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Credit Karma Offers Free Auto Insurance Score, Vantage Score

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Credit KarmaI logged into my Credit Karma last week, part of my monthly do it yourself identity theft regimen, when I saw that they had changed the name of the credit score you receive to the TransRisk Score. I’ve always known that Credit Karma gave you a TransUnion credit score based on your TransUnion report but this is the first time I saw that it was actually named the TransRisk Score.

In addition to this name change, they added two more tabs:

  • Auto Insurance Score: “Your TransUnion Auto Insurance Risk Score represents whether you are more or less likely to file a claim that will result in losses for the insurance company. This score is calculated using information found in your TransUnion credit report and ranges from 150 (minimum) to 950 (maximum). The open model for calculating these risk scores were built according to standards set by the National Conference of Insurance Legislators Model Act and should thus help take the mystery out of how scores are calculated.”
  • VantageScore: “VantageScore is a new credit scoring model created by America’s three major credit reporting agencies to support a truly consistent and accurate approach to credit scoring. This new score provides lenders with nearly identical risk assessment across all three credit reporting companies. Your VantageScore on Credit Karma was calculated based on information in your TransUnion credit report and follows a familiar academic scale for ease of understanding: A (901-990), B (801-900), C (701-800), D (601-700), F (501-600).”

I’d never heard of the Auto Insurance Score before and the list of “factors that affect your insurability” didn’t seem to give me much direction in how I could improve those score (and presumably lower my premiums). I learned about VantageScore back in 2006 when the three bureaus tried to popularize it as an alternative to FICO but I don’t think it ever caught on.

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10 Responses to “Credit Karma Offers Free Auto Insurance Score, Vantage Score”

  1. I didn’t really understand the Auto Insurance score either, but having my credit score readily available is definitely helpful and puts my mind at ease.

  2. “(VantageScore) is used by numerous lenders to make billions of decisions annually, including four out of the top five financial institutions and five out of the top five credit card issuers.”

    http://www.marketwire.com/press-release/Credit-Karma-Launches-Two-New-Free-Scores-for-Consumers-1376491.htm

  3. govenar says:

    The new scores are much lower for me than the older score. But I don’t trust Credit Karma to be very accurate. Though, it’s possible that the new scores weigh mortgages (which I don’t have) much higher than other types of credit. Supposedly California doesn’t allow credit history to be used for insurance, so I guess the Auto Insurance Score doesn’t matter for me.

  4. eric says:

    Got the same message when I logged in at the beginning of the month. I thought certain states don’t allow insurers to use your credit score as a factor so maybe this is a way around it?

  5. John says:

    Credit Karma says I have an excellent credit score, but my Auto Insurance Score is poor. Don’t know what this really is and why it’s poor. I remember when I first signed up and I clicked the Auto Insurance Score, it asked for information about my car and how much I pay for insurance which I skipped. Perhaps that factors in but I can’t see how.

  6. cubiclegeoff says:

    I saw this the other day when I logged on. The Auto Insurance Score was odd, it said I was fair, and part of the reason was because of my low credit limit (it said $300), which is very inaccurate, and odd since the credit score says my credit limit is significantly higher than that. I don’t like the idea of my credit being used for my auto insurance anyway (although I don’t think it is where I live).

  7. zapeta says:

    The auto insurance score made no sense to me when compared to my credit score. I think its nice to have the Vantage score available to compare to the TransRisk score in case you find a major difference between the two scores.

  8. I’m not really sure how relevant the Auto Insurance score is. I only signed up for Credit Karma recently though and I am definitely glad I did. A few years ago I used to pay for my credit score but eventually I canceled that because it really wasn’t necessary to pay for my score if I wasn’t expecting to need to use my credit score for a home or anything soon. Glad Credit Karma came around to fill that void without charging me.

  9. Strebkr says:

    Auto score is just another way they keep track of you.

  10. iron says:

    Personally I think that auto ins score,
    is just another way for creditkarma.com to make some money, by referring people to insurance companies. Nothing wrong with that, creditkarma.com is free, therefore they have to make money somehow ;)


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