Consumer Reports: How Reliable Are Credit Score Applications? | 3 on your side


PHOENIX (3TV / CBS 5) – Credit score apps like Credit Karma, Experian Credit Report, and others promise instant access to credit scores, as well as other features like score monitoring. Sounds good until you dig a little deeper. A Consumer Reports survey of five of these apps found that they all have significant drawbacks and few benefits.

“Our investigation showed that apps can pose serious privacy risks, and even worse, our survey of consumers who used them found that in some cases they did not even provide an accurate credit score,” said Lisa Gill of Consumer Reports.

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Consumer Reports Reviews 5 Credit Score Apps

In fact, four of the five apps Consumer Reports investigated often charge users for access to their credit reports, which consumers are legally entitled to for free while really not giving you access to the kind of credit scores that most. of lenders use.

“Several of the apps use VantageScore 3.0, which is really of limited value as a lot of lenders don’t use it,” said Gill.

Syed Ejaz, political analyst at Consumer Reports, says all consumers should have the right to get a free and accurate credit score, and there is a bill in Congress that would require it, but it hasn’t yet been scheduled for a vote.

“We have an ongoing petition right now on action.consumerreports.org, where we are collecting 40,000 signatures to send to Congress asking them to work on this issue a little harder and a little faster,” Ejaz said.

Consumer Reports surveyed the five credit app companies about their privacy, data collection and data sharing practices. Each responded, saying they take consumer privacy very seriously and that consumer trust is paramount to their business.









Remember that there are ways to get your credit score without using a credit score app. Try to check if your bank or credit card offers you access. And you can also check your credit report weekly for free through AnnualCreditReport.com


Copyright 2020 KPHO / KTVK (KPHO Broadcasting Corporation). All rights reserved.


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