The FTC said Credit Karma wasted consumers’ time and hurt their credit scores when they applied for offers they weren’t actually pre-approved for.
that the company used claims that consumers were "pre-approved" and had "90% odds" to entice them to apply for credit offers that, in many instances, they ultimately did not qualify for, wasting their time and hurting their credit scores in the process.
Despite emails and advertisements telling consumers, "Congratulations! You’ve been pre-approved" for certain credit offers, the consumer had not already been pre-approved, the FTC said. "Numerous consumers have unnecessarily applied for the advertised products and damaged their credit scores, wasting significant time and harming their ability to secure other financial products in the future," the FTCFurthermore, the FTC alleges Credit Karma tested the success of click-through rates on ads that touted "pre-approval" verse ones that claimed consumers had "excellent" odds of approval.
Credit Karma did, in some instances, include disclaimers that "approval isn’t guaranteed" — though the FTC said the disclaimers were "buried."
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