Is Credit Karma Free Credit Score a Scam?

is credit karma a scam?

When people first hear about Credit Karma and the free credit scores they provide, the first question that comes to mind is whether or not Credit Karma a scam? They want to know if it’s truly legit. Is it really a “free” credit score or is there a catch to it? It’s a valid question.

There have been a lot of companies in the past that have touted a “free” credit scores, but you must give your credit card information in order to access it, and then get charged if you don’t cancel a promotion before a certain period of time. In this sense, Credit Karma isn’t the same as those, but it’s important to understand that it isn’t necessaril

...

[Continue Reading at SavingAdvice.com]

This entry was posted in Personal Finance and tagged , , , , , , , . Bookmark the permalink.

30 Responses to Is Credit Karma Free Credit Score a Scam?

  1. laurie66 says:

    Why does anyone need Credit Karma? I get my free credit report from each credit bureaus through freecreditreport.com and then my credit score each month with my credit card bill.

  2. david says:

    I don’t think that Credit Karma is a scam, but it’s a services that’s not needed as much as it once was. More and more financial institutions are giving away free credit scores as a way to lure customers to their brand like Discover. I read banks may start offering free credit scores as well.

  3. sheila says:

    I’ve gotten a free credit score from Credit Karma and haven’t had any issues although I didn’t know it wasn’t my FICO score.

  4. michael says:

    I don’t understand why they need your social security number? Is it really safe to give a company your social security number?

  5. Will says:

    This provides you with a free credit score.

  6. g4572 says:

    I think that in many ways the free credit score is a scam. Let me explain my reasoning. When people hear “free credit score” they assume that the credit score that they are receiving is their FICO score. This is not what Credit Karma is giving. They use a score that is not accurate. What’s the use of getting your score if it doesn’t match up with the score that lenders are going to see? I think this is the major flaw with this type of offer.

  7. laurie66 says:

    Like I said, I get a free credit score with my credit card bill each month.

  8. deacon says:

    Thank you for this information. I didn’t realize that the credit score that they give is and actually my FICO score. This is a bit disturbing as that is what I thought I was getting. I guess it makes sense that they wouldn’t advertise this bright and boldly, but it still disappointing.

  9. dave says:

    I don’t like the fact that you have to give your social security number to them. Especially since they had to settle a lawsuit with the government over potentially leaking sensitive financial information about users over their phone app. I just don’t trust them for this reason.

  10. stacy says:

    I don’t think that there is a way for them to access the score without your social security number. Id they only had your name, your score could be from anyone with the same name. This is the only way that they can access the data they need and make sure your score is yours.

  11. gina says:

    I don’t understand why a credit score is so important. Dave Ramsey says that you don’t need your credit score and all it is really telling you is your debt score. The best thing to do is to stop worrying about where to find a free credit score and to get yourself out of debt. At least that’s the way I see it. It shouldn’t matter to anybody if Credit Karma, Credit Sesame or any other website is giving free credit scores because that’s not what you should be worried about. You should be worried about getting out of debt because then your credit score doesn’t matter.

  12. fredrick says:

    I wish it was a lot easier to understand what the credit score actually means. Credit Karma is giving me one score, Credit Sesame is giving me another, Credit.com is giving me yet another, and Quizzle gives me yet a fourth different one. I assume that if I paid MyFICO for their score, it would be different to. And then all of the lenders would get yet another score. Why does there have to be so many? It’s all so confusing and I don’t know which one to believe.

  13. greg says:

    There are lots of reason to need a credit score even if you aren’t going to get a loan. Insurance is one reason. Your car insurance will cost less with good credit than no credit because you are a higher risk with no credit. it might not seem fair, but it’s the reality. Credit scores do matter.

  14. gina says:

    That’s just stupid. My credit score shouldn’t affect my insurance rates. They have nothing to do with one another. I still don’t think you should go into debt so you can save money in other areas. It’s better to be debt free with no credit score than to save a little money on insurance. I still believe this.

  15. greg says:

    Whether it should or not is not relevant to this conversation. It does. It’s important to stay in reality and not base your decisions on what you would like things to be.

    You don’t have to go into debt in order to save money. You just have to make sure that you have a good credit score, and that doesn’t mean that you need to go into debt. Credit scores a matter.

  16. greg says:

    There are many different versions of your FICO score. I think it’s currently up to 49 of the moment. Even if you buy your FICO score from MyFICO, that doesn’t mean it’s going to be exactly the same as what money lenders see when they call your credit score.

    I wouldn’t believe any of them as an exact score. Look at them as a general score that can help you determine whether you’re doing things right or wrong to improve it.

  17. chris says:

    this story has a lot of inaccuracies in it. One in particular is where it states a consumer has a 50 point drop in their score from this years reading from last years. And that scores do not drop that rapidly. Scores can drop that much monthly, depending on the balance to owe ratio on credit cards. When I see things like this I usually feel the article as a whole is a sham.

  18. bill says:

    Didn’t Credit Karma have to pay a bunch of money to the Federal Trade Commission because their phone app was unsecure and identity thieves could have accessed all the vital information? This is why I would stay away from them. If they can’t even secure their phone app when I have to give them my social security # to get a credit score, I feel it would only be a matter of time that my data was stolen from them.

  19. gina says:

    Dave says that I don’t need one, so I know that I don’t need one. Nobody does. It’s all a scam that they are doing things like that. Credit scores and insurance rates have nothing to do with one another.

  20. derrick says:

    Yes. I don’t believe that any information from users was known to be compromised, but they were advertising that their mobile app was more secure than it was. I believe they have secured that issue now as well.

  21. greg says:

    Denial doesn’t change the facts. It’s important for most people to have a good credit score. If you want to save money, understanding your score and ways to improve it are essential.

  22. greg says:

    No information was stolen, but the possibility of it being stolen was there. Then again, this information can be stolen it a lot of different ways. I guess you just need to decide whether or not the risk is worth it to you to know what you’re credit score is.

  23. greg says:

    There are always risks when you give out information like that, but a lot of places have it, too, so if someone wanted to steal your social security number, they probably could.

    The only way that they can access your credit history to give you your credit score is to know your social security number.

  24. faith says:

    Sorry if this comment is stupid, but why exactly do businesses need a credit score on us? The whole thing seems ridiculous.

  25. When a business gives you a loan, there is a risk that you won’t pay back that loan. The credit score is a way for these business to access the risk they are taking by lending you money. The system isn’t perfect, but it gives them a general idea. That is why people who have lower credit scores have to pay more in interest. They have a higher risk if defaulting on the loan.

  26. Karen Zimmerman says:

    I don’t know who made up these rules for our credit scores. I was going to try Credit Karma but after reading these comments, I’m not going to even try. A few years ago I had OK credit. All three were different but it averaged to about 780. My mortgage had never been late for 10 years, car payment never late on several cars. I contacted a couple of companies to find out what the problem was. Unbelievably, I was late on Capital One card six years earlier. I called Capital One and it was one day late. (I mailed it as it was before everyone paid bills online) It brought down my score DRAMATICALY, especially on one of the 3 major credit bureaus. I pay bills online now and cut up all my credit cards. (but not my bank debit card) If I can’t afford it with the money I have in the bank, that means I can’t afford it and don’t purchase it.

  27. josh says:

    You say its reality but it really isn’t. Reality happens and when you miss a payment it could affect you’re entire life. Having faith in this system is what keeps it alive. If its not perfect then why is it such a big deal. I’m only saying this because reality happened to me. Things that were out of my control and now I feel segregated because of my credit. This is exactly why this system is in place. Greed

  28. dave says:

    freecreditreport is a scam. You should get it through annualcreditreport.com which is the one the government made the credit bureaus set up and you get a free report once a year form each of the main three.

  29. faith says:

    It’s not needed at all! Listen to Dave Ramsey and don’t worry about your credit score at all. The whole credit score system is a scam!

  30. DJ Sullivan says:

    I have come to think that Credit Karma is just for supplying Discover Card with more customers. Karma states, in the on-site add, that you can transfer all credit card debt, and pay no interest for 18 months. I made the mistake. I received the card, but was told I could transfer xxx amount and any other transfers, or purchases, would be at 18% interest. Needless to say, I cut up the card.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>