LendingTree launches free credit analyzer tool

Platform tracks users' financial situation and gives recommendations for future goals, such as saving for a down payment

Credit scores — and what yours means when it comes to owning a home — can be confusing.

To help consumers better navigate their credit histories, LendingTree launched a free online credit analyzer that tracks users’ financial situation and gives recommendations for future goals.

The online loan marketplace added the credit and debt analysis tool to its site, where users can answers questions about financial goals (for example, making a down payment or improving their credit) and then get algorithm-based recommendations for how they can achieve them.

“At LendingTree, we strive to help every consumer make smarter financial decisions, regardless of their credit situation,” Raj Patel, LendingTree’s senior director of credit restoration and debt-related services and products, said in a statement. “[…] We want to help these consumers better understand their credit situation through education and free financial tools, using financial goals to guide consumers to achieve greater financial health and find the right financial product for their needs.”

Other goals include reducing debt and buying a car.

After entering their credit score, annual income, savings and stability of their current situation, users will get information based on steps they need to take (for example, saving more or improving credit) to reach their financial goals. While the app is free to use, it requires users to input their address, current credit and the last four digits of their social security number in order to grant LendingTree permission to display one’s credit history.

Along with tracking financial goals, the credit analyzer also helps users see whether their current situation — whether it be their mortgage, rent or even car payments — is affordable and proportional to their income.

Email Veronika Bondarenko