What is Credit Karma?
Founded in 2008, Credit Karma is a website offering free credit and financial management services. The site provides free credit scores, free credit reports, and credit monitoring from TransUnion. When you visit this website, you can access your TransUnion credit score and reports at no cost. All the services offered at the site are completely free, and there is no need to pay or give your credit card to access any of their services. They are a legitimate site offering a solution to allowing you access to credit score and reporting.
What is Quizzle?
Just like Credit Karma, Quizzle was also launched back in 2008. Quizzle is also in the business of offering consumers information regarding their credit score and their credit standing at no cost. The site also doesn’t require a credit card or any other form of payment to access the services they provide. They are a legitimate company which offers consumers free access to their credit score and report.
What is the difference?
One can’t help but ask what are the differences between Credit Karma and Quizzle. The most significant difference between the two is the credit agency they use to create your score and report. Quizzle makes use of the credit agency Equifax, while Credit Karma makes use of the credit agency TransUnion. Since each of the three credit reporting agencies (Equifax, Transunion and Experian) are different, what their scores and reports contain can be different from the others.
Another difference between Credit Karma and Quizzle are the types of credit scores each provides. Of the two, Credit Karma offers consumers four scores (TransRisk Score, TransUnion Home Insurance Risk Score and TransUnion Auto Insurance Risk Score and VantageScore) while Quizzle only offers the VantageScore through Equifax. All these scores from both companies are FAKO scores.
Both companies also offer free credit reports, but again, these are from different credit reporting agencies. Consumers get their credit report from TransUnion when using Credit Karma, and it can be accessed as often as once a week. Consumers get a report from Equifax when using Quizzle, but can only have access to it every 6 months.
Of the two companies, Credit Karma is generally regarded as having the better combination of credit tools and access to the scores and reports, but a lot depends on the consumer’s individual needs. It also depends a lot on which credit bureau they want to see the information obtained from (Experian free credit score information can be found at Credit Sesame). While in general terms the two companies appear to be almost the same, there are some key differences which favor Credit Karma over Quizzle for many people.
Of the two, I find Credit Karma is more user friendly and has more tools that can be used. I actually use all three (CK, CS and Q) to get the information from the different credit reporting agencies.
Anyone who wants to be debt free should avoid all of these websites. Dave Ramsey says that a “credit score” is nothing more than your “debt score” You only have a good score if you have a lot of debt, so you should want a score of 0. Anything better than that and you have too much debt. Learn to pay everything in cash and you won’t ever have a reason to know your credit score or report.
Lol, did you buy your house with cash?
As a matter of fact, we did.
Your credit score affects your insurance rates. Always good to keep an eye on your scores since property and casualty insurance rates are affected by your credit score
So does the amount of money you owe on a house, so if you have it fully paid off, there is no difference because they equal each other out.
Or you could have it paid off AND have a good credit score. Save even more.
Do you really have to come on every article and copy and paste the same thing? Nobody agrees with you.
Just got over $$500 back booking my honeymoon on a new Barclay card. Let me know how that works out for you with your “0 credit score”. smh
Someone has to let people know they are being deceived into caring about something that doesn’t matter. And a multi millionaire who teaches more people about finance than anyone does agree with me, along with all of those smart enough to follow his plan.
And that $500 you got back just means that you have more debt on your credit card. Spending money to get a portion of it back isn’t saving money.
Yep I had debt on my credit card. For a week. Until I paid it off. Zero interest, $528 bucks in my pocket. Thanks for your advice though.
Studies show people who use credit cards spend more than people who use cash.
When you have every dollar of your paycheck budgeted, it doesn’t matter how you pay for things.
Why is it so hard to believe that some people CAN use credit responsibly and make money off it? Just because you apparently can’t doesn’t mean some can. My bank account is proof.
This is an invalid concept. Proper credit utilization requires you to be responsible by paying it off. The cash approach is ideal but your lack of credit will cause you to have a lack of exposure and history which increases your risk factor and lowering your score. You WILL have higher home insurance, car insurance and if you have an employer that is counts your credit score as part of their hiring requirements it could cost you an opportunity.
You can approach credit from a cash principle just utilitze the credit as a resource and pay the card as if IT was cash……problem solved.
Why do you call the scores from Karma and Quizzle “fako” scores? All of the scores given away from those sites are commercially available scores sold to and used by lenders. How in the world is that “fako?” Your definition of fako must be “not a FICO score.”
You also left out Mint, LendingTree, CreditSesame, Springleaf, and Credit.com for free scores. And you left out Discover, CapOne, Barclays, and FNBO, which also give away scores to their cardholders.
Credit Karma uses the TransRisk score which is only an “educational” credit score, and not used by any lenders for qualifying decisions. No one really knows how well it tracks to your FICO score or any other commercially used credit score.
I have used both websites. Of the two of them I prefer, Credit Karma. Quizzle is actually more of an Experian than Equi-fax. The information listed on Quizzle’s site is usually out-of-date, so consulting it doesn’t help much because unless you pay for their services, they will not update your information for six months. Also, if any of your information has changed, it takes them that long to update it, too. Credit Karma is usually more consistent about updating any information. What I dislike about both websites is that they do not allow subscribers to dispute information. Usually that has to be done through Equi-fax’s online dispute resolution.