Intuit Credit Karma
Ken Lin, CEO of Credit Karma, told CNNMoney that the drop in debt is the result of weak consumer confidence, resulting in slower spending, tighter lending on the part of banks and lower credit limits.
Consumer credit advocate CreditKarma.com said residents in only nine states paid down their credit card debt in December from the previous month. Of those, six -- Arizona, Idaho, Indiana, Michigan, Oklahoma and Utah -- paid down less than 1 percent of their debt.
FICO credit scores rank borrowers according to the likelihood of default and there’s almost no difference in the probability of default when a consumer has a 780 or an 820, said Ken Lin, chief executive officer and founder of San Francisco- based Credit Karma.
Credit Karma, the online service for keeping track of your credit score, has launched a new feature: free credit monitoring. Within the first day of its existence (the option became available just yesterday), the company has managed to enroll an impressive 100,000 users for the opt-in credit monitoring service.
Credit-tracking site Credit Karma has long been a really useful service for getting your credit score for free, and now the company is offering free daily credit monitoring to notify you of any important changes to your credit.
Those intent on improving their credit score in 2012 can get some help by visiting the website Credit Karma, which is offering free credit monitoring to all Americans starting today.
Go to CreditKarma.com to see your score for free.
Credit Karma originally launched as another free credit report company, albeit one that made money from advertising rather than upsells. Now the San Francisco-based company has launched a free credit monitoring platform – a service that Experian currently values at $15 per month.
You can get credit scores for free from sites such as Credit Karma or Quizzle, or by signing up for credit monitoring.
Nationwide, the average drop is 10 percent, according to CreditKarma.com, a consumer education company.