Free credit report provider Credit Karma has completely overhauled its web and app offerings to offer additional tools and services to its members in the UK.
The credit score will now be broken up into eight main ‘credit factors’ in order to make it easy for members to understand the report.
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The eight credit factors are credit utilisation, credit limit, age of credit, payment history, historic utilisation, mortgage, number of new accounts, and time on electoral roll.
The company said that the tool is redesigned will an aim to demystify and educate members.
It will enable users to get a better insight into how credit scores are calculated and how they can augment them.
Credit Karma co-founder and CRO Nichole Mustard said: “We are personalising our product by focusing on the individual member’s goals they want to achieve, rather than simply listing a range of financial products that might not be right for where they are in their financial journey
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By GlobalData“We believe consumers will appreciate this approach and that the new platform will enable us to help our members even more.”
The overhauled offerings include a new app and alerts system quickly warns users of a potential fraud or suspicious behaviour.
It also sends push notifications to alert members if credit health changes or new credit agreements are detected.
Furthermore, Credit Karma revealed plans to boosts its products offering in the coming months to give members more choices.
