Direct Payments Available for Eligible Americans in Credit Karma Settlement
Allegations of Deceptive Practices by Credit Karma
(PHOTO: Americans Eligible for Direct Payment from $3 Million ‘Karma’ Settlement – Key Criteria Revealed)
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According to The U.S. Sun In a groundbreaking legal development a recently concluded settlement between personal finance behemoth Credit Karma and the esteemed Federal Trade Commission (FTC) has illuminated the availability of direct payments from a substantial $3 million settlement fund for eligible Americans. The lawsuit initiated by the FTC asserts that Credit Karma currently under the ownership of Intuit engaged in deceptive practices by alluring customers with inflated prospects of credit application approvals. The company allegedly misrepresented the likelihood of customers obtaining loans resulting in widespread disappointment futile time expenditure and in some cases adverse impacts on credit scores.
As reported by Top Class Actions customers of Credit Karma allegedly faced misleading advertising practices. They were enticed by promises of “pre-approval” or “90% odds” of loan approval only to be denied credit after submitting applications. Despite not acknowledging any wrongdoing Credit Karma opted to settle the lawsuit initiated by these customers. The settlement finalized on January 23, 2023 resulted in a payout of $3 million demonstrating the company’s willingness to resolve the allegations without admitting to any liability.
About 497,425 people who got confusing information from Credit Karma may now be able to claim a one-time payment from a settlement fund. To be eligible you must have been turned down for credit after responding to a Credit Karma offer from February 2018 to April 2021 that said you were “pre-approved” or had a “90% chance” of getting approved. You don’t need any documents to prove your claim which makes it easier for affected people.
Filing a Claim in the Credit Karma Settlement
Credit Karma customers can file a claim through the settlement website which offers detailed guidance. The website features a digital portal where users can enter their claim ID and submit the necessary form. While it’s unclear if a mail-in option is available individuals should act promptly as the deadline to submit a claim is March 4, 2024.
The exact amount for the one-time payment in the Credit Karma The amount you’ll receive in the Credit Karma settlement depends on how many people claim it. Legal costs and other expenses will be taken out of the settlement funds. To qualify for the payment you must submit your claim before the deadline.
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