PHOENIX (3TV/CBS 5) — Credit score apps like Credit Karma, Experian Credit Report and others promise instant access to credit scores, along with other features like score monitoring. Sounds great until you dig a little deeper. A Consumer Reports survey of five such apps found that they all had significant downsides and few upsides.
“Our survey showed that the apps can pose serious privacy risks, and even worse, our survey of consumers who used them found that in some cases they didn’t even provide a credit score. accurate,” said Lisa Gill of Consumer Reports.
Consumer Reports Reviews 5 Credit Score Apps
In fact, four of the five apps Consumer Reports studied often charge users to access their credit reports, which consumers are legally entitled to for free, while really not giving you access to the kind of credit scores that most lenders use.
“Several apps use VantageScore 3.0, which really has limited value because many lenders don’t use it,” Gill said.
Syed Ejaz, a policy analyst at Consumer Reports, says all consumers should have the legal right to get a free, accurate credit score, and there’s a bill in Congress that would require it, but he didn’t. no vote has yet been scheduled. .
“We have an ongoing petition right now on action.consumerreports.orgwhere we are collecting 40,000 signatures to send to Congress asking them to work on this issue a little harder and a little faster,” Ejaz said.
Consumer Reports asked the five credit application companies about their privacy, data collection and data sharing practices. Each responded by saying that they take consumer privacy very seriously and that consumer trust is paramount to their business.
Remember that there are ways to get your credit score without using a credit score app. Try to check if your bank or credit card gives you access. And you can also view your credit report every week for free via AnnualCreditReport.com
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