Credit Karma Settlement Payout Date 2024 : Half a million consumers who were deceived by Credit Karma’s “pre-approved” credit card offers may expect payouts from the $3 million FTC settlement in April 2024. The settlement stems from allegations that individuals who received these offers were not actually approved, leading to wasted time and potential credit score drops. To be eligible for a payment, individuals must have been denied credit after responding to Credit Karma’s offer between February 2018 and April 2021. The deadline to file a claim for a payment was March 4, 2024.
Credit Karma Settlement Payout Date 2024 :
The Credit Karma settlement involves a $3 million payout due to misleading pre-approved credit card offers. Nearly 500,000 consumers may be eligible for a payment after being deceived by Credit Karma’s claims of pre-approval or high approval odds for credit cards.
The Federal Trade Commission (FTC) alleged that many applicants were denied credit, leading to wasted time and potential credit score damage. Consumers who received notifications via email or mail can file a claim online by March 4, 2024, with the payment amount varying based on the number of claims filed.
Credit Karma Settlement Amount 2024
Credit Karma settled with the Federal Trade Commission (FTC) for $3 million due to deceptive “pre-approved” claims, where customers were misled into thinking they were pre-approved for credit cards. The settlement aims to compensate around 500,000 individuals who may have been affected by these misleading claims.
To file a claim, individuals who were denied credit after responding to Credit Karma’s offers between 2018 and 2021 need to check for a letter or email from the FTC containing their claim ID and submit their claim by March 4, 2024.
The payment amount for each claimant will depend on the number of claims filed, meaning that the more claims submitted, the less the reward per claim.
Credit Karma Settlement Eligibility Criteria
To be eligible for the Credit Karma settlement, customers must meet the following criteria:
- Received an offer from Credit Karma between December 2016 and October 2022 that was described as “pre-approved” or having “high odds of approval
- Were subsequently rejected credit after applying for a credit card through one of these offers
- Provide proof of the pre-approved offer, which can be a screenshot, email, or other record
- Show evidence of credit rejection following a Credit Karma credit card application, such as an email, letter, or other communication from the credit card company denying the request
The settlement stems from allegations by the Federal Trade Commission (FTC) that Credit Karma misled consumers into believing they were pre-approved for a credit card or had high odds of approval when they did not qualify. The FTC claimed that this led to unnecessary hard inquiries on credit reports and potential damage to credit scores for those who were denied.
Customers who believe they qualify for the settlement can file a claim by visiting ftc.gov/CreditKarma before the deadline on March 4, 2024 .
Credit Karma Settlement Claim Deadline 2024
The deadline to file a claim for part of Credit Karma’s $3 million settlement was March 4, 2024. Nearly half a million people who were denied credit from Credit Karma may be eligible for a payment after the company settled charges brought by the Federal Trade Commission.
The settlement payments apply to those who were denied credit after responding to an offer from Credit Karma that said they were “pre-approved” or had “90% odds” of approval between February 2018 and April 2021. The payment amount per claim will vary depending on factors like the number of people filing claims. If you believe you are eligible and have not received a notice, you can contact the claims administrator at 1-866-848-0871.
When will I receive my money from the FTC settlement?
The lawsuit and consent agreement with Credit Karma have been unanimously approved by the Federal Trade Commission. The settlement, amounting to $3 million, is aimed at reimbursing nearly half-a-million people who were denied credit after responding to misleading offers from Credit Karma between February 2018 and April 2021.
To file a claim, eligible individuals must visit ftc.gov/CreditKarma before the deadline of March 4, 2024.Payments to qualified customers verified by Credit Karma and the FTC are expected to start in April 2024 and will be made via cheque, PayPal, or prepaid debit cards.For inquiries, individuals can contact the FTC at (866) 848-0871 or email info@CreditKarmaSettlement.com