Terms and Conditions for Credit Karma Customers

Introduction: TotallyMoney, owned by TotallyMoney Limited (“we/us”), is a credit broker not a lender. We offer a range of free personalised services that aim to help you better understand your credit situation. As a Credit Karma customer, we will show you whether you are likely to be accepted for specific products, including credit cards and loans. If you want to apply for a product you find through our service, we will pass you through to the relevant lender. These terms and conditions, together with our Privacy Notice, govern your use of the TotallyMoney service via Credit Karma.

Product comparison and eligibility check service: We will use your personal data to determine how likely you are to be accepted for a specific credit product or set of credit products. We do this using a “soft search” of your credit file, as a one-time eligibility check based on the information that Credit Karma shares with us about you, or the data that you provide to us (depending on how you interact with our service). We also work directly with some lenders to find out your eligibility for their products. We will show and email the results to you.

What is a soft search? A soft search is like a quick peek at your credit file that allows us to assess your eligibility for credit products when you are using our service. Soft searches may be visible to you on your credit report (marked as “soft search” or “quotation search”) but they are not visible to lenders and they do not affect your credit worthiness.

Your personal information: We use your information to create your eligibility results. All products on the Site are made available to you by third party (credit card issuers and lenders) and not by us. Any application for a Product must be completed with the relevant lender and as part of that application, they will carry out a full credit check, which will be visible on your credit files to all other lenders in future.

We will process personal information in accordance with our Privacy Notice. If you have any questions about your personal information or how we use it, please email dpo@totallymoney.com.

Eligibility check explained: We check your eligibility using two types of source: (i) via credit reference agencies (i.e. companies that collect personal information from various sources and provides that information to banks and financial institutions to help them make credit decisions); (ii) directly from credit issuers / lenders. We will provide you with an indication of eligibility expressed as a likelihood of acceptance against specific credit products (“eligibility results”).

We have appointed Experian to conduct pre-screening searches and eligibility checking. Experian will analyse key elements of your credit file using your personal information and will give an indication of which credit cards or loans you are likely to be accepted for. Experian will provide that information to us expressed as a likelihood of acceptance and we will inform you on our site of the results in a comparison table. We will also send you a confirmation email. You can read Experian’s Privacy Notice here.

When information about you is requested from a credit reference agency for the purposes of the product comparison services, it will place a record of the request on your credit file, whether or not you decide to apply for the product. This will be marked as a “quotation” search in the name of the third party performing the search, and will not affect your ability to gain credit. Credit reference agencies may also use the information for statistical purposes, or supply it to other organisations such as fraud prevention agencies who may use it for checking identity, preventing fraud, tracing and the collection of debt. In some cases your information may be shared with lenders to check whether you are an existing customer, which may affect whether you are eligible for the lenders’ other products. More information about how credit reference agency search records are used is available at www.transunion.co.uk/crain.

We share your information directly with lenders when we ask them to assess your eligibility for their products, as part of the product matching service. In addition, if you decide to progress to make a product application directly with certain lenders, we will pre-populate the application form with your details, to make the process quicker for you. When a lender assesses your eligibility for products, it may also tell us if you are an existing customer of theirs, because that fact might influence your eligibility. Being an existing customer could reduce your eligibility for additional Products from that Lender, or it might mean that you are pre-selected to see additional offers. It depends on the Lender’s policies.

You can read Capital One’s Privacy Notice here (provider of eligibility scoring for Capital One credit card products).

You can read Shawbrook Bank’s Privacy Notice here (provider of eligibility scoring for Shawbrook Bank loan products).

Specialist brokers: Some products may need specialist expertise (e.g. certain types of secured loans). We will introduce you to a specialist third party broker of those products if you elect to be introduced. Look out for notices that tell you when we are going to pass your information to a third party broker as they may contact you to follow up on your enquiry. We place restrictions on how many times those brokers may contact you before you become their customer, so please let us know if you feel that the level of contact is inappropriate. Should you proceed to work with a specialist broker, you will then be bound by their terms and conditions and privacy policy. The specialist brokers we currently work with are: Norton Finance and Fluent Money (read the Fluent Money Privacy Notice here).

Understanding your eligibility results: Even if your eligibility results indicate that you are likely to be accepted for a product, this is no guarantee of acceptance, as the lender is entirely responsible for the decision on whether to accept you or not using its own criteria. Lenders are not bound by any indication that we may communicate to you. The eligibility results may indicate that you are ‘pre-approved’ in respect of certain products. If you are pre-approved for a product it means that based on the information you have given us, you will definitely be eligible for that product. However, please note that eligibility does not guarantee acceptance of any application for that product as all applications remain subject to the relevant lender’s fraud and ID checks and therefore your application may still be rejected. Some lenders may tell us to indicate that you are ‘pre approved’ for a product but not a specific repayment term (e.g. they might offer you a different interest rate or balance transfer term to the headline offer). We indicate when this is the case in your eligibility results. In those cases, the lender will communicate the relevant interest rate or other repayment terms to you as part of your application process and we will not be involved in that process or have that information.

Making an application for credit: If you want to apply for a credit product after checking your eligibility, you can do so by following the link to the relevant lender’s website. If you click to apply for a certain product, we sometimes pass your information to that lender to pre-populate their application form (this saves you from typing in your information again). If you submit an application, you will then be subject to the relevant lender terms and conditions including its privacy policy. The lender will provide you with the terms and conditions for that product. The lender will also carry out its own identification and validation checks (including fraud prevention procedures) and credit application checks in accordance with its own criteria. Any full credit check carried out by any lender will be visible on your credit file to all lenders in the future.

Reliance: Any information provided to you by us as part of the service is provided for guidance and information only. Any businesses that carry out credit searches on you will take information from a number of sources and use their own criteria in making decisions based on it. You must not rely on the information provided as part of service and neither we nor any CRA is responsible or liable if you rely on it or take any action based upon it.

Free of charge to you: We provide all our services free of charge. You do not need to apply for a credit card, loan or other product in order to use our service. Instead, we are paid a commission by lenders when a customer takes out a product. The level of commission we are paid does not influence how we rank your eligibility for credit products.

General Provisions: We may revise these terms and conditions any time by posting an update to this page. The eligibility results we show you are based primarily on the information you provide about yourself. If you fail to maintain that information, the results are less likely to be accurate.

Whilst we act as an independent credit broker, we want to make clear that our sister company MI Money Limited is linked to the products branded as: Fluid, Granite and Lightbulb. This is because MI Money Limited is the owner of those brands, and promotes them on an exclusive basis. We do not give those products preferential treatment or greater prominence in our comparison tables – they are treated in exactly the same way as any other product.

About TotallyMoney: We are registered in England and Wales (CRN 06205695) with VAT number 974859255, and have our registered office and main trading address at Churchill House, 142–146 Old Street, London EC1V 9BW. We are an Appointed Representative of our sister company, MI Money Limited, which is authorised and regulated by the Financial Conduct Authority in respect of consumer credit related activities including the provision of credit information services (FCA FRN 511936).

Contact us: Click here to contact us.