Credit Karma is a company that offers credit scores and credit reports as well as financial tools that are free to use. It also offers advice on how to enhance your credit rating and handle your money. To use these services users have to share very personal data with Credit Karma including their full name, date of birth, address, and most importantly Social Security number (SSN). This has led to raised concern, is it safe to provide Credit Karma your SSN?
TransUnion: Credit Karma’s Overview on Security
Based on the information on their website and the interviews, Credit Karma maintains that they do everything in their power to protect users’ information and prevent its misuse. During the signup process, Credit Karma employs the highest level of security which is bank-level AES-256 bit encryption as well as data tokenization to shield figures such as SSNs. This is the same encryption used by big banks to protect customers’ data and it is considered to be highly secure. It also employs strict physical and IT security measures and safeguards that are instituted on the platform. According to Credit Karma, access to the users’ data is allowed only to the personnel who need it to perform their duties and under supervision. The company also periodically hires third parties for system and security review and improvements of the same.
In what ways does Credit Karma benefit from your SSN?
Despite the seemingly high levels of security measures put in place by Credit Karma, one would wonder why the platform requires your SSN at all.
Credit Karma mainly uses your SSN for two key reasons:
- Credit Report Validation – The collection of users’ SSNs serves the purpose of verifying users’ identities as well as checking their SSNs with credit reports and another identification database to minimize cases of fraud. This is because the product entails that users get their credit information instead of someone else’s.
- Creating credit Karma account - Credit Karma utilizes SSN to get credit reports of Equifax and Trans Union. This is needed to generate your full credit file and offer significant tips and data. Before credit bureaus can grant full credit report access to a third-party platform such as Credit Karma, they must first demand consumer SSNs.
Therefore, in conclusion, Credit Karma uses your SSN mostly for identification and to provide your detailed credit report.
The Risks of Stealing Social Security Number
The biggest risk or threat associated with the use of your SSN is that it will be used for identity theft. In case Credit Karma’s data is compromised by hackers or some employees acting criminally, they will be able to steal user SSNs and sell them, or use them for unlawful actions. Miscreants can apply for loans or credit cards in your name, claim fake tax rebates, provide the number to impound immigrants, and other stinking tricks – all these can severely hurt your credit profile and status.
Although Credit Karma may have promised high levels of security, any business that gathers SSNs is vulnerable to attacks from expert hackers and malware. And as we all know, no digital system is rock-solid and devoid of vulnerabilities. Therefore, with each identification detail you give online, there is always some risk.
Precautions That Credit Karma Clients Should Take to Minimize Their Vulnerabilities
If you sign up for Credit Karma and submit your SSN, there are a few precautions you can take to minimize risks:
- Use cell phone verification to add even another degree of protection to your Credit Karma account. Before one is allowed access to your account, this will call for one more authentication process.
- Make sure you don't use a common or recycled password when registering with Credit Karma. Since hackers cannot readily guess long and complex passwords, they should be used always. For these passwords, one might want to give employing a password manager some thought.
- For any such fraudulent activity, fresh transactions done in your accounts, or any modifications made in your account without your permission, you should constantly keep an eye on your Credit Karma account. Should a user discover anything that seems dubious, they should immediately notify Credit Karma.
- Checking your credit report on Credit Karma is smart as you have seen, but sometimes you should also check it from other credit bureaus to prevent becoming victims of false accounts or mistakes. This implies that Annualcreditreport.com may help you get your free yearly credit reports.
- To put a freeze on your credit file, get in touch with three bureaus: Equifax, Experian, and TransUnion. This implies that access to your reports is restricted; the program only allows it when you specifically so allow it. Remember, however, that this also stops other legitimate credit checks by lenders when you apply for loans.
As you can see, there are several things you can avoid or do differently to minimize such risks associated with sharing your SSN for Credit Karma and other services. So, millions of consumers actively participate in such financial platforms and navigate them safely following some security practices.
The Bottom Line – Is Submitting Your SSN to Credit Karma Safe?
While Credit Karma does not directly pull your credit report, it does need your social security number to offer free credit scores, full credit reports from Equifax and TransUnion, and advice on improvement. To ensure security, the platform uses such security measures as encryption and data tokenization which are similar to what banks use. They also have independent audits that validate their systems and protocols.
However, none of the social media platforms are fully safe from such threats like hacking data theft, and so on. Therefore, sharing your SSN with any website, no matter how legitimate Credit Karma may be, inherently involves some levels of risk. It is now on you, the consumer, to make sure to cover your buttocks through measures such as activating an additional layer of login security, scrutinizing your credit reports, and freezing your credit files.
As long as you follow the proper security practices, use Credit Karma responsibly, and compare your credit on other websites, the advantages should outweigh the minor risks. Many people use Credit Karma to access services with no considerable problems in the event they follow certain measures of precaution. Is Credit Karma safe to send your SSN to in the long run? As a result, applying smart security measures can be relatively secure to employ their free instruments. But as anything related to handling and processing personal information users should be guarded at least at all times.
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