Credit Karma – Review

March 24, 2009 by  
Filed under Product Reviews

Credit Karma – Review

This website has it — a free credit score.  No really.  I mean it.  A free credit score?  What’s the catch you say?  The company is hoping that consumers will upsell to other products such as credit cards and other goods and services once they have their free score.  A close look at the privacy policy suggests that the site will not sell your information, nor share it with others.

Having met the CEO and knowing his background, I believe that the company is looking out for consumers.  They know that other credit report companies are getting accused of blatantly selling off personal information, so they are trying their best to help consumers understand their situation.

Here’s what the product has around your credit score:

  • A credit score from Trans Union – not a FICO score, but hey it’s free
  • A credit snapshot showing how you compare to other Credit Karma users
  • Credit simulation – shows what if scenarios and what you should expect to have happen to your score

The second piece of the site is the product offers.  There are offers of all kinds including credit card companies, auto lenders and more.  Partners include ING Direct, Orchard Bank, Rudder, Discover Card and Quicken.

For more check out CreditKarma.com

FICO® Standard – Review

March 13, 2009 by  
Filed under Product Reviews

FICO® Standard – Review

FICO® Standard is the entry-level product from myFICO. For $15.95, it allows you to pull your FICO® score from Experian or Trans Union and then dive into all the details of your credit report.

The structure of this product is nice. They have 9 clearly labeled tabs divided into 3 areas:

  • Credit Score
    • FICO Score Summary
    • Understanding Your Score
    • How Lenders See You
  • Credit Report
    • Credit At-a-glance
    • Credit Accounts
    • Inquiries
    • Collections
    • Public Records
  • Next Steps

The Score Summary gives a quick overview of my score, but switching to the Understanding your score tab shows exactly what’s hurting and helping your score.  They’ve taken the “reason code” which can be a daunting industry term and translated it to things that hurt and things that help.

Next, the how lenders see you tab puts your FICO® score to work to show you your interest rate and payments tab.

The credit reports sections do a great job of being concise showing an overview of account status and then all your accounts on a single page.  Collection, inquiry and public record data can be viewed as well.

Finally, once you are through your reports, you can look for errors and dipute them with a tool that generates the letters for you.  You can also do “what-if” scenarios on your FICO credit score using the Score Simulator.

All and all.  This product has a lot of features for $15.95.

Next Page »