May 1st, 2008
The Movement Towards Transparency
I presented at Finovate on April 29th. After the presentation, we had lots of great feedback about Credit Karma. Aside from the truly free credit score, attendees really liked how we made our offers transparent.
In case you haven’t seen one of our offers, we share several metrics based on how members view the various offers (for better or worse).
User Voting - The percent of users who voted that this is a good offer.
Exclusivity -Based on how many members are eligible for the offer. Higher exclusivity means fewer people are eligible.
Take Rate - Ranked against all offers, this measures the relative percentile of members who apply for an offer.
The common thread of all the metrics is that we hope the Credit Karma community will help others decide the good / bad offers. We don’t want to suggest what you should like, we want users like you to suggest what is interesting and what is not.
We are big fans of transparency. More sites are moving in this direction and we want to be supporters of the movement. We plan on adding more features along these lines. For now please continue to vote and add comments so we can all share our experiences and knowledge.
Let us know if you like the concept.
I have noticed that some offers in queue are pretty crappy – this is a useful tool in weeding out some of the crap offers and getting your advertising partners to step up with good offers!
After all, we should be rewarded for our good credit ~
Given that the issuers who make offers available here have access to members credit data, why are there no pre-approved offers on the site?
@fermat
Issuers never have access to member credit data. We have a strict privacy policy and never share or sell member data with any third party.
That is part of the reason why there are no pre-approved offers. But in the coming weeks we will have tools that will show you what offers people are taking and what the approval rate is for people of various credit ranges.