TotallyMoney’s brand-new app-first feature provides customers with total transparency of their borrowing blindspots
By TotallyMoneySep 22nd 2020
Scale-up FinTech TotallyMoney has launched a new and exclusive app-only feature to help their three million customers gain a greater understanding of their borrowing behaviours and make better financial decisions.
- Credit Assistant uses credit report data to highlight borrowing blindspots and give customers a clear picture of how they use credit
- The new feature arrives at an opportune time, as many resolve to improve their financial footing after the impact of coronavirus
- Credit Assistant follows TotallyMoney’s successful launch of a next-generation energy-switching service, giving their three million customers more ways to save and get more money in their pockets
- TotallyMoney’s rapid continued development follows £29 million investment funding in 2019 from Elliott Advisors (UK) and Scottish Equity Partners (SEP)
Powered by TransUnion credit report data, Credit Assistant scans a customer's credit data and presents them with an overview of their borrowing, how it’s changed over time, plus deeper insights into how they use credit and whether these habits could be costing them more in their day-to-day expenses, as well as their credit score.
The feature highlights blindspots they may never have been aware of before, such as the frequency of using their overdraft, number of cash advance transactions, and if their carried over balance on a credit card lacks a promotional offer.
Total transparency for better borrowing
TotallyMoney’s three million customers sit at the heart of the award-winning FinTech’s service, who are on a mission to improve the UK’s credit score and help people move on up to a better financial future.
They do this by integrating with many market-leading lenders, as well as interpreting complex financial and credit report data to make it meaningful and transparent to customers.
The award-winning free credit report service has developed so much so that it now includes Credit Report Analysis, which gives personalised tips about how customers can improve their score, and a new energy-switching platform, which prevents customers from paying over the odds for one of their biggest household bills.
Credit Assistant is the latest feature to accompany TotallyMoney on their mission. It interprets borrowing data to give customers a thorough understanding of how they’re using credit products, and highlights expensive borrowing habits.
Equipped with this new knowledge, customers make better borrowing decisions by avoiding high-cost lending practices and finding products that are better suited to their needs.
Anna Kuriakose, Chief Product Officer at TotallyMoney, comments on the app-first feature:
"Many UK consumers do not fully understand their own credit usage. They don't always know which types of credit are good for their situation and which are bad. A significant portion of our customers also have a high debt-to-income ratio.*
We felt confident we can analyse credit reports in a way not done before, to help bridge this gap for our customers. CreditAssistant is the result!
With the award-winning Score Analysis feature launched in 2019 and now with Credit Assistant, TotallyMoney's continued innovation helps us provide an effective and valuable UK credit report service."
Alastair Douglas, CEO of TotallyMoney comments on the launch:
“For millions of people in the UK right now, finance is a real struggle. The uncertainty of coronavirus is still present and many people may have taken out extra credit products, or taken payment holidays to help manage spending.
“Knowing where to start with paying off debt and even looking at it can be daunting. With Credit Assistant, we’ve enabled customers to clearly see their credit in a clear way, and with this, we hope customers can better understand how they use their credit and see where there could be room for improvement.
“At TotallyMoney, we’re on a mission to improve the UK’s credit score. Credit Assistant can help people look at all their borrowing, and understand how they can make better decisions. With this, they can work to improve their credit score, and move on up to a better financial future.”
*Based on a sample of 193k TotallyMoney customers - September 2019
For more information, please contact the press team
TotallyMoney believes people’s financial data should work for them, and not against them and with more than four million customers, they provide the UK’s only free, live credit score and report.
Its service helps customers understand their financial position and provides personalised recommendations so they can start creating financial momentum. TotallyMoney also works closely with leading lenders, to ensure eligible customers are matched with the right products, underpinned by its robust data, product and tech capabilities.
TotallyMoney is regulated by the Financial Conduct Authority (FCA).