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Old 07-02-2013, 07:57 AM   #1
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Credit Monitoring?

About 2 1/2 years ago we heard about a FREE credit monitoring company.
No Strings attached.
Free alerts, credit scores, monitoring of your credit,

Up to this time we used another company that we were paying for, so we made the switch to

Credit Karma We have both been very happy with it and it is FREE !!

Just letting you know if you are interested in saving some money and protecting yourself at the same time.

www.creditkarma.com
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Old 07-02-2013, 09:51 AM   #2
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Quote:
Originally Posted by Kro1957 View Post
About 2 1/2 years ago we heard about a FREE credit monitoring company.
No Strings attached.
Free alerts, credit scores, monitoring of your credit,

Up to this time we used another company that we were paying for, so we made the switch to

Credit Karma We have both been very happy with it and it is FREE !!

Just letting you know if you are interested in saving some money and protecting yourself at the same time.

www.creditkarma.com
I never understood why people think they need to constantly check their credit scores.
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Old 07-02-2013, 10:36 AM   #3
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I reviewed their terms of use and privacy policy.
They track your activity and share it with 3rd parties. This gets you targeted advertising and such things. This is how they make revenue.

We all have free access to credit reports and credit scores from each of the three national credit reporting agencies: Experian, TransUnion and Equifax. So, I dont need a go-between that would have my private information.

Best wishes!
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Old 07-02-2013, 11:35 AM   #4
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We had heard about this company after watching Clark Howard. He highly recommends you monitor your credit and gave high marks for Credit Karma.

We have never had them giving out your information so I am not sure where you come up with that. The web site has web banners that offer other services and will also direct you to credit cards or lenders if interested. Similar to the sponsors on this forum.

When ever we do any business on a web site, there is often a box to indicate if you are willing or not to allow solicitation. Some of those sites will auto fill in the box and it is up to you to un-check it or you might be put on a mailing list or solicitation.

Not saying Credit Karma does that just beware of any web site you do business with.

As for why you would want to monitor your credit, because it is highly recommended in today's society with Identity Theft. More and more of it going on and this gives you a heads up any time someone runs credit or attempts to use your identity.

It has happened to more than one of our friends and it is not fun to deal with at all.

Kind of like why one carries insurance only this is free.
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Old 07-02-2013, 12:13 PM   #5
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I never understood why people think they need to constantly check their credit scores.
I agree to some degree, but perhaps my circumstances are different whereas other than my credit cards, which are paid in full with every statement I no longer use credit unless it is to my net advantage and I can back up any loan with 100% financial security. All utility and taxes etc are on autopayment directly from my bank account. Am fortunate not to have a mortgage since 1992.

But back in the day when I was mortgage shopping, or arranging some other credit purchase, the rating does indeed impact your rate or if you actually get a loan at all.

One time my bank ran a check on me at a local credit bureau when I was applying for a mortgage, and it was reported to be bad. I had never missed a payment on anything. I contacted the bureau and asked them for supporting documentation to support thier report. When they produced the material, they were tracking someone with the same name as me but it was not me. I took this to my lawyer and to the bank. Through my lawyer I requested a retraction re the rating and sought restitution for damaging my reputation and the inconvenience with the option to sue if they did not take appropriate correction action. They paid my legal costs, gave me $500 and gave me the clean high rating I deserved.

So if one needs credit, it is makes good sense to see what other people are reporting if one is experiencing credit problems.
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Old 07-02-2013, 12:14 PM   #6
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To the OP: Each to their own and I wish you the best.

I read these.

https://www.creditkarma.com/about/privacy

https://www.creditkarma.com/about/terms

From what I gathered, they may alert you of potential identity theft.
But this explains that you must fix it yourself.

http://blog.creditkarma.com/personal...dentity-theft/
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Old 07-02-2013, 02:05 PM   #7
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Originally Posted by Bubwheat View Post
I never understood why people think they need to constantly check their credit scores.
It isn't so much the scores you need to check but you should check to see if any company is making a new credit check on you. If someone gets your private info they can open an account in your name without your knowledge. The unsuspecting person who doesn't check his credit file may have thousands charged in their name and officially the unsuspecting person is responsible for payment. So it becomes very expensive to get a lawyer to straighten it out. It is called ID theft and it is very common.

I use a service with USAA where I get notifications from any of the three agencies if someone is trying to steal my ID.

So if a company checks my credit without my permission I can notify that company and the credit agency immediately that an ID theft is in progress. The sooner you do this the less liability you will have.

So in this day and age Credit Monitoring is very important even if ou pay cash for everything.

If you have good credit but deal only in cash then you might consider freezing your credit for protection otherwise it is fair game.
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Old 07-02-2013, 04:36 PM   #8
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www.annualcreditreport.com

First, under federal law you're entitled to a free credit report once a year from each of the three credit bureaus: Experian, Equifax, and TransUnion.

There is no need to pay for credit monitoring. You can do it yourself by regularly checking reports from these bureaus for accurate credit info -- name, address(es), credit history, . . . This helps make getting credit easier and prevent identity theft.

Consumer Reports gave this web address for getting these reports: www.annualcreditreport.com.

Finally, this is what Consumer Reports says about CreditKarma:

CreditKarma: Get what you pay for

CreditKarma.com looks like a steal, which could explain its 6 million users. The San Francisco-based company promises free credit scores, free credit monitoring, and a free “credit report card.” And, the site says, those freebies come “without the sneaky ‘free’ trials or subscription requirements.” But when we dug deeper, we found some caveats:

Scores have dubious value. CreditKarma provides two credit scores—the VantageScore and a TransUnion score—but neither is generally used by lenders in credit-related decisions.

Monitoring is incomplete. CreditKarma’s service is provided by TransUnion and is based on only its credit file. Because each of the three credit bureaus collects different data, all of them should be monitored, assuming you see value in monitoring to begin with. TransUnion charges $200 a year for its three-bureau service.

Your credit report isn’t available. CreditKarma doesn’t give you your credit report. Instead, you get a “credit report card,” which is a summary of your full file.

No free lunch. CreditKarma uses your credit report, along with other personal data, to determine which advertising to display when you’re on its website. So your “free” lunch is paid for by advertisers who want a foot in your door.
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Old 07-02-2013, 04:56 PM   #9
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T.W.
You are correct.

One of the things we like best is not only looking at our credit score monthly to see the various trending and metrics is the fact if there is any credit ran at all we get an instant e-mail notification.

Case in point, We recently signed up for the Pilot RV card, even though it is linked right to my bank account, Pilot ran a credit report and I was notified within seconds.
Same thing when we just purchased a new 5r.

Why is using something important? Because a fellow Air Force CMSgt friend of ours went through a ton of problems when buying a house. Someone stole his identity and it was not discovered right away, they used all his information and ran up a ton of credit against him, yes they caught and convicted the guy but in the meantime it created a lot of problems. Actually we know two people that have had their identity stolen. Let's say we like seeing what is being reported and making sure things stay legit and accurate.
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Old 07-02-2013, 05:01 PM   #10
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Kro1957,

Did you catch the previous post?

Monitoring is incomplete. CreditKarma’s service is provided by TransUnion and is based on only its credit file. Because each of the three credit bureaus collects different data, all of them should be monitored.

If your credit report is requested from the other 2 sources, you wont know

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Old 07-02-2013, 05:47 PM   #11
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Good point....But....

If you get a free report every four months from one credit agency it may still not be enough.

For example,

You get say a Transunion report, 4 months later you get an experian but while your getting your Transunion somebodys sets up your credit on equifax, it will be 8 months before you know there is a problem. Too long to wait.

My credit monitoring is about 12 a month and notifies me within hours if someone does something to any of the three agencies.
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Old 07-02-2013, 05:51 PM   #12
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I can not attest to where they get the information all I can say is the DW had signed up for a subscribed service of $10 a month with another company previously.

After hearing about Credit Karma from Howard Clark program, we compared the two and there was virtually no difference at all.

Looking at everything reported on both of our Credit Karma reports the history past and current is 100 % correct.

DW dropped her subscribed service and we are saving $10 a month. And that was only monitoring her report not mine.
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Old 07-02-2013, 06:36 PM   #13
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Are you getting credit reports from Experian, TransUnion and Equifax?

If not, you dont catch all credit checks that may be placed against your credit record. You may miss knowing you have been used.

I'm done now.

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Old 07-02-2013, 08:47 PM   #14
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CD I understand your point. Appreciate it.
We have had it for several months and review it every month. Any credit we had applied for and any creditors we currently have or had shows up on our report so we are satisfied. It certainly is better than doing nothing at all.
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