Intuit Credit Karma
Responsible use of credit cards is one of the most effective ways to build a good credit record. Consumers who don't own a credit card have average credit scores that are lower as compared to folks with at least one card, according to Credit Karma, a consumer website that provides free credit scores.
According to a recent report issued by CreditKarma.com, credit card debt declined 11 percent nationwide last year. However, it wasn't all good news. Credit scores saw a decline during that time as well.
Ken Lin, CEO of Credit Karma, told CNNMoney that the drop in debt is the result of weak consumer confidence, resulting in slower spending, tighter lending on the part of banks and lower credit limits.
Consumer credit advocate CreditKarma.com said residents in only nine states paid down their credit card debt in December from the previous month. Of those, six -- Arizona, Idaho, Indiana, Michigan, Oklahoma and Utah -- paid down less than 1 percent of their debt.
FICO credit scores rank borrowers according to the likelihood of default and there’s almost no difference in the probability of default when a consumer has a 780 or an 820, said Ken Lin, chief executive officer and founder of San Francisco- based Credit Karma.
Credit Karma, the online service for keeping track of your credit score, has launched a new feature: free credit monitoring. Within the first day of its existence (the option became available just yesterday), the company has managed to enroll an impressive 100,000 users for the opt-in credit monitoring service.
Credit-tracking site Credit Karma has long been a really useful service for getting your credit score for free, and now the company is offering free daily credit monitoring to notify you of any important changes to your credit.
Those intent on improving their credit score in 2012 can get some help by visiting the website Credit Karma, which is offering free credit monitoring to all Americans starting today.
Go to CreditKarma.com to see your score for free.
Credit Karma originally launched as another free credit report company, albeit one that made money from advertising rather than upsells. Now the San Francisco-based company has launched a free credit monitoring platform – a service that Experian currently values at $15 per month.