We all know about the 3 credit bureaus and that we have a credit score that can help or hold us back in life. We will feature products and services, such as Credit Karma, that can help you restore your credit after a data breach, help you build credit for the first time, or rebuild it for the last time.
What is Credit Karma?
Credit Karma is a service you might have heard about but here is the real scoop. You can get an updated credit report from 2 of the bureaus, Experian and Equifax, every 7 days that shows the credit score over 60 million companies used to determine your creditworthiness last year. It’s called the Vantage 3, and it considers your last 2 years of credit usage and bill paying along with several other factors that give a more accurate profile of your creditworthiness.
In addition to near real-time credit scores, this totally free service will give you ample advice on how to build your credit, different pre-screened credit cards that fit your profile and compares their rates and fees, and alerts to anything that can or may affect your score. It will even tell you when not open new accounts, the effects on your score if you do open new accounts and the effects of paying certain cards off before others.
Credit scores are a crucial factor when it comes to borrowing money, so it is in your best interest to monitor your credit score. These scores convey a snapshot of an individual’s credit profile at a specific point in time when the scores are generated. If you use credit responsibly, pay your bills on time, reduce your debt, and apply only for the credit you need, with time you can build a substantial credit history.
This service is free, you will not be placed on a massive email list, and you can quit at any time. It is excellent for teenagers to teach them the basics of managing their credit and it gives adults the information and tools to help them understand the fastest way to build, or rebuild, their credit score.
Learn More Here.