Susan Tompor

Detroit Free Press Personal Finance Columnist

Credit Karma will bring a quirky new vending machine that is designed to build buzz about financial literacy to Campus Martius Park in Detroit.

The "Karma Machine" will give away mystery prize boxes from 9 a.m. to 4 p.m. Wednesday and Thursday in Campus Martius in downtown Detroit. Credit Karma, which operates a free credit monitoring website, will ask consumers to post about their experience on social media using the hashtag #Karma4Detroit.

In turn, Credit Karma will give an $8.50 donation to Operation HOPE — a nonprofit that works with the poor, the underserved and the struggling middle class — for each verified social media post that meets certain requirements.

► Related: Do you know the score when it comes to credit?

The donations will enable Operation HOPE to provide credit and money management classes and educate young consumers about the myths and realities of credit cards.

Credit Karma's community ambassadors will be available at Campus Martius to show visitors how to access their credit information and use Credit Karma tools for free.

Ryan Mack, the Michigan market president for Operation HOPE, who is based in Detroit, said the event is part of a longer-term effort to educate consumers and create a sustainable change that can improve the economic picture for many households in Detroit.

Mack said he will be in Campus Martius along with others from Operation HOPE to help people learn more about various resources for tackling credit card myths, budgeting and money management.

"For a long time, we've had a lot of individuals in the community capitalizing on what people don't know," Mack said.

He said he met one woman who had an $80,000 check after taking equity out of her home, but it cost her roughly $7,000 in fees to cash that check when she did so at a corner liquor store.

People need to be more aware of some "second-chance bank accounts" that are marketed to consumers who have had troubled financial pictures in the past, Mack said.

They need to learn more ways to avoid high-cost payday loan stores, check-cashing stores and the costly check-cashing fees at the corner store.

Many people can vastly improve their finances by taking action to improve their credit score over time, he said.

Credit Karma said its data shows that the average credit score of a Detroit resident is 10% lower than Credit Karma's average member.

"The idea is to empower Detroiters to give back to their own community," said Bethy Hardeman, chief consumer advocate for Credit Karma.

The $8.50 donation represents the 850 credit score that many people would strive to attain. The mystery prizes could include Mo Pop Festival Tickets and Detroit Tigers tickets.

The Mo Pop Festival runs Saturday and Sunday at West Riverfront Park in Detroit. Credit Karma and Operation HOPE will participate at Mo Pop to promote financial literacy, too.

Contact Susan Tompor: stompor@freepress.com or 313-222-8876.