Credit Karma Launches Savings Dashboard with Targeted Financial Offers

Consumer credit information provider Credit Karma has launched a new feature, the Ways to Save Dashboard. The free tool helps consumers find cost savings based on their credit scores.

Credit Karma allows users to track their credit scores free of charge. Since interest rates and credit ratings fluctuate, most consumers can save money if they know where to look and are willing to spend time switching accounts.

The new Dashboard tool automates the discovery process, finding offers for consumers and presenting them with a personalized page of deals. (FinovateStartup 2009 video here.)

How it works

1. The user registers at Credit Karma. The site uses the consumer's social security number to pull their credit score with a soft inquiry that does not impact the user's credit rating.

2. Consumers can come back at any time to view their current credit score.

3. When the user logs in, the system automatically shops for competitive deals. This shopping process is performed anonymously, with no personal details disclosed to advertisers.

4. Tabs across the top of the webpage lead to custom offers based on the user's credit report and optional financial information provided to Credit Karma, such as the make and model of a vehicle. For example, savings account holders will be presented with alternative accounts with higher interest rates (see screenshot #1, below) or credit card offers for card holders (screenshot #2).

5. The Dashboard provides direct links to the advertisers to take advantage of the offers.

Web traffic at Credit Karma has been growing steadily. The site currently boasts more than 400,000 unique visitors per month, more than double the volume a year ago.

Compete.com Feb. 2010, traffic data here

Credit Karma also announced that it quadrupled its users in 2009 and now has more than one million subscribers.

#1. The Dashboard Presents Savings Accounts ...

Note: In my case there were no savings found, but there is usually a positive number displayed. One of my colleagues had more than $1,000 in savings offered.

#2. ... and Credit Card Plans