Credit Karma’s main feature has been allowing users to see their credit score; the company launched a identity monitoring tool last year and is now expanding the data it scans to include the dark web; the tool will now search through 13 billion data breaches, up from 4.5 billion. Source
Credit Karma is positioning itself to be more than just a place to check your credit score; the company currently has 80 million customers and currently has advantages in significant scale and the data it houses; they are now looking at using chatbots with their acquisition of “Penny” to further their relationships with their customers. Source
Credit Karma is looking to make managing your car related routines a lot easier by launching their auto information center; the new product will allow customers to manage their auto finances, insurance and other car related items like recall notices; the biggest benefit will allow users to shop for better auto insurance and loan refinance rates that will help make sure they are getting the best deal. Source.
Following the Equifax hack, Credit Karma is offering a free service that will alert customers if their information has been compromised; the service is currently being tested and will be available sometime in October; the company accelerated the launch due to the large breach at Equifax and has seen a 50% increase in signups following the hack. Source
Credit Karma is best known for offering free credit scores; they now have 100 million users and are valued at...
In this week’s PeerIQ Industry Update they cover the rising volatility in credit markets and the recent Q4 economic numbers; while at SFIG in Vegas PeerIQ shared comments from investors which show a lot of optimism and demand for MPL; they also talk about their recent product offerings and the continued push by banks to work with fintechs. Source.
Data from American Express, Synchrony Financial, Ally and Santander show that while debt levels might be at their highest level...
The Consumer Financial Protection Bureau (CFPB) has fined TransUnion and Equifax over $23.2 million for deceptively advertising services; the agencies reportedly advertised credit services costing customers over $200 as free and misled customers about the use of credit reports they obtained; according to the CFPB, TransUnion will pay $13.93 million to consumers and a $3 million fine while Equifax will pay $3.8 million to consumers and a $2.5 million fine. Source
Banking Committee Chairman Mike Crapo, R-Idaho, added a provision to the bill for the FHFA to review credit scoring alternatives; the FHFA currently uses FICO’s classic scoring model for loan applicants; the provision adds a new piece to the ongoing argument occurring between FICO and VantageScore; FICO and some lawmakers say the FHFA is already going through a review process for credit scores; the FHFA did ask for input on new scoring models in December and is working through the comment process. Source.
Credit Sesame has made its first acquisition that will solidify its position as a fintech banking platform; the company known...