January 06, 2011 08:00 ET
Credit Karma Launches Two New Free Scores for Consumers
VantageScore and TransUnion Auto Insurance Risk Score Now Included in Credit Karma's Comprehensive Tool Suite
SAN FRANCISCO, CA--(Marketwire - January 6, 2011) - CreditKarma.com, the consumer's credit advocate, is now providing consumers with two additional scores for free -- the VantageScore and TransUnion Auto Insurance Risk Score. These new scores, along with CreditKarma.com's current offerings including TransRisk Credit Score, ScoreSavings, Credit Report Card and Credit Score Simulator, provide consumers with a comprehensive view of their overall credit health.
"CreditKarma.com strives to offer our more than 2 million members a broad set of free educational tools for one of the most important aspects of their financial wellbeing," said Ken Lin, CEO of CreditKarma.com. "The addition of the VantageScore and TransUnion Auto Insurance Risk Score provide further access and transparency to a traditionally confusing industry."
VantageScore -- VantageScore combines the collective experience of industry leading experts on credit data, credit risk modeling and analytics. This next generation credit score was developed by the nation's three major credit reporting companies -- Equifax, Experian and TransUnion -- to provide a consistent and accurate approach to credit scoring. It is used by numerous lenders to make billions of decisions annually, including four out of the top five financial institutions and five out of the top five credit card issuers.
TransUnion Auto Insurance Risk Score -- Auto insurance risk scores are used by insurers to determine a consumer's auto insurance premium. The TransUnion Auto Insurance Risk Score is created from a consumer's credit report rather than driving history and was built according to standards set by the National Conference of Insurance Legislators Model Act. With this new free tool, consumers can better understand how their auto insurance premiums are calculated.
Consumers' credit history impacts much more than approval for a new credit card account. Insurance premiums, access to homeowner and car insurance, employment and renting a home or apartment can all be affected by poor credit. CreditKarma.com's extensive tool suite provides consumers with precise, reliable data to successfully understand and manage all aspects of their finances and realize the everyday cost savings by having a good credit score. A good credit score can save a person more than one million dollars over the course of a lifetime.
To gain access to CreditKarma.com's new scores, existing members can log in and click "Update Score" on the new Score Center page. New members can register at Creditkarma.com
CreditKarma.com is a completely free credit management service that enables consumers to put their credit to work for their overall financial health by providing them with customized savings recommendations. CreditKarma.com's goal is to help its more than 2 million users realize the everyday cost savings of having a good credit score by providing free credit scores, as well as a range of tools to help consumers improve their financial situation. For more information, visit www.creditkarma.com.