The Federal Trade Commission (FTC) has swung into action, announcing a claims process that unravels the deceptive web of Credit Karma's "pre-approved" credit card offers that left consumers facing denials.

It begs asking the question, “What does pre-approved mean if you can be denied?” We’re not paid enough to engage in that level of thought, so on we go.

The Sting Operation: 497,425 Potential Victims

In a dramatic saga that feels like a plot twist in a financial thriller, the FTC is launching a claims process targeted at the 497,425 souls who found themselves tangled up thanks to Credit Karma's misleading maneuvers. It turns out that being "pre-approved" by Credit Karma was more receiving a ticket for a train that never left the station.

Claims, Emails, and Snail Mail: The FTC’s Grand Communication Gala

Picture this: You're checking your inbox, and there it is—an email from the FTC. Got one? Well, you might be entitled to compensation. But for the digital outliers without an email address, fear not; the FTC is sending letters via good old snail mail, reminding you of Credit Karma's audacity. Stay off the grid, keep that tin foil hat on.

Deadline Drama: March 4, 2024, Beckons

The ticking clock echoes louder as the FTC declares March 4, 2024, as the ultimate deadline for victims to step forward and claim their piece of the pie. Ready your keyboards and click your way to justice at www.ftc.gov/CreditKarma. It's time for some financial reckoning.

If you've accepted an offer dangled by Credit Karma of getting pre-approved for a credit card or loan, you could be due some money. https://t.co/4BVXlK26OZ

— CBS News (@CBSNews) December 7, 2023

Credit Karma’s Fall from Grace: A $3 Million Tale

Back in September 2022, the FTC decided to take a look at Credit Karma, accusing them of making false promises of offer "pre-approved" cards, or offering dazzling "90% odds" of approval for credit cards. Credit Karma coughed up a hefty $3 million to settle, which is now poised to cushion the financial bruises of those impacted by their shifty schemes.

What began as a modest 30 complaints against Credit Karma's "pre-approved" cards transformed into a torrent of nearly 900 grievances within five months of the FTC's crackdown. The FTC, well-versed in the iceberg effect of consumer complaints, saw this surge as just the tip, revealing the magnitude of the financial fiasco Credit Karma initiated.

Refund Revelry: The FTC’s $392 Million Windfall

As the curtain falls on this financial drama, the FTC's interactive dashboards unveil a state-by-state breakdown of the $392 million in refunds cascading across the nation. A testament to the FTC's resolve to bring financial justice, one deceptive credit offer at a time. All hail the FTC.

All this reminds us of an article posted just recently giving something of a who’s who of financial ne’er do wells that included CZ, Jaime Dimon, SBF and more. It seems that wickedness is in the air, despite the fact that many of us are often warned about being naughty or nice this time of year...