| By Jim Bruene on October 14, 2008 10:59 AM | Comments (1) |
The next presenter is Kenneth Lin, CEO of Credit Karma and Nichole Mustard.
Credit Karma has developed an ad-supported, free credit-report service that launched earlier this year. The company first showed its service at our Finovate Startup conference in April.
What's new
Credit Karma showed credit score trends by Internet service provider, with Gmail users leading the pack.
Credit Karma today is introducing a credit card simulator, which lets you run what-ifs on what would happen to your score if certain things happened. For instance, it shows that if you applied for a new credit card, the example score would drop 15 points. If a late payment occurred, it would drop more than 50.
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CreditKarma certainly draws people in with their offer of a free credit score. The only problem is the score is different than a FICO score. Mine was off by 50 points or so. If they could offer a FICO score for free it would really draw more traffic.