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Hey there, fellow credit score warriors! Credit Karma Money just dropped some awesome new features to help you conquer your bills and boost your credit score. Let’s dive into the details and see how these tools can work their magic.
Bill Discovery Tracking, and Reminders: Your New Credit Score Sidekicks
You can now find, track, and set reminders for upcoming bills all within the Credit Karma Money app, so you don’t have to worry about your bills playing hide-and-seek with your credit score. This implies that you can now put an end to the annoying late fines and missed payments that lower your credit score.
How it works:
- Link your accounts: Start by linking the accounts you want to track. Credit Karma Money will automatically pull in your bills from your TransUnion credit report, making it super easy to get started.
- Track upcoming bills: Once linked, you’ll see all your upcoming bills in one place, including outstanding balances, minimum payments, and due dates. No more scrambling to find that bill you swore you saw somewhere!
- Set reminders: Get notified about upcoming bills so you never miss a payment again. These timely reminders will help you stay on top of your finances and avoid those dreaded late fees.
Why it matters:
- Improved credit score: On-time payments are a major factor in your credit score. By using these bill tracking features, you’ll be less likely to miss a payment, which can help you build a better credit history and boost your score.
- Reduced stress: Let’s face it, managing bills can be a headache. These features take the guesswork out of bill payments, giving you peace of mind and reducing financial stress.
- Better financial management: Having all your bills in one place gives you a clearer picture of your overall financial situation. This allows you to make informed decisions about your spending and prioritize your payments.
Bonus: Bill Pay is Coming Soon!
Credit Karma Money is working on even more exciting features to help you manage your bills. Soon you’ll be able to pay your bills directly through the app. This will streamline the payment process and make it even easier to stay on top of your finances.
So, how do you add utilities to Credit Karma?
- Open the Credit Karma Money app.
- Go to the “Bills” page.
- Select “Add accounts.”
- Choose the utility provider you want to add.
- Follow the prompts to link your account.
Pro tip: You can also include bills for other expenses like rent, mortgage payments, and school loans.
The Bottom Line: Credit Karma Money is Your New Credit Score Powerhouse
These new bill features are a game-changer for anyone looking to improve their credit score and manage their finances more effectively. By using these tools, you can stay on top of your bills, avoid late payments, and ultimately build a stronger credit history. So, what are you waiting for? Start using these features today and watch your credit score soar!
Experian has announced a new feature called Experian Boost that the company says may help lift some consumers’ credit score. But there’s a catch.
Along with Equifax and TransUnion, Experian is one of the three main consumer credit bureaus that compiles consumer data for credit reports that are used to determine credit scores. Credit bureaus are under increasing pressure to include more information in credit reports as lenders seek to increase the number of potential borrowers in their pool.
To that end, if you agree to grant the credit bureau access to your bank account so they can track these bill payments, the new Experian Boost product, which is set to launch early next year, will consider consumers’ payments to telecom and utility accounts to help evaluate creditworthiness.
That information will then be included when calculating your FICO® score, using the FICO® Score 8 model. But keep in mind that when examining your credit, a lender or issuer may look at a different FICO® score or no score at all.
Experian Boost aims to increase the number of potential borrowers in the market by providing a greater range of consumers with the opportunity to establish or improve their credit.
However, there are privacy issues with people giving a credit bureau more access to their private financial information.
In addition, a report from The Wall Street Journal notes that any jump in your credit score from Experian Boost could be easy-come, easy-go. Experian says it will remove your utility or telecom record — and the boost in your credit score could disappear — if you don’t pay your bill for three consecutive months.
Why does this matter?
Experian predicts that by providing customers with fresh methods to showcase a solid payment history, Experian Boost could benefit a large number of customers. An Experian test found the product could ….
- Determine the credit score for the 2010% of consumers who don’t have a score because of a thin credit file.
- Raise the credit score of the 25% of the population that currently has a FICO%C2%AE score below 20680.
- Transfer 5% of the 2015% of consumers to a higher credit score range (from 20% to 20%E2%80%9Cfair%E2%80%9D%20or from 20% to 20%E2%80%9Cfair%E2%80%9D%20to 20%E2%80%9Cgood%E2%80%9D).
Concerns are being raised by this development that if subprime borrowers are able to obtain more credit in the future, the addition of data that can raise consumer credit scores may result in issues. However, Experian Consumer Services Chief Revenue Officer Jeff Softley told The Wall Street Journal that Experian Boost has been tested by the bureau and has proven to be an accurate risk predictor. And he said the tool “is about access to credit — not expansion of credit. ”.
BE CAREFUL USING CREDIT KARMA – WHAT YOU SHOULD KNOW
FAQ
How do I add utility bills to Credit Karma?
Does Credit Karma show upcoming bills?
How do I add accounts to Credit Karma?
What bills count towards credit score?
How can I track my bills with Credit Karma money spend?
You can simplify your bill tracking using your Credit Karma Money Spend account.* You are able to link your accounts to see when your bills are due and get payment reminders to help you stay on top of your bills.
Can Utility bill payments be added to my credit report?
Utility bill payments can be added to your credit reports, but they are not put there automatically. Reporting to the credit bureaus requires following stringent guidelines and paying a fee. Because of this, most utility providers choose not to report to the credit bureaus.
What types of utility payments can I report?
The types of utility payments you can report include: Whether you have strong credit or limited credit history, there are many benefits to reporting your utility payments: Improve your credit scores. Reporting on-time utility bill payments can build a positive payment history to raise your credit scores. Get access to credit.
Can I report my utility bills to the credit bureaus?
While you can’t report your utility bills and rent payments directly to the credit bureaus, there are alternative options. You can use a service provider to report these payments for you or use a credit card to pay these bills. These services can be ideal for those with thin credit files.