Creditkarma.com

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Credit Karma gives you free access to your credit scores and credit reports from TransUnion and also Equifax. You can sign up with creditkarma.com, but you do not need to register a credit card as you often do for free trials on the other sites. If you are a member, you are able to track your credit as often as you want. This platform provides free online tools as well and information to assist you to understand your score with a specific actions based on your profile, reduce your credit utilization or improve your on time payments that you can take to improve it.

This platform has made transparency central to the business model. According to a spokesperson, the company was established with the belief that consumers should have access to their data for free. Another mission of this platform is to assist people understand their own financial health. The founder of Credit Karma, Ken Lin said that scores were built for lenders and statisticians. Then, he also added that consumers were not the intended audience. This platform is present to demystify credit for the average person. Then, what is the business model of this platform? Credit Karma is  for profit business and it can make money. But, you have to note that it is not from selling the information that you give in order to get your credit reports from the website. The revenue is from tailored, targeted advertising by financial companies on the website.

The business model is based on discovering a win for everyone including the consumer, the financial institutions which advertise products and Credit Karma’s win bottom line. In 2016, this platform exceeded 60 million members and even it launched in Canada. It owns the ability to do robust analysis and utilizes algorithms to choose relevant ads to specific people. To financial advertisers, it means that the website can be better match them with the consumers who are more likely to utilize their services. So, how does it work? Credit Karma will pull your credit reports and when it happens, it can show how much you are presently paying for loans or credit card debt and can suggest credit cards, auto loans and insurance, personal loans or other products of banking which would save you money. Lin said in a Reddit Q & A in December 2014 that if you take advantage of that chance, they should make money, you should save money, and the bank should get a new costumer. Furthermore, he also added that the loser in the equation was that bank which was charging too much.

Because it is internet basis and it will require our personal information, you probably wonder whether it is safe or not. Credit Karma is committed to protecting your data. It employs 128-bit encryption to protect the transmission of your data to the site and the access to your accounts is read-only. The center of the data is monitored all times by security personnel. Then, they also enlist independent experts in the field of application security to assess the site for vulnerabilities.

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