Credit karma free credit score review
Credit Karma Review – How To Get Your Free Credit Score? (2019)
What is Credit Karma?
Credit Karma, a San Francisco–based company founded in 2007, has shaken things up by offering free, ongoing access to your credit scores and reports from TransUnion and Equifax. You sign up with creditkarma.ca and do not have to register a credit card as is often the case with other sites.
With that said, until now, you had to to pay in excess of $20 or more to obtain credit score in Canada.
Credit Karma In Canada
Credit Karma was founded in 2006 in the United States. In 2016, they expanded their operations to Canada.
The free credit reporting service is available to the provincial residents of Alberta, Ontario, Manitoba, British Columbia, New Brunswick, PEI, Saskatchewan, Nova Scotia, and Newfoundland and Labrador.
In the US, they also provide free tax filing services as well.
If you happen to apply for one of the credit card offers, the bank issuing the card pays them a referral fee at no additional cost to you. Now, that’s their business model and how Credit Karma functions.
Register To Credit Karma and Get Your Free Credit Score
Visit creditkarma.ca – Official website of Credit Karma
Key in your basic profile information. Choose if you want to receive regular email updates of the activity on your credit profile (credit monitoring). You may also opt-in for promotional emails if you want to.
Verify your personal identity which is easy as-well.
That’s it, you now have access to the TransUnion credit score free of charge.
What is a Good Credit Score in Canada ?
Your credit score rating will usually fall into one of the below five parameters.
A credit karma score is a 3 digit number between 300 and 900 that is reflective of how “good” or “bad” you are with debt and paying your bills on-time every month.
800 – 900 -> Excellent
720 – 799 -> Very Good
650 – 719 -> Good
600 – 649 -> Fair
300 – 599 -> Poor
Like I said before, every Canadian resident will fall into one of the above mentioned credit profiles.
Again, based on the numbers; if you’re considered good and doing ok with finances if credit score which is 650 and above.
Generally, scores between 720-799 are labeled “Very Good,” while 800 and above is considered “Excellent.” This is based on the commonly used score range of 300 to 900.
It’s important to keep in mind that these are just guidelines, though. Different lenders may have different standards for what they consider a good or excellent score.
In other words, a specific score doesn’t guarantee that you’ll be approved for credit or receive the lowest interest rates.
There are also hundreds of different scoring models out there, so you may find that your score differs depending on which model the lender chooses to use.
Factors That Determine Your Credit Score
Length of your credit history – The longer you are a Canadian resident the better
Credit Report – What All Does It Contain ?
Your credit karma report shows details of how you have used debt over time. In addition to your credit score, a lender also looks at what is on your credit report. Some of what credit bureaus record on your credit report include:
List of your credit accounts
Public records and collections
Credit report inquiries
Is Credit Karma Safe & Legit for my information ?
As far I have experienced, yes it is.
In addition, Credit Karma is well secured for your private information.
This is what Credit Karma has to say about how secure they are –
“See that “https” in our URL? The “s” stands for “secure.” We use 128-bit encryption to protect the transmission of your data to our site. In addition, our data centre is monitored around the clock. We use firewalls, third-party experts (to assess our site for vulnerabilities) and other security precautions to protect your identity.”
Also, you get logged off automatically after certain inactive minutes or idle time.
However, Internet is what it is.
Do you remember the Equifax incident a while back ? Their systems were literally hacked and data stolen. With that said, you need to be extremely careful about the data you enter online, especially financial transactions.
Comparison – Credit Karma VS Borrowell
I make it a point to check my scores quite often – every couple of months or so just to be on the same page and make sure I am not missing out on anything,
That is, only if you opt in to receive promotional mails from them while registering.
In addition, Borrowell occasionally sends out personal loans and mortgages offers.
Borrowell’s unsecured low-interest loans might be attractive to individuals who need loans from an alternative lender for debt consolidation purposes.
Loan amounts can be up to $35,000 with fixed interest rates between 5.6% to 29.19% for a 3 to 5 year term.
Another good to know difference between the two credit report companies in terms of location availability are –
Borrowell services are available to Canadians in all the provinces including Quebec.
Credit Karma is not available in Quebec, Nunavut, the Yukon, and Northwest Territories.
Credit Karma FAQ’s
Why is the score I got from my bank different from your score?
People are often surprised to learn that they can have many different credit scores—potentially hundreds.
What is Credit Karma’s Phone Number?
They do not offer phone support, however, you can submit your questions through their website support page and they will respond to you via email.
To obtain a copy, consumers have to apply through AnnualCreditReport.com, the official credit-report site. But these reports don’t include your credit score, which is an important financial figure everyone should know. In the past, the only way to obtain it was by purchasing the score directly from each agency, which often came at a hefty price.
Please let us know your thoughts and comments below.