Consumers pay for free tax preparation sites with personal data

[McFurd]

CBS News - 4/12/2017 - Anna Werner - As the deadline for most Americans to file their taxes nears, millions of consumers are turning to companies like H&R Block or Credit Karma, which offer free tax preparation. One such consumer is Katherine Currier, who used TurboTax. “It was very simple,” Currier said. “It really only took me like 15, 20 minutes.” Companies provide free tax filing because of what they can get in return: access to consumer data, which helps them market services like credit cards and loans. “Credit Karma makes money when we’re able to help a consumer find a better product,” said the company’s CEO, Kenneth Lin. “The information from the tax return can be pivotal in understanding if you’re overpaying for a particular loan product or you’re taking a deduction that you shouldn’t,” Lin said. Read more @ http://www.cbsnews.com/news/consumers-p ... onal-data/