Credit Karma Canada reviews is a free credit score reporting company in Canada base.
It also offers a free mobile app and a desktop version to make it easier for you to check your credit score and reports.
But how does it compare to other free credit reporting companies such as Borowell, Mogo, and others?
Credit Karma, Borowell ,and Mogo are the three best fin-tech companies in Canada that provide free credit scores and reports to Canadians.
The credit scores offered on these platforms are taken from Equifax and TransUnion.
If you want to get your score directly from Equifax or Transunion, it will cost you about $20 per month to access your credit score and report.
But is there a catch here? Why is this score even free? Should you be concerned or cautious before using these platforms?
For example, your score on Credit Karma could be 740 and on Borrowwell 720. This does not mean that 740 is wrong or wrong.
It is true that each of these free credit score companies has different scoring models (formulas and algorithms for calculating your personal score) at any given time.
What Is Credit Karma?
Credit Karma canada is a free credit score and company. It has been running for 7 years and is much longer than Borowell.
Until recently, however, they only worked in the United States. This private finance company serves more than 60 million people through its services.
Like Borowell, Credit Karma offers free credit score checks and credit reports, but unlike Borowell and Mogo, they offer weekly score checks and reports, not monthly. However, they are mostly known for their credit card services.
On the Credit Karma platform, you can compare the plethora of cards for a variety of reasons and apply for the best fit.
They have done a good job of classifying different cards for different financial situations: good credit, bad credit, balance transfer, low interest cards, rewards and cashback cards, secured cards and much more.
They have other financial products such as loans, tax filing, high interest savings, personal financial advice and much more. Their loans include personal loans, home loans, business loans, student loans, auto loans and much more.
The Credit Karma Credit Score service uses Transunion’s Credit Vision risk scoring model to check your scores and reports.
So don’t be surprised if your score is checked in credit karma and matches the credit bureau results.
Currently, Credit Karma mainly provides credit score, reporting and monitoring services in Canada and almost nothing. The full-service suite can only be used if you live in the United States
How to use credit Karma?
Credit Karma Canada offers free credit score checks from 2 of the 3 largest credit reporting companies – TransUnion and Equifax and also free credit reports.
While it has always been possible to request your credit report for free with other services such as an annual credit report, you can only get that report once a year, where Credit Karma allows you to get your credit report from both credit bureaus at once.
This must say something about the validity of their service. Nevertheless, there are features of credit karmas that may make some people feel uncomfortable.
Like most financial solutions services, credit karma continues to divide opinions So before you decide for or against, we’ve reviewed their services to help you make an informed decision.
Is Credit Karma Legit?
The answer is 100% “Yes.
Credit Karma is a highly reliable company and has been around for over a decade now. You can trust the data you see and the company is very valid for any and every transaction performed.
As mentioned earlier, Credit Karma has been around for almost a decade – since 2008 – and since then they have been providing their users with credit checks, financial instruments and other financial advice.
While most other credit reporting companies offer similar services to credit operations for less than $ 20 per month, credit operations are actually absolutely free.
But the service is not a nonprofit, which raises the question: How does credit karma bring in revenue?
Really easy – advertising.
Users of credit karmas are accustomed to seeing strategically displayed ads when logging in to their account.
These advertisers provide credit karma for advertising their various credits and loan products on their user base.
What is a good credit score in Canada?
A credit score is a numeric number that starts at 300 and goes up to 900.
A credit score of 900 can get you the most, but I don’t think anyone wants a 900 score.
Any score above 750+ is generally considered very good in the eyes of banks and lenders and you can get any type of loan or mortgage you need to apply for.
Also remember, only know your credit scoreIt is not important to apply for a new loan or financial product, it is related to your overall financial situation and the timing of you and your bill.
Suppose you want to rent a place, or rent a car, apply for a new credit card, in the worst case – apply for a credit card limit increase, apply for a basic internet or mobile connection – your credit score 7 will be dragged online
Within seconds of you applying, your application may be approved or rejected because of your credit score. Therefore, it is always good to have a good credit score in Canada.
Why is a credit score important in Canada?
I want to keep it simple, credit score is one of the most important parameters that presents you as an individual.
You can earn a decent income at the end of the day, but not having a good credit score and a credit file can ruin your case for a mortgage, at worst you can end up with a half-earning person. You have to pay more interest rate than your income.
It’s more about how organized you are with your money, how well-organized you are in terms of paying bills on time in the past (payment history) and more about your overall financial health.
Suppose, for example, you want to buy a property tomorrow. Your credit file must be pulled and viewed by the lender. Equifax or Transunion.
If your credit score is bad for Equifax, it will be the same for most others. Your score will be 550 in one and not 750 in the other. It’s impossible.
Now, if mortgage is a big word, credit score affects your interest fees and bank rates, renting a new apartment or even getting a simple cellular phone connection or cable TV.
If you have a good credit file, it leads to peace of mind, improved overall growth – credit limits (credit cards), better mortgage rates, lines of credit application (LOC), personal loans, car loans, and more.
credit score range in Canada
Credit scores in Canada are classified into three main categories.
Bad credit score – If your credit score is less than 300 to 600 then your credit score will be considered bad
Good credit score – If your credit score is less than 600 and between 700.
Very good for an excellent credit score – Any credit score above 750+ is generally considered an excellent credit score
Again, it all depends on the individual credit scoring model used. Each credit scoring model can have different ranges and scoring criteria.
This means that the same credit score will represent something different, depending on which credit model the lender uses at the time.
Top 6 Benefits of Credit Karma
Credit karma is a bundle of features and assets that help you improve your financial situation.
But there are some features that most of their users agree that are the main reason for using the service. We’ve mentioned some of them before but they’re worth repeating.
- Spend Tracker
- Credit Score Simulator
- Unclaimed Money Search
- Credit Score from TransUnion
- Factors Affecting Your Credit Karma Credit Score
- FREE Credit Report
Credit Karma App
The Credit Karma app is available for both iOS and Android.
The app is simple, intuitive and extremely easy to set up and launch
All you have to do is log in to the Credit Karma app using valid credentials and view your credit score and report in a flash.
Also, the app gets constant updates in both stores. It is both safe and powerful in terms of functionality and use.
Is Credit Karma Safe in Canada?
The simple answer is yes. Credit karma is very safe to use.
Here are some reasons why Credit Karma and its services are safe to use –
1. Credit Karma will never sell your personal information to any third party for any purpose. They have been around for more than a decade now and there is no negative news or scandal to prove it.
2. They have firewalls and other security warnings to ensure the security of your data browsing – if you notice, when you first access the site, creditkarma.ca has a prefix “https”, which allows your login and all subsequent Data stays safe. (SSL). “S” means “safe”. They use 128-bit encryption to secure and secure your personal data. In addition, they have strict firewalls to prevent data theft.
3. I have been a credit karma user for over 3+ years. Every time I turn my system on and off for a few minutes, I log out of the site due to inactivity.
You go there, it was my honest review of the credit karma canada. You can create your free account by visiting Creditkarma.ca.
Absolutely no sign up fee or any formcon fee. I have been personally using Credit Karma for over 3+ years to know my credit score and reports and I have never had a bad experience with them to date.
Equifax and TransunionBoth charge 20 Canadian for the same service provided by Credit Karma Free.
You May Also Like:
What Is A Good Credit Score In Canada
LoanConnect Review: Personal Loans Online Canada