When I started at TotallyMoney three months ago, I was excited to be working again on products with a mass-market appeal. Some of my most enjoyable time was spent working on such products in the past – Skype, with hundreds of million users and JustGiving, with users in the tens of millions.
Building and launching a new mass-market consumer finance product is an even more exhilarating prospect. Such products are meant for everyone – any UK resident over 18 years of age can sign up to the TotallyMoney free credit report.
Your credit report and score are unique and individual. Some customers will have a credit file rich with pertinent information. Others will have very little credit history, making their file ‘thin’ and not particularly informative.
Many of the existing UK credit report services turn away these ‘thin’ file customers. However, we were determined to do better by them and provide them with whatever valuable information we could.
We have developed a unique offering for our customers, an algorithm that reveals their individual Borrowing Power. This is calculated by looking at how many of the leading credit products they are eligible for and how likely they are to be accepted for each of them. Because it reflects the market as well as changes in the user’s circumstances, the Borrowing Power level is a true index of the user’s credit position.
By incorporating the Borrowing Power in the TotallyMoney product, we could make our product valuable to most customers – ‘thin file’ customers included. Customers with no credit report still received information about their Borrowing Power and best credit matches. And customers who were in the happy position of having their credit file could also see their real-world Borrowing Power.
We launched the first version of our product earlier this month, and we are seeing a steady stream of early customers signing up each day. We have loved the feedback so far.
Product development is just getting started – we believe we can build a lot more on the current foundations. For instance, customers with no credit history or a ‘thin’ file could potentially benefit from receiving personalised action plans to help them build a better credit history. Watch this space for the interesting features we plan to launch in the coming months.
*While we couldn’t guarantee we can calculate the Borrowing Power for all customers, we find that we could calculate it for most customers. Between free access to the Credit Report and a unique Borrowing Power, we have something of value to almost everyone.