They have all the data already - why not to apply on your behalf to a bunch of banks and choose the best offer for you?
Ask HN: Why Credit Karma redirects you to banks to apply for loans?
1–4 of 4 posts
Re: Ask HN: Why Credit Karma redirects you to banks to apply for loans?
#2I think it is easier to assess you and let you decide instead of trying to commit you in some manner - which might make people pushback about data privacy issues. So they present a number of potential loans or credit cards - you then must contact them and get their application form and you then provide the lender or card issuer with what you like after you review their privacy rules and also assess them online via various review sites.
Re: Ask HN: Why Credit Karma redirects you to banks to apply for loans?
#3I think it is easier to assess you and let you decide instead of trying to commit you in some manner - which might make people pushback about data privacy issues. So they present a number of potential loans or credit cards - you then must contact them and get their application form and you then provide the lender or card issuer with what you like after you review their privacy rules and also assess them online via va…
Yeah, I just think it's a hassle with no value-add to fill in the same forms time and again. Let's say I've researched the offering and decided I want to apply for this specific credit card. Shouldn't it be a one click thing? Credit Karma can tell the bank everything there is to tell about me (with my consent obviously)
Re: Ask HN: Why Credit Karma redirects you to banks to apply for loans?
#4I think it is easier to assess you and let you decide instead of trying to commit you in some manner - which might make people pushback about data privacy issues. So they present a number of potential loans or credit cards - you then must contact them and get their application form and you then provide the lender or card issuer with what you like after you review their privacy rules and also assess them online via va…
Yeah, I just think it's a hassle with no value-add to fill in the same forms time and again. Let's say I've researched the offering and decided I want to apply for this specific credit card. Shouldn't it be a one click thing? Credit Karma can tell the bank everything there is to tell about me (with my consent obviously)
There is a thing called 'credit report grooming', where crooked people create a good credit report, get a few cards, run them to the max and then never pay. These are often skimmed identities that they are grooming, so the card companies have become wary, so they have evolved documentary processes to screen them, like getting a few past residencies and employers to be sure they are not suckered.