CONFUSED.COM TEAMS UP WITH TOTALLYMONEY TO LAUNCH FREE PERSONALISED CREDIT CARD COMPARISON TOOL
LONDON, 22 February 2018
Longest running UK car insurance comparison site, Confused.com, has teamed up with credit report, eligibility, and comparison specialists, TotallyMoney, to launch a free personalised credit card comparison tool.
Customers need only submit a few details about themselves and their financial history before an eligibility score is calculated based on their personal credit circumstances.
The tool works by carrying out a soft search of the user’s credit history to show them how likely they are to be accepted for a credit card before completing an application.
Unlike a hard credit check, a soft search isn’t visible to lenders and doesn’t impact a person’s ability to get credit.
The service therefore not only allows customers to compare and apply for credit cards that offer the best rates, but also protects them from negatively affecting their credit rating in the process.
Now, customers are given a percentage of how likely they are to be accepted for particular credit cards before they apply.
The TotallyMoney service now available to Confused.com customers provides a 360-degree view of the product’s suitability. The personalised Match Factor rankings make it easier for consumers to find the best credit product. Cards are ranked based on what’s genuinely best for the customer — not on the commission being paid.
Traditionally, those looking for a credit card relied solely on luck and guesswork whenever they applied, with little knowledge as to their likelihood of being accepted until a hard credit check had been completed.
The credit card comparison tool does away with the need for multiple hard credit checks and eradicates the visible credit-rating-damaging footprints they have traditionally left behind.
TotallyMoney CEO Alastair Douglas said: “Our mission has always been to help people get a better deal from the credit industry. And we believe that technology can bring about that change by empowering customers and challenging lenders.
“This tool is now available to more people, and takes us a step closer to our goal of a fairer consumer credit market.
“We’ve built a product that gives everyone the best possible chance to apply for credit cards they’re most likely to be accepted for — without negatively impacting their creditworthiness. We welcome the partnership with Confused.com to offer this service to an even wider audience.”
TotallyMoney provides customers with a Free Credit Report and Live Score that puts them right at the centre of their credit data, helps them make smarter decisions, and take control of their finances.
TotallyMoney’s unique Borrowing Power algorithm shows customers how likely they are to be offered credit by real-world lenders.
TotallyMoney won the Best Credit Report Provider at the 2018 Moneynet Personal Finance Awards.
TotallyMoney won the Innovation in Customer Contact award at the 2017 Credit Awards for their intelligent email alerts service. These personalised monthly emails tell users about products that could help them, based on their credit eligibility.
TotallyMoney is an independent credit broker, not a lender. It provides a free comparison service to customers, though they may be paid a fee by lenders. How much they get paid doesn’t influence how the service works or the ranking of any credit products presented to customers.
Launched in 2002, Confused.com was the UK’s first price comparison site for car insurance and is one of the UK’s biggest and most popular price comparison services, generating over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include small van insurance, motorcycle insurance, car buying, and car finance, as well as a number of tools designed to save drivers money on motoring.
Confused.com is not a supplier, insurance company or broker. It provides an objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com’s service is based on the most up-to-date information provided by UK suppliers and industry regulators.
Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is authorised and regulated by the Financial Conduct Authority.