Credit Karma Settlement Payout Date – Who will receive it, how much and when?

Eligible individuals had March 4, 2024, to submit a claim for a portion of the $3 million FTC settlement. Half a million consumers who were deceived by the company’s “pre-approved” credit card offers may expect the payout for Karma Settlement in April 2024.

Credit Karma Settlement Payout Date

Payout amounts may differ from one claimant to another based on the total number of claims submitted since the settlement money will be distributed among all qualified claimants.

The deadline to file a claim is March 4, 2024 the Credit Karma Settlement Payout Date is April 2024.

According to the Federal Trade Commission (FTC), Credit Karma misled customers into thinking they were “pre-approved” or had “90% odds” of being approved for a credit card when, in fact, they frequently didn’t meet the requirements.

Nearly 500,000 people were alerted by the FTC late last year that they might be qualified for a payment. About 4,000 customers who did not have an email address on file were expected to receive a notice in the mail, but the majority of the 497,425 impacted consumers were supposed to receive a notification email, according to the statement.

Credit Karma Settlement Amount

The $3 million will be divided among all qualifying claimants, therefore the more claims filed, the less the reward per claim. 

The FTC and Credit Karma reached a settlement in January that mandated the payment of $3 million and the “halting of deceptive ‘pre-approved’ claims.” To those who may have been affected, the commission is mailing notices along with claim IDs to around 500,000 individuals.

According to the Federal Trade Commission (FTC), Credit Karma misled customers into thinking they were “pre-approved” or had “90% odds” of being approved for a credit card when, in fact, they frequently didn’t meet the requirements.

Credit Karma Settlement Payout Date

Credit Karma Settlement Eligibility 

Eligibility for the Credit Karma Settlement are as follows:

  • Customers who, between December 2016 and October 2022, received an offer from Credit Karma that was described as “pre-approved” or having “high odds of approval.”
  • Consumers who were subsequently rejected credit after applying for a credit card through one of these offers.
  • proof that Credit Karma has offered you a “pre-approved” or “high odds of approval” offer. This might be a screenshot, email, or other type of record.
  • Evidence of credit rejection following a Credit Karma credit card application. This might be an email, letter, or other communication from the credit card company denying your request.

Credit Karma Settlement Claim Deadline 

March 4, 2024 was the cutoff date for claims under the Credit Karma $3 million settlement. To be eligible for a portion of the settlement, you must file your claim by this deadline. Recall that no claims will be entertained after March 4, 2024.

The amount of each individual payout may differ based on the quantity of filed claims because the settlement fund will be distributed to all qualifying claimants. After reviewing all claims, the FTC might get in touch with you if more details are required.

When will I get my money from the FTC settlement?

Now that the lawsuit and consent agreement with Credit Karma have been unanimously approved by the Federal Trade Commission, the settlement will be released in the Federal Register. The agreement will be announced and available for public comment for thirty days, following which the FTC will determine whether to proceed with the arrangement or not.

Payments will thereafter start to be sent to qualified customers who have been verified by Credit Karma and the Federal Trade Commission expected in April 2024. According to the organization, payments are made by cheque, PayPal, and prepaid debit cards.Payments will thereafter start to be sent to qualified customers who have been verified by Credit Karma and the Federal Trade Commission. 

To file your claim, visit ftc.gov/CreditKarma. The FTC also stated that you can contact them with inquiries by phone at (866) 848-0871 or by email at [email protected]. According to the organization, payments are made by cheque, PayPal, and pre-paid debit cards.

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