Credit Karma

credit-karmaIf there is one thing that can’t be understated, it’s how important your credit reports and credit score are. Clean reports and a good score can mean the difference between low interest rates or high interest rates — and if your reports and scores are awful, you may be denied for new credit altogether. Fortunately, there is a Web/iOS/Android app that can help you keep tabs on your credit, and it’s called Credit Karma.

Credit Karma, a product of TransUnion (one of the major credit reporting agencies), utilizes your TransUnion report to let you know where your credit stands. If something changes on your report — for instance, if a new account is opened — Credit Karma will send you an alert and let you know. This is great protection against identity theft, which is all too rampant these days.

Credit Karma also tries to give you an idea of where your credit score might stand. The score, known affectionately as a “FAKO” by those in the financial community, is not the same kind of score used by lenders (which is a FICO). It does, however, give you a sense of how you’re doing with your credit in the eyes of TransUnion.

You can get the Credit Karma download for iOS and Android. It can also be accessed via the Web.