What is MoneySuperMarket Credit Monitor?
What is MoneySuperMarket Credit Monitor?MSM Credit Monitor is a service that allows users to check their TransUnion credit score for free. It can be accessed through the MoneySuperMarket app, which also includes its Car Monitor and Energy Monitor features, which deal with car insurance and finance renewals and energy company switching, respectively.
How does MoneySuperMarket Credit Monitor work?
MSM Credit Monitor gets its information from the credit reference agency TransUnion, which collates data on your past financial behaviour, including how you have previously managed debt. Individuals are given points for positive behaviour, including making repayments on time, staying within their credit limit and not being overly indebted. Conversely, they lose points for missing payments, being rejected for credit cards or loans, or for more serious issues, such as CCJs or bankruptcy. This results in an overall credit score, with the actions from the past 6 years listed in the credit report.
It is worth noting each person doesn't have a single credit score. Instead there are reports and scores from TransUnion, Experian and Equifax, which can all contain slightly different information, with the score calculated in their own separate ways. You can find out how to check your credit score for free in our article, which includes ClearScore (Equifax), Credit Karma* (TransUnion) as well as MSE Credit Club (Experian).
MoneySuperMarket uses the TransUnion credit score to assess which credit cards that person is eligible for from the card providers it works with, earning commission when a customer opens an account for one of these cards.
MoneySuperMarket Credit Monitor key features
- Free access to your TransUnion credit score and report
- Notifications when there are changes to your report or score
- Guides and advice on how to improve your credit score
- Recommendations for credit cards that you are likely to be approved for, based on your credit report
Is MoneySuperMarket Credit Monitor accurate?
As MSM Credit Monitor sources its data from TransUnion, it is only as accurate as the information it is provided with. It is, therefore, worth checking through the full report to see if there are any inaccuracies or out-of-date entries. Your credit report is sent through to you via the MoneySuperMarket app monthly, which is how often the TransUnion report is updated. You will also be sent notifications for changes on your report, which can help flag any mistakes. Both TransUnion and MoneySuperMarket have mechanisms to allow you to report any inaccuracies.
Is MoneySuperMarket Credit Monitor free?
A big appeal of MSM Credit Monitor is that it doesn't cost anything to use and customers can access it as often as they want. Moreover, unlike other free ways to check your TransUnion score - Credit Karma* and TotallyMoney - it also offers the free features of Car Monitor, which reminds you to renew your MOT, tax and insurance, as well as Energy Monitor, which gives guidance on switching to a better energy deal.
MoneySuperMarket is remunerated through the providers it has on its site and you can expect to see marketing for credit cards and other products when using the app.
MoneySuperMarket Credit Monitor pros and cons
Pros of MoneySuperMarket Credit Monitor
- It is free to use and gives you a way of keeping on top of your TransUnion credit score, which is useful if you are planning to borrow money in the near future
- It provides guidance on how to improve your credit score, as well as providing notifications when there are changes to your report
- It is accessed through the MoneySuperMarket app, which also has Car Monitor and Energy Monitor on it
Cons of MoneySuperMarket Credit Monitor
- To get a full picture of your financial profile, you also need to check your Experian and Equifax reports as they may have different information on you
- You may be subjected to marketing from the credit card companies MoneySuperMarket works with, which can be an issue if you have had issues with managing borrowing in the past and are vulnerable to taking on unnecessary extra debt
MoneySuperMarket Credit Monitor customer reviews
According to customer review site Trustpilot, MoneySuperMarket is rated 2.5 out of 5 based on more than 2,000 reviews. This is for its whole proposition rather than specifically its Credit Monitor service. However, generally, the positive reviews centred on the efficiency of MSM at providing the information the customers were looking for, as well as its potential for saving people money. The negative reviews mainly cited customers having to field numerous calls and emails from providers when they have requested a quote through MSM, which doesn't apply directly to the Credit Monitor feature.
Alternatives to MoneySuperMarket Credit Monitor
If you specifically want to check your TransUnion credit score, you can use Credit Karma* or TotallyMoney, both of which are free. If, however, you are looking to check your Experian score, you can do this directly, although this comes at a cost of £14.99 per month after the initial 30-day free trial. Equifax, meanwhile, can also be accessed directly at a cost of £10.95 per month after the free trial, or for free through ClearScore.
If a link has an * beside it this means that it is an affiliated link. If you go via the link Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. But as you can clearly see this has in no way influenced this independent and balanced review of the product. The following link can be used if you do not wish to help Money to the Masses or take advantage of any exclusive offers - Credit Karma
