection Agency License UBI: 604 650 679
Consumer Act Registration, March 2021
Business Franchise Registration Certificate No. 2442-2048
Credit Services Organization Registration No. 506290