Credit Karma
| Private | |
| Industry | Personal finance, Software, Financial technology |
| Founded | 2007 |
| Headquarters | San Francisco, California |
|
Key people
|
Kenneth Lin (Founder and CEO), Ryan Graciano (CTO and Co-Founder), Nichole Mustard (CRO and Co-Founder) |
| Products | credit scores, credit reports, credit monitoring, tax preparation |
| Revenue | US$ 350 million (2015) |
|
Number of employees
|
600 |
| Website | creditkarma |
Credit Karma is an American multinational personal finance company, founded on March 8, 2007, by Kenneth Lin, Ryan Graciano and Nichole Mustard. It is best known as a free credit and financial management platform, but its features also include free tax preparation, monitoring of unclaimed property databases and a tool to identify and dispute credit report errors.
All of Credit Karma’s services are free to consumers. Revenue from targeted advertisements for financial products offsets the costs of its free products and services. Credit Karma is paid by lenders for successful recommendations.
Credit Karma provides free credit scores and credit reports from national credit bureaus TransUnion and Equifax, alongside daily credit monitoring from TransUnion. Users can see updates to their credit scores and credit reports on Credit Karma once a week.
Credit Karma also provides credit tools, such as a Credit Score Simulator, which simulates the effect of potential financial actions on a user's credit score; and tailored financial recommendations based on each individual user's credit profile.
In addition to its free credit reports and tools, Credit Karma offers a My Spending Tool through account aggregation service Yodlee, which allows users to track their banking, credit card and loan balances and transactions within Credit Karma. Credit Karma also hosts user forums and financial product reviews and financial calculator tools.
In December 2016, Credit Karma announced Credit Karma Tax, its tax preparation online service that allows most Americans to file their federal and state taxes at no cost.
Kenneth Lin, who previously founded Multilytics Marketing and worked with E-Loan and Upromise, launched Credit Karma in 2007, with the website going live in February 2008. Early investors include Chris Larson, CEO of Prosper, and Mark Lefanowicz, former president of E-Loan.
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