Business Bank Account and Bank Credit Ratings
Credit Karma is a credit monitoring website that allows users to check their credit score. Free of charge at any time. Credit reports are updated weekly and users can check their TransUnion and Equifax scores for free. Credit Karma offers a range of products and services designed to help consumers get better credit and improve their credit scores. Users can shop for business, personal and student loans on the site as well as car insurance and credit cards. The business model is fundamentally unique, as the company is committed to providing all products and services to its customers free of charge. Credit Karma makes its money entirely from fees paid by advertisers on the site, and is also paid by lenders to provide successful recommendations to consumers. It uses VantageScore 3. 0 credit scores, ranging from 350 to 800. This scoring model was developed by the three major credit reporting agencies to provide consumers with a more consistent score.
Create the karma in credit
The company was founded by Kenneth Lin; their website was launched in February 2008. Since then, a total of 368 US dollars has been collected. 5 Million in Financing with Six Different Series. It started with $500, 000 in angel investment money in October 2008 and then received $2. 5 million capital in a series A financing in November 2009. Secured another $30 million in April 2013, followed by $85 million in March 2014. It received another $75 million in September 2014, followed by a $175 million Series D financing in June 2015.
The company reached one million subscribers in 2010 and now has more than 60 million users. Since 2014, the company has offered Equifax credit scores in addition to TransUnion's. The company currently has more than 500 employees and locations in Los Angeles and San Francisco. It will soon open another office in Charlotte, N. C. Open where it plans to hire another 100 employees. In addition, the company has recently acquired online tax preparer AFJC Corporation for an undisclosed sum to expand its product base and enter the tax preparation business. The company will offer tax prevention without the fees charged by many other providers, such as. There will also be no income limit that users must meet in order to use it. Credit Karma can then use the filer's tax return information to better tailor the relevant products and services to its users. When a consumer filing a tax return chooses to apply for a loan or other financial product or service, the website populates the application with the information from the tax return.The company, however, says it will not sell the information it collects to third-party vendors. In August 2014, the FTC filed a complaint against the company for misrepresenting the security level of its mobile apps, but no customers were affected and no data was stolen. Credit Karma has agreed to evaluate its security systems every two years for the next 20 years as part of the settlement process.
Credit Karma ultimately seeks to transform itself into more than a credit score website. It continues to expand its selection of products and services. Recently added Rocket Mortgages from Quicken and Wells Fargo. The company has updated its website and revamped its brand strategy to become a destination for financial consumers. It will offer its tax preparation service in January 2017.