What is Credit Sesame?

by Krantcents · 17 comments

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What is Credit Sesame? Money has fascinated me my entire life.  My career focused on controlling expenses for public and private companies.  As an entrepreneur, I concentrated on finding and building assets such as income property, consulting services and businesses.  Taking control of your financial matters was important for success.  “Credit Sesame helps take control of your finances by monitoring your credit score, loans and debt all in one place.”

So much is written about credit scores!  What is good and bad?  Most lending institutions like banks, savings & loans etc state that you need score of 700 and above to be considered a good credit risk. What does your credit score mean?  A credit score is a numerical expression of how responsible you are with your credit.  It represent s your creditworthiness.  Do only banks use a credit score?  No!  Insurance companies, mobile phone companies, landlords, and government departments also use your credit score.

Many employers are doing background checks on perspective employees and current employees which include a credit score.  Why?  If you will or have financial responsibility, financial authority (approval) or handle cash, companies are using this investigation to avoid future problems.  In addition to controlling your finances, you may want to periodically check your score to find problems or correct mistakes before your employer or lender does.  Credit Sesame provides this information absolutely free.

Credit Sesame uses the same technology banks use for loan approval.  Why use Credit Sesame?  Besides monitoring your credit score, it helps track your loans and recommends three options that will save you money.  They won’t waste your time with loans you are not qualified.  They offer a complete analysis of your loans, mortgages, and credit card debt in minutes for free! How can they do this?  They make money when you save money!  If you choose to apply for a loan and close it, they get paid.  They are paid a small fee by the lender!

In this world of daily hacking of banks and companies for financial information, Credit Sesame uses the strongest encryption for your information and firewalls similar to credit cards submission on websites.  They use security verification and server protection approved by Verisign the gold standard on the Internet.  Your information is not shared with anyone including the employees of Credit Sesame.  Based on that, I signed up and learned my credit score and credit usage in just a few minutes.

Would you like to know what a banker thinks about your credit before you apply for a loan?  I know I would!  The advantage of the free analytics of Credit Sesame is you see how a banker will evaluate your credit situation at any time!  They track and evaluate your credit situation for savings on loans that are personal and prequalified.  It is almost like having a personal banker looking out for you!

There is absolutely no obligation for you to do anything, but who doesn’t want to save money.  Credit Sesame tracks the market and new and existing financial products from banks daily and lets you know that you can save money.  It is up to you to make a change.  What should you do next?  Sign up and find out your credit score and let them track your debt.  It takes less than a few minutes to find out!  You can go to the Credit Sesame button in my side bar on the right.  What are you waiting for?  What is Credit Sesame?


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MoneyCone June 13, 2011 at 11:56 am

Thanks for the review KC. I’ve used CreditKarma, but not CreditSesame.  Time it take it for a spin!

krantcents June 13, 2011 at 10:50 pm

Aside from getting your credit score, I like the idea of the site monitoring savings on the loans.

retirebyforty June 13, 2011 at 9:15 pm

Sounds interesting. I’ll keep credit sesame in mind when I need some capital. :)

krantcents June 13, 2011 at 10:54 pm

Besides checking your credit score, they will monitor the Internet for savings on your loans. Sounds like a good deal to me!

Jon--Free Money Wisdom June 13, 2011 at 11:24 pm

Great resource!  I’ll have to keep this in mind.  Staying abreast on your credit score is essential — especially when you’re contemplating a major financial decision in the near future.  

krantcents June 14, 2011 at 12:00 am

I also like the concept of monitoring for savings on my loans.

Suba June 15, 2011 at 6:33 pm

I have been commenting on all the recent posts talking about Credit Sesame :) It is a great tool, but none of the reviews so far have mentioned, it is NOT the credit score that the lenders see. Lenders/employers see the FICO scores, credit sesame does NOT offer that score. The scores they offer are the custom scores from the credit agencies, in most cases it will be close but it need not be. If you really are in the market for a loan, it might be worth signing up for FICO free trial and get the real score.

krantcents June 15, 2011 at 11:47 pm

You are right, it is just a credit score! I don’t know if it makes a difference. I don’t think you would want to get your FICO score too often because it may affect your score. It may only be critical if you are on the edge of 700.

Afford Anything June 15, 2011 at 11:28 pm

It’s nice that there’s a company that legitimately provides free credit information. Lots of companies claim they offer free credit scores, but they actually only offer free “trials” with an automatic monthly billing. Hooray for this group for creating something truly free.

krantcents June 16, 2011 at 1:10 am

Besides the free credit score, they monitor your loans for savings at no cost. Sounds like a win/win!

Will @ HackingTheBank.com June 16, 2011 at 3:33 pm

I think I need to check out Credit Sesame this weekend. I’ve been a member of Credit Karma, but I feel that they aren’t really providing that much benefit. Credit Sesame seems like it offers a lot more.

krantcents June 17, 2011 at 12:08 am

Getting a credit score is important, but I like using technology to monitor for savings too.

RetireOnTime June 17, 2011 at 9:04 am

I’m not sure how I feel about employers checking applicant’s credit scores. While I agree it might be a good way to measure financial responsibility, there are many factors that can lower a person’s credit score – such as fraud and inaccurate reporting. I do think it’s a good idea to be aware of your credit at all times so you can hold yourself accountable as well as stop potential fraud. It’s so important to know where you stand these days - especially since everyone’s looking!

krantcents June 17, 2011 at 8:29 pm

The Internet has made it easier and less expensive to do background checks and checking credit. I don’t think they would use scores as though were extending credit. It would be to discover problems.

Buck Inspire June 22, 2011 at 10:30 pm

Great review.  Will Credit Sesame damage your current score?

krantcents June 23, 2011 at 8:02 pm

I don’t believe so because they are not pulling your credit. They are producing a score based on their formula, however it is similar to a FICO score.

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