Lenders reveal their secret sauce to Credit Karma

Source: Kelsey Ramirez, HousingWire

While currently lenders are only sharing their process for approval of personal loans or credit cards, larger loans such as auto or mortgage could be the next step.

Credit Karma explained that this revelation will allow it to tell its users with near certainty which loans they will be approved for without them having to apply and receive a possible hit to their credit.

From the article:

With more than 80 million members across the U.S. and Canada, Credit Karma has relationships with many potential consumers that banks covet. It also has access to financial data about prospective customers that banks lack. For instance, a tax-preparation service Credit Karma launched two years ago has let the company see tax filers’ incomes.

 

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