SOURCE: Credit Karma

February 03, 2010 14:58 ET

Credit Karma Launches Personal Savings Tool -- Ways to Save Dashboard

Free Web-Based Tool Empowers Users to Take Advantage of Additional Savings When Their Credit Score Is Up or the Market Interest Rates Are Favorable

SAN FRANCISCO, CA--(Marketwire - February 3, 2010) -  Credit Karma (www.creditkarma.com), the consumer's credit advocate, announced today the Ways to Save Dashboard, a free Web-based tool to help consumers realize the everyday cost savings available to them based on their current credit score.

"Consumers often don't realize that a good credit score can help save on auto insurance or new phones and wireless plans," said Nichole Mustard, vice president of strategy at Credit Karma. "The Ways to Save Dashboard silently and anonymously searches relevant offers across different lenders to provide consumers with everyday savings opportunities available to them based on their personal credit situation."

Credit scores fluctuate over time and so do interest rates. Credit Karma's new Ways to Save Dashboard empowers users to put their credit to work when their credit score is up or the market interest rates are favorable. A good credit score can actually save a consumer $1 million during the course of a lifetime.

 In addition, the Ways to Save Dashboard:

  • Customized to each consumer's current portfolio of financial products, consumers find savings offers for home mortgages, credit cards, auto loans, etc.
  • Consumers often don't qualify for the best pricing the first time they buy a product. This tool helps consumers identify better offers as their credit situation improves whether through better management of their credit or simply through the consumer having a longer credit history
  • Consumers can sort offers based on things such as lowest payment, greatest savings or lowest APRs
  • Every offer, except for home mortgage, is really simple and easy to do -- many applications can take less than 10 minutes

2009 was a banner year for Credit Karma. The company quadrupled its users, secured $2.5 million in Series A funding and formed a strategic partnership with Sears. Now, in 2010, Credit Karma has already reached 1 million users and shed beta. The company also plans to double its size within the next 12 months.

"We realized that there are about 30 to 40 million Americans who are paying to access their credit score every year," said Mustard. "We thought, 'Wouldn't it be better if we could give the service away for free?'"

About Credit Karma
Credit Karma enables consumers to put their credit to work for their overall financial health. Credit Karma's goal is to help its more than 1 million users realize the everyday cost savings of having a good credit score by providing a range of tools and resources to help consumers improve their financial situation. For more information, visit www.creditkarma.com.

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