Credit Karma are trying to make their site more accessible and useful to those who don’t have a lot of credit history. People in this situation are often described as having a thin credit report or thin file and they are usually: young, immigrants or new to credit. In the past Credit Karma has allowed these people to sign up for an account, but they have provided very little information.
Today Credit Karma announced a new “thin file experience” which will provide people in this situation with more information about their unique credit circumstances, such as:
- Review any credit information they do have
- Learn why they don’t have a credit score
- Information on how to build their credit score
- General credit scoring information
It doesn’t look like Credit Karma is providing users in these situations with much unique information (although this is largely due to the fact there isn’t much unique information they have access to). Instead it looks as if people will be provided with some basic templates on why they don’t have a credit score/history and what they can do to change this.
I don’t think this change will really effect anybody that reads this blog, but it’s interesting that Credit Karma have decided to put resources into this market segment.
I have 20 plus credit cards and Credit Karma says I don’t have enough credit to give a report on.