Credit.com Shows Consumers the True Cost of Credit, and What to Do About It

First-of-its-kind solution provides consumers with personalized insight and recommendations on how to improve credit

San Francisco, CA | April 2, 2014

Credit.com, a comprehensive online resource that helps consumers more clearly and easily build and apply for credit, today unveiled a new free credit management product. The free product is the first of its kind to offer users a highly customized view of their credit standing, including personalized analysis and recommendations built on their data and tailored to their unique situation.

The product was designed to simulate having an expert sitting by a user’s side, analyzing their credit, showing where they should focus, highlighting what steps to take to do better, and what they can do with the score they have.

Fifty-six percent of Americans don’t know their credit score. Overwhelmed by the complexity of the credit system, few understand their credit, its impact on debt, or the fact that even a mediocre credit score can ultimately cost a consumer more than $103,000 over the course of his or her life on financing alone*. In order to help consumers understand and take control of their credit, Credit.com’s new product provides not just a free Experian credit score, but also a free VantageScore 3.0 score, and a number of other free features to help them achieve financial health, including:

  • Personalized credit analysis, including a review of their credit data, information on what factors are driving their credit score and where they should focus their attention
  • A personalized action plan, including recommended steps they should take to improve or maintain their credit standing
  • Free monthly updates so that consumers can track their credit over time. It includes two updated scores, plus charts monthly progress against top goals, and shows what’s changed since the last update.

“Consumers are bombarded with free credit scores these days, but a credit score – without real education and meaningful tools – is just a number,” said Credit.com’s CEO Ian Cohen. “A credit score is a good indicator of past performance, but it doesn’t help consumers understand what to do next, or what’s possible. Consumers need personalized, actionable insight and that’s exactly what we provide.”

“After a string of bad financial decisions, losing my job and building up debt I couldn’t manage, I turned to Credit.com. The interactive tools gave me clear visibility into my situation and showed me exactly what steps I had to take to improve my credit score,” said Chris U. of Boston, Massachusetts. “Before this, I didn’t know how to manage my credit. Credit.com actually shows me what to do and I can keep track of my progress.”

*Based Credit.com analysis on a 36-year old with credit score of 600, mortgage, loans and $10k credit card bill.

About Credit.com

Credit.com is the only company of its kind to be founded and run by leading credit experts including journalists, authors and consumer advocates. The Company is committed to helping consumers understand and master the confusing world of credit and to improve their financial standing by recommending products and actions that are in consumers’ best interest.  Only Credit.com provides consumers with a customized view of their credit standing and an actionable plan to improve and maintain their credit – all for free.

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