EXCLUSIVE- Online loan marketplace LendingTree is going head to head (again) with credit scoring platform Credit Karma, with the launch of its free credit monitoring service within its My LendingTree platform.
Credit Karma has over 75 million users, while My LendingTree platform has about seven million users based on the company’s announcement.
With the launch of free credit monitoring, LendingTree will compete with Credit Karma’s credit monitoring features. Like Credit Karma, LendingTree will send users alerts of any changes or potential suspicious activity.
These users will receive push notifications on their mobile app and emails when this occurs. Once logged in, these users can confirm or dispute changes.
Charles Battle, Senior Director of Product Management, said in a statement yesterday:
By adding free credit monitoring to My LendingTree, we’re making it even easier for consumers to manage their credit and monitor their financial health.
Of course, this is not the first time LendingTree has gone directly up against San Francisco. -based Credit Karma.
In fact, last September LendingTree CEO Doug Lebda, reportedly referred to the My LendingTree Platform as a “Credit Karma product,” confusing people who understood the comments as a partnership between the two. That was not what he meant: what Lebda really meant according to a previous Bank Innovation interview was that the company would ramp up paid marketing for its My LendingTree Platform, which has offerings similar to Credit Karma.
Launched in June 2014, My LendingTree is a financial intelligence platform that provides free credit scores, credit report analysis and grades for the six primary factors that influence their score. For this platform, it works with TransUnion.
Its parent company, LendingTree was founded in 1996 and has since facilitated more than 65 million loan requests.
It trades on Nasdaq under the ticker symbol TREE and has a market cap of $4.5 billion.
Bank Innovation has reached out to LendingTree for comments, stay tuned.
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