Alerting our 4 million customers to changes on their credit report
By Jack Mitchell, Senior Product ManagerNov 23rd 2021
This week, in celebration of hitting the four million customer milestone, our product managers are each sharing one of their favourite product features. Live Alerts highlights credit report updates and helps protect customers against fraud – Jack explains how.
Alerting our customers to goings-on in their credit report has always been a key TotallyMoney product feature. I worked on the first iteration of our credit report feature and the original intelligent alerts, way back in 2017. But, they were limited in scope, only telling you about changes to your score.
Today, we can tell customers about changes when they appear on their credit report. A real game-changer.
Since those alerts appear without opening the app, customers can take swift actions to move their finances forward and achieve their financial goals.
One of the most important alert features we’ve developed tells customers when a credit search is made on their account. The vast majority of these searches will be recognised, but with more than half a billion pounds lost to credit fraud last year in the UK*, and identity theft on the rise†, some won’t be.
So, if you’re a customer, when a company runs a search on your account, we’ll tell you. And, in the future, we’ll even let you know if a new account appears on your credit report, whether that’s an energy or utilities account, a credit card, or something else.
Since launching this, we’ve sent over a million alerts to customers. The notifications, delivered when they’re needed most, take the guesswork out of protecting privacy and credit reports. This helps protect identities and the financial progress, which our customers have worked hard to build.
* UK Finance - page 11