They are using fluctuations in their score as a barometer of their overall financial health to better understand their credit-worthiness in an era of tighter lending restrictions, or to get a jump on any issues regarding possible identity theft.
San Francisco, California (PRWEB) December 8, 2008 -
As economic pressures continue to mount and with identity theft on the rise, more consumers are seeking out their credit score as a barometer of their financial health. An analysis of visitors to Credit Karma, a free resource for credit scores and simulators, shows that consumers visiting the site nearly doubled over the last three months.
From the beginning of September, unique daily visitors to CreditKarma.com increased from approximately 85,000 consumers to nearly 170,000 consumers by the end of November.
"Credit Karma users have overwhelmingly cited concerns over the economy and identity theft as the two main reasons they are tracking their free credit score," said Kenneth Lin, founder and CEO of Credit Karma. "They are using fluctuations in their score as a barometer of their overall financial health to better understand their credit-worthiness in an era of tighter lending restrictions, or to get a jump on any issues regarding possible identity theft."
The rise in unique daily visitors to the site closely mirrors news and issues within the worsening economy. The increase in identity theft is also well documented, with a recent Gartner survey showing that identity theft and fraud has climbed more than 50 percent since 2003.(1)
Visitors to Credit Karma can access, monitor and track their score for free. The site offers a number of related informational resources and tools, including the Credit Score Simulator that allows consumers to estimate the numerical impact of certain financial actions on their credit score.
"A monthly check on your score is a free and easy way to ensure that you are as financially sound as you believe," continued Lin. "It takes years to build up good credit, but only a few seconds to wipe it out."
For more information about how to use your credit score to check up on your financial health, or to obtain a free credit score, please visit http://www.creditkarma.com.
About Credit Karma
Based in San Francisco, Credit Karma is a pro-consumer credit score company dedicated to helping consumers better understand the power of their credit by giving them completely free access to their credit score as often as they wish, providing a host of tools and services to help them track and monetize that score, and helping them become better overall credit consumers. At http://www.creditkarma.com, consumers not only learn their score, but they can identify what behaviors will positively impact their score and then gain preferred product pricing based on their credit score range.
(1) The Truth Behind Identity Theft Numbers, Gartner, Avivah Litan, February 28, 2007