In this brief guide, we are going to talk about Totally money.

Your credit report is a very important thing as it affects most of your finances and having a healthy credit score is very good for your financial wellbeing.

In this brief guide, we will cover whether using Totally money to check your credit score is a good choice, how to cancel your Totally money account and what alternatives you may have to Totally money.

Totally money is a Uk company which started off doing comparisons of financial products but has rebranded recently.

A guide on Totally money

Totally money is a UK company which displays to consumers their credit report. This credit report is provided by Transunion.

The fact that Totally money offers the credit report provided by Transunion means that consumers can check to see if there are any errors of things missing from their credit reports and why their credit scores aren’t rising.

Totally money isn’t the only company offering consumers the chance to see their credit reports as Clearscore, Equifax and Experian all offer consumers the opportunity to view their credit scores. Totally money is, however, the only company that offers the credit report provided by Transunion solely.

It is important to note that Totally money only provides a credit report provided through Transunion and that Totally money isn’t a credit reference agency itself.

How much is Totally money?

Totally money offers a free service and you can use it as much as you want without paying.

Totally money will not sell your data or pass it on for any marketing purpose.

Totally makes money by receiving a commission from lenders when they broker you a product such as a credit card, mortgage or loan.

What is the purpose of a credit score?

Credit scores and histories essentially collect and store information on your credit behaviour. This means how many times you apply for credit, how much credit you have, how much credit you have paid back, how much credit you owe, what your credit repayment history is, do you miss credit repayments or do you make all your credit repayments on time, what type of credit you have, how many credit accounts you have and other relevant information relevant to your identity and credit including:

How many addresses you have had?

Your date of birth

Your rent repayment history

Your current address

If you are registered on the electoral roll

If you have had any court judgements which affect your credit rating such as

A CCJ

An IVA

A debt management plan

A default

A bankruptcy

A home repossession

The totality of this information makes up your credit score and history and all of this information will be available through Totally money.

When you go on Totally money and register you will be able to see your credit score.

Your credit score is a number which summarizes your credit behaviour with one ranking.

You will notice that on Totally money you have one credit score which is provided by Transunion. If you want to check your other credit scores then you may want to use a service like Check my file which displays all the credit scores from all the credit reference agencies, unlike Totally money.

If you’re wondering if your credit score is high or not you can simply use it based on the scale you are looking at when you check your Transunion score provided by Totally money.

Your credit report is a summary and history of all your credit behaviour.

In your Totally money dashboard, you will be able to see your credit reports from Transunion. This credit report will contain all the main elements of your credit report in more detail. If you find anything on your credit report which you think is an error then you should contact Totally money and dispute this or contact the credit reference agency who supplied the report to dispute this directly with them.

What do you need to have a good credit score?

You may have checked your Totally money dashboard and noticed that you have a low credit score. This will usually be because the factors that make up your complete credit report will indicate that you have done things which don’t constitute good credit behaviour or in some cases you haven’t done the basic things which ensure you have a solid credit foundation such as registering on the electoral roll or opening a credit account.

To have a good credit score you will usually need to:

Keep up on your monthly credit repayments

Apply for credit when you are eligible

Register on the electoral roll

Have few addresses on your credit accounts

Avoid having any court judgement against you such as:

A CCJ

An IVA

A debt management plan

A default

A bankruptcy

A home repossession

These court judgements will be recorded on your credit report and will usually last there for 6 years before they will vanish or stop affecting your credit score. You can see if you have any of these court judgements on your credit score by looking at your Totally money credit report and comparing the report from all three credit reference agencies by getting a statutory credit report from each of them.

You can view a more extensive guide on how to build credit and after taking some of the tips provided you can check your Totally money account in a few months to see if any changes have happened to your score.

Initially when you take out new credit or take any action that may reflect on your credit file your credit score may initially go down and you may be able to see this on your Totally money account.

Whenever you try to build credit you should accept that it may take a while for you to see any results because the different credit reference agencies will usually not apply any updates to your account or it may not affect your credit score instantly.

Why do you need a good credit score?

A good credit score is important as it ensures you are eligible for credit products such as mortgages, credit cards, loans etc

A good credit score will not only make you eligible for credit products but, more importantly, it will ensure you are eligible for the good rates mortgage lenders offer on products.

Your credit karma dashboard will provide useful tips on how you can improve your credit score.

Aside from being eligible for credit products a credit score may affect you if you want to rent an apartment or if you are applying for a job( especially one in a regulated industry). You may miss out on a job or apartment due to bad credit behaviour. This is why it is vital you have a good credit score and check your credit score and report regularly through Totally money.

How often does Totally money update?

The data on Totally money is usually updated monthly or as when received from the credit reference agency which usually updates their credit database on a monthly basis.

You may notice your Totally money account will update on one credit reference agency but there may be no update on the other credit reference agencies.

This is simply because the different credit reference agencies update their databases at different times and this is not in the control of Totally money.

How to cancel your Totally money account?

If you want to cancel your Totally money account you can simply log into your Totally money account and look under My Account’, found in the top left of your logged-in account, and clicking ‘My Details’ and ‘Close My Account’.

Is it worth using Totally money?

This depends on if you think using Totally money and access to the credit report from one credit reference agency may be beneficial to you.

Most people may simply stick to information from one credit reference agency and get their free statutory reports from the other credit reference agencies once in a while (maybe every year) to ensure that the date that the other credit reference agencies hold is accurate and if it isn’t then they could simply dispute the error with the credit reference agency.

When looking at things from this point then it may be relevant to simply use Totally money.

There are other services which offer a credit report and history such as clearscore which you may consider as a better alternative to Totally money.

You may still find value by using Totally money because you want to ensure you have a complete overview of your credit score and history from a company which also allows you to access credit products.

A free trial of Totally money

If you are unsure about Totally money but still somewhat curious then you may want to simply do a free trial with Totally money to see if it is something that you may want to use. There will be no cost afterwards

Totally Money reviews

Below are some of the reviews of the Totally money service. These reviews have been taken from their trustpilot account which you can find here.

5 star review:

“I really like Totally money credit…

I really like Totally money credit check, having used Experian, Noddle, credit karma, clear score ect. This seems to always has current information, updated regularly, easy to access information. Easily the best one to use, I don’t bother with the others any more. They don’t force you to pay to get tips on how to improve, they also have what your score is out of, such a basic thing the other seem to forget.”

4 star review:

“Best thing I did was to download…

Best thing I did was to download totally money app. To make use of the great deals on credit options”

3 star review

“  Free = plenty of soft searches on my Experian file

I currently pay Experian monthly and don’t get any hassle. I have signed up to see what details it shows and score etc.. my Experian file now shows way too many searches from this company.. may be soft searches but why bother having free spam type service when i can pay a premium for Experian and not be unindates with too many silly soft searches.“

2 star review

“ The data on my file has 2 accounts…

The data on my file has 2 accounts showing active that were settled over a year ago. I have raised a disputed. One is the old water authority but my new supplier does not show. The ad says shows 6 years of credit history but it doesn’t when you have just signed up. Other free credit scores are much better. To quote advert  “

1 star review

“ 

Just be weary of this ‘free’ credit…

Just be weary of this ‘free’ credit score company.

I opened up an account back in January to have a little peek into our credit history as we would be remortgaging this year; there were still a few outdated errors that were not updated when I looked into my account earlier today. I got my husband to sign up back then too as his credit ultimately affects mine. We forgot all about them but my husband would get lots of emails in his spam from time to time. Fast forward 8 months. Our Broker asked us who Totallymoney were and if we had “taken out any loans with them?” (Apparently our potential mortgage lender noticed and highlighted TotallyMoney’s regular so called ‘soft searches’ on our accounts….?) Their ‘searching’ could have had an adverse affect on our credit. We were taking no chances and removed our accounts and unsubscribed post haste.

I then checked the trustworthy Trustpilot reviews to see if anyone else has had any issues with them, although most are positive I did find a few and someone else recently below… and it does seem his concern was justified after all. The response from his query from TotallyMoney stated “We are aware that sometimes these searches may be communicated as a ‘Credit Card Quotation’, but please be assured that they are still soft searches…”

I beg to differ – this company are definitely leaving ‘footprints’ and caused confusing/negative impact at least it did on our account! Free? I don’t think so, it unwittingly could have cost us a remortgage offer if we didn’t get the opportunity to explain the above!

So in conclusion there are two main company’s out there that the banks/mortgage lenders use to find out your complete credit score and history. Yes it comes at a cost, but we’re not taking anymore chances. I would suggest for your peace of mind you do likewise. “

In this brief guide, we discussed Totally money. If you have any questions or comments please let us know.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.