What is TotallyMoney?
When you apply for a credit product such as a mortgage, loan or credit card, the potential lender will view your credit report from one or more of the main credit reference agencies, Experian, Equifax or TransUnion. TotallyMoney was set up with the aim of allowing people to view this information for free as a way of helping them make better financial decisions and to work to improve their score, if needed. As such, it takes information from TransUnion and gives users free access to it.
The other side of TotallyMoney - and the way in which they make a profit - is acting as a credit broker, marketing credit cards, mortgages and loans from selected lenders and earning commission on any sales.
TotallyMoney's key features
- Free access to TransUnion credit score and report, as well as updates when there are any changes
- Analysis and advice on how you can improve your TransUnion credit score
- Pre-approval on some credit products, as well as guaranteed rates
How does TotallyMoney work?
TotallyMoney uses the TransUnion credit report, which is created by collating personal information and financial history over the previous 6 years to give an illustration of somebody's likely creditworthiness. It focuses on positives, such as making repayments on credit agreements in full and on time, as well as negatives, like defaulting on payments or exceeding agreed credit limits, to come up with an overall credit score. This is passed on to the prospective lenders who use it as part of their approval process. It's important to note that there isn't a universal credit score, with each agency using its own calculations.
While TotallyMoney doesn't create or control the underlying credit report, it does offer users updates if changes occur, as well as pointers on how to improve their TransUnion score over time. It also has a tracking function that helps people monitor how this score has changed, which aims to incentivise people to improve their financial habits.
The other part of the TotallyMoney proposition is using people's credit reports to match them up with credit products they are likely to be approved for from its panel of lenders. It has an eligibility checker to show how likely you are to be approved, as well as a pre-approval function, which helps minimise the risk of applying and being turned down.
Is TotallyMoney free?
TotallyMoney is completely free and you don't need to give debit or credit card details when you sign up. It allows unlimited access to your TransUnion credit report and credit score, with the guarantee that it will never charge for this service. Instead, it makes money by matching users to credit products from its panel of lenders, so you can expect to be targeted with offers and deals when you view your credit report.
Is TotallyMoney accurate?
As TotallyMoney uses information from TransUnion, it is not in control of the accuracy of the underlying report and score. It is down to TransUnion to make sure the data is up to date and a true representation of the individual's credit history. That said, TotallyMoney has a system in place for customers to easily correct any errors on their reports, ensuring that they can optimise their TransUnion credit score to make it more likely they will be approved for credit products in the future.
TotallyMoney customer reviews
According to review site Trustpilot, TotallyMoney scores 4.6 out of 5.0, based on almost 13,000 reviews, making it the most highly rated of all credit score and report providers. 80% of respondents deemed it to be an "excellent" company, with fewer than 4% classifying it as either "poor" or "bad".
The positive reviews mainly centre on the fact it is free, as well as the advice it gives to people on how to improve their credit scores. The handful of negative reviews stated that information on their reports was out of date or inaccurate.
TotallyMoney pros and cons
- It doesn't cost anything and gives live updates on your TransUnion credit score and report
- It can help you to improve your score over time and helps you monitor your progress
- You can get pre-approval and guaranteed rates on selected credit products
- As well as providing your credit information, TotallyMoney will market products to you
- It doesn't have as many features as other credit reference services, particularly paid-for options
Alternatives to TotallyMoney
If you are willing to pay to view your credit report, you can opt to go directly to Experian or Equifax, which both have a monthly subscription service. They offer additional features, including identity protection that helps you to avoid being a victim of identity theft or fraud. Experian also has Experian Boost, which is a free way that users can potentially instantly increase their credit score. Alternatively, checkmyfile allows you to check your credit reports with Experian, Equifax and TransUnion for £14.99 per month, with a free 30-day trial.
If you would rather not have to pay, both ClearScore* and Credit Karma are free and offer similar propositions to TotallyMoney.
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