Posted on Sep 6, 2022
Credit Karma will pay $3 million to users targeted with false preapproved offers
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https://www.npr.org/2022/09/06/ [login to see] /credit-karma-false-ftc-preapproved-credit-card
The Federal Trade Commission is ordering Credit Karma to pay its users $3 million after pushing false preapproved credit cards on consumers and harming their credit scores.
Nearly one-third of users who applied for credit cards labeled as preapproved by Credit Karma, a credit monitoring company, were subsequently denied following a credit check. According to a complaint filed by the FTC, the marketing efforts wasted consumers time and had a negative impact on their credit scores.
The Federal Trade Commission is ordering Credit Karma to pay its users $3 million after pushing false preapproved credit cards on consumers and harming their credit scores.
Nearly one-third of users who applied for credit cards labeled as preapproved by Credit Karma, a credit monitoring company, were subsequently denied following a credit check. According to a complaint filed by the FTC, the marketing efforts wasted consumers time and had a negative impact on their credit scores.
Credit Karma will pay $3 million to users targeted with false preapproved offers
Posted from npr.org
Loans
Marketing
Posted >1 y ago
Responses: 1
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PO1 William "Chip" Nagel
"Why did the Federal Trade Commission Sue Credit Karma?
The Federal Trade Commission has ordered credit services company Credit Karma to pay $3 million to its users for pushing “pre-approved” credit card offers. Credit Karma used claims that consumers were “pre-approved” and had “90% odds” to entice them to apply for offers when the customers did not actually qualify for them, the FTC said."
"Why did the Federal Trade Commission Sue Credit Karma?
The Federal Trade Commission has ordered credit services company Credit Karma to pay $3 million to its users for pushing “pre-approved” credit card offers. Credit Karma used claims that consumers were “pre-approved” and had “90% odds” to entice them to apply for offers when the customers did not actually qualify for them, the FTC said."
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