Are there any downsides to utilizing Credit Karma?

[james.hendrickson]

So, I am in the process of getting some of my debts paid off. Have any of you guys used Credit Karma to monitor your credit score? How did it work for you?

[disneysteve]

I haven't used it but I see their commercials all the time. I haven't heard anything bad about them.

James, do any of your credit cards or bank accounts provide your credit score free of charge? Quite a few do now. We got ours every month on our Discover card statement.

[creditcardfree]

There are no downsides. It's free, and it doesn't affect your score to use it and check. I have used it with no problems. I don't currently use it as I have no debt and have other free sources (our bank and credit cards) to use to check.

[williebow]

I use it and login weekly to monitor my credit. No downsides that I have encountered to date.

[Captain Save]

if you're one of these people who enjoy free things but don't think that the company has any right to monetize through advertising and product placement, then it might turn you off ..

Otherwise.. feel free to enjoy this "free" tool with the rest of us.

[Budget Kitty]

I have a free Credit Sesame account and the only downside is the "offers" for new loans or refinances. If you're easily tempted that can be dangerous but if you know better it's an acceptable way for them to monetize an otherwise free service...they make money on the users who sign up for a loan or credit card, so I guess I'm a freeloader.

What I really like is that one time I got an email from them alerting me to a sudden drop in my credit score. I checked it out and it turns out I had an account sent to collections for a lousy $60 doctor bill. And I had paid that bill!

Long story short (too late) I quickly got it resolved and my credit score bounced back up but if not for the alert email it might have taken me longer to notice and realize there was an issue.

[msomnipotent]

The only downside I see is that their model is vastly different than what our mortgage broker uses. CK had my husband's score about 35 points higher than the broker and mine was a 25 pt difference. I nearly fainted. We still have excellent credit, but it is a huge shock when you are expecting to hear "830" and your broker says you have 795. I know they say that it is not exact, but 35 pts is a bit much.