Most of us understand the basic principal of our credit score, in that the better we manage our outgoings and keep up-to-date with any repayments we owe, the better our rating and therefore, the more trustworthy future lenders will deem us to be. Understanding this does little to actually help us monitor or improve our existing rating, however, but TotallyMoney’s new live credit score service aims to help us do just that.
What is it?
The free Live Credit Score and Full Credit Report service from TotallyMoney is, in many ways, a one-stop-shop when it comes to your credit rating. As well as showing you what your current score is, it provides access to six years’ worth of borrowing history, allowing you to track how much you’ve hampered or improved your financial standing over time. To save you from trying to balance several different accounts and micromanage everything individually, they also present you with an overview of all your active credit accounts in one place, allowing you to monitor and compare your current accounts, loans, mortgages, phone and utility bills, and suchlike via a compact, easy to navigate system.
What makes it different?
Other services have indeed attempted to provide consumers with access to their credit score in the past, but the difference here is the accompanying report and personalised hints and tips. Far more intuitive and reliable than a mere figure, TotallyMoney uses live data gathered from two of the leading credit reference agencies, updating their report in real time whenever a user logs in, meaning they always see the most current possible information and can make appropriately informed decisions.
In addition to merely letting you know about your current financial standing, they will also provide you with personalised suggestions as to how you could improve your score and thus increase your hopes of securing further credit should you need it down the line.
Why should you use it?
The main aim of the new service is to essentially even the playing field, giving everyone the best possible chance of being approved for credit in relation to their individual financial circumstances. To make this happen, they have developed a sophisticated Borrowing Power algorithm, which monitors a user’s credit history in relation to market-wide lending data, to tell them exactly how appealing they are to prospective lenders at any given time. This means their service is as much about helping customers face up to where they stand today as it is to plan for their future. Through their Intelligent Alerts, they will even let you know when your status has changed and if any new products or opportunities have emerged which you could be eligible for, helping you to stay on the best possible path towards better financial security and stability.