Credit Karma switches to Vantagescore 3.0, now includes Equifax reports
People who actively watch their credit scores closely in all probability are registered on CreditKarma.com and many of them would have noticed a drop in their credit scores and might be worried. I was recently browsing on Reddit and other personal finance sites like FatWallet and a large number of people had suddenly started asking why their scores had dropped and whether there had been any identity theft.
While you should still check for identity theft (and have monitoring on all the free sites, post on that soon), its more realistic that the change in the model has impacted your perceived score. To help you understand how drastic the change can be, for a friend the score dropped from the mid 700s to the 680s so the score drops can be significant.
If you are still not convinced, you can also get your annual free credit report from annualcreditreport.com, most states allow you to get one for each bureau once every year. You can ofcourse pay to get more or if you just applied for a credit product like a credit card you can claim adverse action and get one. Watch out for unauthorized hard pulls and new credit products which you did not apply for.
Or instead of all that, just log onto CreditKarma.com, it now shows you credit reports from both Transunion and Equifax. Experian inquiries can be seen on Creditsesame.com. Do note that while CreditKarma.com updates reports and scores every week, credit sesame is much more stingy in their approach and only update once a month.
CreditKarma.com notes the following about the model change :
VantageScore 3.0 credit scores range from 300 to 850. The scores here are calculated by TransUnion and Equifax, respectively, meaning they may differ based on the contents of each bureau’s credit report.
The mobile application too was updated recently and is now nothing but a display portal onto the website’s pages. Its no longer a separate app. So did you see a drop in your credit karma scores post the migration ? Let us know in comments.