![]() Under a settlement, Credit Karma will pay $3 million to reimburse people who responded to its allegedly deceptive offers but were ultimately denied credit. If you’re shopping for a credit card or loan, the only words sweeter than “You’re approved!” may be, “You’re pre-approved!” But according to the FTC, many people who got “pre-approved” credit offers from Credit Karma weren’t approved for credit and, as a result, wasted time applying and saw their credit scores drop when their applications were denied.Īn FTC lawsuit alleges that Credit Karma deceived people by claiming - falsely - that they had been “pre-approved” or had “90% odds” of approval for credit cards or loans offered by banks and lenders that used Credit Karma to promote their financial products.
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