California-based Credit Karma, the web site that offers free credit scores and financial advice to US consumers, has launched a Credit Report Card. It enables consumers to see the five major influencers on their credit score in detail, grades the consumer’s credit health overall, and provides specific steps to improve each specific metric such as credit card utilization, length of credit, on time payment history, total accounts and credit inquiries.
In addition, consumers can see how a change in any key metric can impact their credit score as well as prioritize which areas to focus on, based on potential impact on their credit score.
Ken Lin, CEO of Credit Karma, said: “Credit reports are unwieldy and oftentimes unintelligible to consumers, and credit scores are nothing more than a flat three digit number. The Credit Report Card is just like a school report card. It grades consumers on each component of their credit health and allows them to easily understand what impacts their credit score, and provides guidelines on how to optimize their credit.”
