San Francisco-based CreditKarma.com Tuesday announced it is offering a free credit monitoring service.
Joe Ridout of consumer action applauds the move.
"If this is the beginning or the end to paid credit monitoring services, it would be wonderful news for consumers because these products have always been marketed to prevent Identity theft," Ridout said. "Yet they have never prevented identity theft. and they've really been just a money makers for credit bureaus and consumers can get this information for free, that's very good news."
Credit karma will also continue to offer a free credit score.
You won't get the widely used FICO score, but Credit Karma's score will still give you a good idea of whether your credit is in good standing.
The catch in all this -- you'll be subjected to advertisements on the website and you may receive product offers from companies targeting consumers in your demographic.