Today, Credit Karma launched a free credit monitoring service for all U.S. consumers. The service will monitor a consumer’s credit file on a daily basis and notify them of significant changes.

Here’s how it works:

• The consumer visits CreditKarma.com and begins the free, two-minute registration process.

• Every day, Credit Karma monitors the consumer’s credit report.

• After a new credit inquiry, missed payment, or improved payment status hits the consumer’s credit file, Credit Karma alerts the consumer via email.

Credit Karma is the first company to provide this service for free and existing Credit Karma members need only to opt-in to take advantage of the service.

To learn more about Credit Karma, watch its FinovateStartup09 demo.