Payments for people who wasted time on “pre-approved” Credit Karma credit card offers: Are you eligible?
By Amy Hebert – Consumer Education Specialist, FTC
Did Credit Karma say you were “pre-approved” for a credit card, but you ended up denied credit? Then you might be eligible to get a payment.
Last year, Credit Karma agreed to pay $3 million to settle charges that it 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. According to the FTC, many people who got “pre-approved” credit offers from Credit Karma between 2018 and 2021 weren’t approved for credit and, as a result, wasted time applying and saw their credit scores drop when companies denied their applications.
Now, the FTC is using that money to compensate people for their lost time. Think you might be eligible? To file a claim and see if you’re eligible:
- Make sure you have a claim ID. You’ll find it in a letter or email you got from the FTC. If not, email info@CreditKarmaSettlement.com or call 866-848-0871 to get one.
- File a claim online at ftc.gov/CreditKarma.
The deadline to file a claim is March 4, 2024. The amount of money you might get will depend on several factors, including how many people file claims.
Have questions? Call the administrator at 866-848-0871 or email info@CreditKarmaSettlement.com.
Amy Hebert is a Credit Education Specialist at the Federal Trade Commission.
