Creditkarma.com Unveils First Free Credit Monitoring Service
New Feature Can Save Consumers Up To $1 Billion Annually on Credit Monitoring*
January 3, 2012
CreditKarma.com, the consumer's credit advocate, today became the first company to offer free credit monitoring to all U.S. consumers. The new feature will monitor a consumer's credit file on a daily basis and alert the member when a significant change occurs.
"Consumers can stay on top of their credit and protect themselves from identity theft and credit reporting errors without being charged a monthly fee," said Ken Lin, CEO of CreditKarma.com. "Our goal at CreditKarma.com is to provide easy access to a person's own credit information and empower them with the timeliest information on their financial health."
Here’s how it works:
- A consumer enrolls at CreditKarma.com. Registration is free and takes less than two minutes.
- CreditKarma.com monitors the consumer’s credit report for free on a daily basis.
- A significant change occurs in their credit file, such as a new credit inquiry, a delinquent payment or improved payment history.
- CreditKarma.com notes the new activity and emails the user a credit alert, letting them know about the important change.
In addition to actively monitoring a person's credit, CreditKarma.com will keep a running list of important credit changes over time, including a person's credit alerts, credit score history, payment history and debts, making it easy for consumers to track or reference in the future. CreditKarma.com has provided consumers with more than 20 million free credit scores.
The credit monitoring feature is available now to CreditKarma.com users at: www.creditkarma.com They only need opt-in to this free service.
CreditKarma.com provides more than 7 million consumers with free credit scores and access to free credit monitoring to help them realize the everyday cost savings of having good credit by offering personalized savings recommendations for credit cards, student, auto, mortgage and home equity loans. It also provides financial education and access to free tools that empower consumers to take charge of their financial health including the Credit Report Card, Credit Score Simulator and Credit Card Statistics. To learn more, visit www.creditkarma.com.
*"The Market for Fraud Protection, Identity Theft, and Credit Monitoring Services." Online Banking Report 15 Aug. 2007
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