Credit Karma Offers Credit Report Card

One of the most important things you can do for your personal finances is to understand your credit and how it works. In my opinion, Credit Karma is one of the best Web sites available for this purpose. It is free, and you get access to your TransUnion credit score for free. Credit Karma has a number of features aimed at helping you better analyze your credit, and understand where you are at. The latest feature is the Credit Report Card. Kenneth Lin, CEO of Credit Karma, sent me this information in an email about the new feature:

With this service, consumers will be able to see how much their scores could change and what they would need to do to optimize it. In essence, the service takes the user’s 10-12 page credit report and compiles a simple to understand report that directly correlates to the credit score with prescriptive recommendations.

The report card uses letter grades to help you easily see how you are doing in different areas that affect your credit score. Here is a sample Credit Report Card that Lin shared with me:

You can see that it is very straightforward and easy to read. Explanations about each aspect of your credit score are provided, and you can get an idea of how you stack up in comparison with others who use Credit Karma. Since the Credit Report Card uses information from your credit report, you will have to provide permission for the service to access your report. And, in order to get the full benefits, you will have to register (it’s free) with Credit Karma. Overall, though, it is worth the trouble to do so. Credit Karma is an excellent personal finance resource that can help you keep on top of your credit.