Nerdwallet: Reviews, Complaints, Customer Claims | ComplaintsBoard (2023)

FAQs

Is NerdWallet a reliable source? ›

Is NerdWallet Safe to Use? Overall, NerdWallet is safe to use.

Credit Karma is likely the best option for you if your primary concern is managing or improving your credit score. If your primary concern is budgeting and finance tracking, NerdWallet is likely the better choice.

Tim Chen is the founder and CEO of NerdWallet. A former hedge fund equity analyst specializing in payment processing companies, credit card networks, and technology companies, Tim also worked as an equity research analyst at Credit Suisse First Boston. He is a graduate of Stanford University with a degree in economics.

How does NerdWallet protect my personal information? We use industry-standard security controls, such as cryptography, to protect your personally identifying information. And our partners Yodlee, TransUnion, and Plaid do the same. How does NerdWallet get my credit score?

How does NerdWallet make money: revenue model. NerdWallet made $379.6 Million in 2021. NerdWallet makes money by promoting financial products to its users. Financial service partners of NerdWallet pay in the form of revenue per action, revenue per click, revenue per lead, and revenue per funded loan arrangements.

NerdWallet uses VantageScore® 3.0 and your TransUnion® credit report data. Most lending decisions are made using the FICO® model.

The credit scores and credit reports you see on Credit Karma come directly from TransUnion and Equifax, two of the three major consumer credit bureaus. They should accurately reflect your credit information as reported by those bureaus — but they may not match other reports and scores out there.

How does NerdWallet get my free credit report and score? NerdWallet partners with TransUnion® to provide your TransUnion® credit report. Using the data in your credit report, it also provides your VantageScore® 3.0 credit score. Your score and credit report information are updated weekly.

No. Checking your credit score on NerdWallet only prompts a soft inquiry on your credit report - not a hard inquiry - and will never impact your score in any way, no matter how often you check it.

Personal Information We Collect, Disclose for a Business Purpose, and Sell. We collect the categories of personal information about California consumers identified in the chart below and use and disclose to third parties this information for business or commercial purposes.

How does NerdWallet make its money? ›

NerdWallet is an online platform providing tools and tips on all matters related to personal finance. The company gained traction as a simple web application comparing credit cards. NerdWallet makes money via affiliate commissions determined according to the affiliate agreements.

For example, we may ask for your Social Security number, or a portion of it, to verify your identity in connection with services that enable you to see your current credit score or other financial information.

NerdWallet is entirely free for our account holders. So how do we make money? Our partners compensate us.

NerdWallet rates credit cards on a scale of 1 to 5 stars, with 5 being the best. The ratings are incremented in tenths of a star — 3.7, 4.3, 5.0 and so on.

NerdWallet UK is an independent financial comparison website. Launched in 2004 originally under the name of Know Your Money. Run by a dedicated team, our goal is to provide quick, simple and clear comparisons for a wide range of financial products.

We had 20 million average Monthly Unique Users (MUUs), which was up 2% year-over-year. We continue to see strong engagement in many of our verticals such as SMB products and banking, but were pressured by a challenging macro environment in both mortgages and investing, as well as lapping a longer 2021 tax season.

NerdWallet stock has fallen by -39% in 2022 year-to-date, as its revenue growth slowed as a result of weak mortgage demand.

How many people have an 850 credit score? ›

While achieving a perfect 850 credit score is rare, it's not impossible. About 1.3% of consumers have one, according to Experian's latest data. FICO scores can range anywhere from 300 to 850. The average score was 714, as of 2021.

Credit scores are three-digit numbers that show an important piece of your financial history. Credit scores help lenders decide whether to grant you credit. The average credit score in the United States is 698, based on VantageScore^® data from February 2021. It's a myth that you only have one credit score.

A credit score of 650 falls within FICO's “fair” range, which is 580 to 669. So, by that measure, a credit score isn't considered “good” until it reaches 670. People in the “fair” range are considered subprime borrowers, meaning their credit standing is less than what is desired.

Although Experian is the largest credit bureau in the U.S., TransUnion and Equifax are widely considered to be just as accurate and important. When it comes to credit scores, however, there is a clear winner: FICO® Score is used in 90% of lending decisions.

You have the right to request one free copy of your credit report each year from each of the three major consumer reporting companies (Equifax, Experian and TransUnion) by visiting AnnualCreditReport.com. You may also be able to view free reports more frequently online.

Credit scores can drop due to a variety of reasons, including late or missed payments, changes to your credit utilization rate, a change in your credit mix, closing older accounts (which may shorten your length of credit history overall), or applying for new credit accounts.

Why is my FICO® score different from my credit score? Your FICO Score is a credit score. But if your FICO score is different from another of your credit scores, it may be that the score you're viewing was calculated using one of the other scoring models that exist.

FICO scores are used in over 90% of lending decisions making the FICO® Basic, Advanced and Premier services the most accurate for credit score updates. All plans offer access to 28 versions of your FICO score, including scores for credit cards, mortgages and auto loans.

FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score. There are also industry-specific versions of credit scores that businesses use. For example, the FICO Bankcard Score 8 is the most widely used score when you apply for a new credit card or a credit-limit increase.

If your credit score dropped 100 points or more, it could be due to a late payment, collection account, tax lien or other reasons. While this big drop is alarming and significant, you can recover with time, responsible credit use, on-time payments and by speaking with any creditors or collection agencies.

Why did my credit score drop 40 points? ›

Your credit score may have dropped by 40 points because a late payment was listed on your credit report or you became further delinquent on past-due bills. It's also possible that your credit score fell because your credit card balances increased, causing your credit utilization to rise.

Three common credit problems are: Lack of enough credit history. Denied credit application. Fraud and identity theft.

Most importantly, checking your own credit is a soft inquiry, so it won't affect your score. You can get your free credit report on demand from a personal finance website like NerdWallet. Or, you can use AnnualCreditReport.com to get your reports from the three major credit bureaus.

Yes, NerdWallet is a credible and unbiased resource. It holds positive ratings with a variety of review aggregators for its money-tracking tools, mobile app, and personal finance reviews.

CEO Compensation Analysis

Compensation vs Market: Tim's total compensation ($USD5. 40M) is about average for companies of similar size in the US market ($USD5. 39M).

Anyone can refuse to disclose his or her number, but the requester can refuse its services if you do not give it. Businesses, banks, schools, private agencies, etc., are free to request someone's number and use it for any purpose that does not violate a federal or state law.

An identity thief would have to obtain personal details such as your name, birthdate and Social Security number in order to open a credit card in your name. However, it is a federal crime to do this, and it can result in jail time when the thief is caught for their behavior.

Don't Carry Your Social Security Card in Your Wallet

Losing protection of your full Social Security number is a fast track to identity theft. Once it's loose, identify thieves will exploit it to get loans in your name, obtain credit cards or other financial chicanery.

Credit Karma is likely the best option for you if your primary concern is managing or improving your credit score. If your primary concern is budgeting and finance tracking, NerdWallet is likely the better choice.

Can NerdWallet be trusted? ›

Is NerdWallet Safe to Use? Overall, NerdWallet is safe to use.

We take our responsibility to protect your confidential information seriously, using 128-bit encryption to protect your data. You can learn about NerdWallet's security practices here.

Checking your credit score on NerdWallet only prompts a soft inquiry on your credit report - not a hard inquiry - and will never impact your score in any way, no matter how often you check it.

NerdWallet provides your VantageScore 3.0® using data provided by the TransUnion® credit reporting bureau.

Best of all, it's free. See all your savings, credit cards, and investments together in one place. With everything connected, you'll get timely nerdy insights so you can be sure you're making the right financial decisions for you. Best of all, it's free.

Now they are generating over $150 million in revenue annually and have over 39 million monthly users. Their business model is based on affiliate commissions. Financial companies, such as credit card companies or banks offering personal loans, pay NerdWallet for every sign up that is generated by NerdWallet's platforms.

Our co-founder, Chief Executive Officer and Chairman of our board of directors, Tim Chen, started NerdWallet in 2009 to bring clarity to all of life's financial decisions.

The answer is yes. To open an account with a U.S financial institution, you must provide your SSN. The banks use your SSN to evaluate your credit report and to send information about your interest and investment income/losses to the IRS.