AP NEWS

Credit Karma Marketplace Gives Consumers Peace of Mind When Shopping for Financial Products

November 27, 2018

SAN FRANCISCO--(BUSINESS WIRE)--Nov 27, 2018--Credit Karma, one of the world’s highest-valued financial technology companies, has launched Marketplace, an innovative new feature that allows Credit Karma members to shop for financial products with more certainty, transparency and simplicity. Marketplace shows Credit Karma’s more than 85 million members financial products - including credit cards and loans - that they are pre-approved for at 90% odds, helping them compare different product options and making it easier to apply. All of this is done in an instant, without impacting members’ credit scores.

Powering Marketplace is an industry-first enterprise platform that connects members to lenders in an entirely new way. The platform allows lenders to combine their proprietary modeling expertise with Credit Karma’s large-scale member data assets in a secure, third-party cloud-hosted model development environment that keeps the partner’s targeting rules confidential to the partner. This enables Credit Karma’s partners to easily create, target and present pre-approved offers to qualified members. Partners can also manage and make changes to their offers directly within the platform. Credit Karma then leverages machine learning algorithms to present the most relevant offers to its members.

“Roughly 81% of credit card applications submitted by subprime consumers in the U.S. are declined. Even those with impeccable credit are declined 16% of the time. With Credit Karma Marketplace, we aim to give all Americans the ability to access and shop for financial products with certainty, and to get the best rates and terms for them – without impacting their credit scores,” said Credit Karma founder and CEO Kenneth Lin.

Marketplace offers filter and sort options to narrow choices using specific attributes, like travel or cash back rewards, sign up bonuses, and annual fee. It also has research tools like real user reviews, expert articles, and Credit Karma Editors’ Take: independent reviews from Credit Karma editors. The goal is to help members make decisions confidently by being a one-stop-shop for financial products.

“With more than 85 million members, Credit Karma has scale that is unparalleled. Our partners can now reach exactly who they want with a tailored, pre-approved offer for the first time ever,” said Credit Karma GM of credit cards, Gannesh Bharadhwaj. “Lenders now have access to the users they want and consumers can get the best offers for the products they’re in market for— it’s a win-win.”

Credit Karma offers its members free access to credit scores and reports, along with additional tools to help its members manage, monitor and improve their financial health. Marketplace is another example of that. The company serves more than 85 million members in the U.S. and Canada and has just announced its expansion into the U.K., furthering its mission of championing financial progress for everyone.

About Credit Karma

Founded in 2007 by Kenneth Lin, Nichole Mustard and Ryan Graciano, Credit Karma is a personal finance technology company with more than 85 million members in the United States and Canada, including almost half of all millennials. The company offers a suite of products for members to monitor and improve credit health and provides identity monitoring and auto insurance estimates. Credit Karma leverages advanced data modeling to analyze and identify the best financial products for its members and has facilitated more than $40 billion in credit lines across financial products like credit cards, personal loans, mortgage refinancing, automotive financing and student loan refinancing.

Learn more about how Credit Karma members are making financial progress on Facebook, Twitter, and YouTube.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181127005254/en/

CONTACT: Credit Karma

Emily Donohue

Senior Manager, Public Relations

pr@creditkarma.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT INTERNET NETWORKS PROFESSIONAL SERVICES FINANCE

SOURCE: Credit Karma

Copyright Business Wire 2018.

PUB: 11/27/2018 09:00 AM/DISC: 11/27/2018 09:02 AM

http://www.businesswire.com/news/home/20181127005254/en

AP RADIO
Update hourly