Credit Karma Announces New Credit Report Card

We just had a big rollout the other night and you can now view your Credit Report Card on Credit Karma. For those of you are already members, just log into your account and click on the “Report Card” link on the top navigation.

One thing to note, in order to protect your identify, we ask 4 questions regarding your credit file. These questions can vary from the amount of mortgage owed, to the payment amount on a student loan. Sometimes these questions may require you to look up some information, as you will need to be accurate in your responses to gain access to your Credit Report Card.

Credit Karma has compiled data from your most recent credit report, as well as data from our user base, to provide a relevant comparison of your credit profile against a national average. You will be given a grade and some additional information on each of the following credit dimensions:

• Credit Card Utilization
• On-Time Payments
• Age of Open Credit Lines
• Total Number of Accounts
• Number of Hard Credit Inquiries

Additionally, Credit Karma will also show you your total debt reported on the credit report, and if you enter your monthly income, will calculate your Debt to Income ratio. This ratio is one of the major factors that lenders are examining when underwriting your loan. These two factors are not graded, but are provided to show your current credit scenario accurately.

You can click on the “Grade Details” and we will show you where you rank among existing Credit Karma users. If you’d like to learn more about each section, you can click on the title or the “more details” link. These pages will show your exact breakdown and provide additional tracking on your status of these categories.

Its interesting to see what debt and account totals, specifically clicking on the “more details” to see the cumulative results of your credit history. This new functionality gives more transparency to our users on what affect their credit, and how they compare to everyone else. This is the type of information that helps consumers accurately monitor their credit, and provides feedback as to where improvement is needed. So check out your Credit Report Card and see how you stack up!