MSM Credit Monitor Review
Free credit report and score
Well-designed and practical app
Well-reviewed by consumers
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Read below for our complete review of MoneySuperMarket's Credit Monitor app!
Credit Monitor is an application developed by MoneySuperMarket to give its users their credit score and report from TransUnion for free, in under five minutes. It also provides registered individuals with a range of tips regarding credit-related topics, including how you could improve your credit score.
Here, our MoneySuperMarket Credit Monitor review guides you through what the product has to offer, including its free credit report, credit score and credit eligibility resources.
Signing up to Credit Monitor is as simple as any credit reference agency (CRA) website.
To begin, you enter your email address, followed by some basic personal details, including your name, date of birth, address and so on.
Due to the sensitivity of the data within your credit report, you are then required to verify your identity with some finance-based questions, and then you’re ready to log in.
These identity verification questions are intended to relate to things that only you would know the answer to, such as when you last took out a credit card and when you opened your first current account. As the answers to the questions may go back some years, you may find that you get some incorrect. If that’s the case, you’re simply given a new set of questions and can try again.
When you’ve completed the identity verification section, you are able to log in. As you open your account dashboard, you’re presented with the basic Credit Monitor credit score that’s been provided by TransUnion, which tells you whether your credit is ‘Very Poor’, ‘Poor’, ‘Fair’, ‘Good’, or ‘Excellent’.
Your Credit Monitor credit score is generated by TransUnion based on your financial history, and how well you’ve managed your financial accounts previously. You should make an effort to check up on this score frequently, as it fluctuates in accordance with your financial activity, whether that’s positively or negatively. If you miss repayments, for example, your score is likely to fall.
You also get the option of viewing your free credit report, which includes details regarding your personal information as it stands on your record, accounts listed under your name, any overdrafts or debts you may have, a search history to find out who has searched for your credit information, and your financial associates.
As well as this, your Credit Monitor credit report lists details about your bankruptcies, any court judgements against you, and whether or not you’re on the electoral roll.
You’re able to check your credit score and report as often as you like and it conveniently updates monthly, so you’ll really be able to notice the difference if you’re working towards improving your credit.
Credit Monitor also enables users to see which credit cards they would be eligible for if they were to apply now, and provides free tips on improving and maintaining a good credit score.
So, that’s access to your credit score, credit report, credit card eligibility, and a wide range of helpful resources for absolutely no cost whatsoever!
What does MoneySuperMarket soft credit check mean?
When you’re browsing the MoneySuperMarket Credit Monitor website, you may come across the fact that it is a ‘soft credit check’. This essentially means that your credit score will not be affected by you checking your credit, regardless of how often you do so. This contrasts to a ‘hard credit check’, which can affect your credit rating.
Common soft credit checks include checking your credit score on Credit Monitor and background checks for employment, whereas common hard credit checks include mortgage and credit card applications.
Who can use Credit Monitor?
As long as you are over 18-years-old and a UK resident, you can receive your credit report from Credit Monitor.
You’ll need to provide your most recent address in order to confirm your residency, and it’s usually done quickly and easily.
All credit reference agencies (Equifax, Experian, and in this case, TransUnion) use varying ways of calculating their credit score, depending on which information they hold, meaning that there is no such thing as a ‘universal’ credit score and you aren’t able to compare your credit score across agencies.
In this instance, Credit Monitor uses TransUnion, which has a maximum credit score of 710 – so the closer you are to that, the more likely you are of being accepted for credit.
Here’s how TransUnion (the credit reference agency used by Credit Monitor) divides its scores into ratings:
- 0-550 – Very Poor
- 551-565 – Poor
- 566-603 – Fair
- 604-627 – Good
- 628-710 – Excellent
Remember, the figure you initially receive is likely to change as your credit situations change, whether you take out a certain credit card, apply for a mortgage, or become bankrupt.
A ‘Very Poor’ credit rating means that you’re highly likely to be rejected for credit, whereas a ‘Poor’ score means that you may be eligible for credit with high interest rates. If your score is ‘Fair’, you should be offered adequate interest rates but are likely to have a low credit limit.
A low credit limit is essentially a cap on how much you can spend on your credit cards (and other means of credit), keeping you from spending beyond what you can afford to pay back.
People with ‘Good’ credit scores are likely to be accepted with good (but not the best) interest rates, and those with ‘Excellent’ credit scores are very likely to get accepted with the best credit offers.
Generally speaking, any Credit Monitor (TransUnion) credit score above 604 is considered good, so anyone around that figure is on the right track.
MoneySuperMarket’s Credit Monitor product is completely free and its users are able to check their credit score and report as often as they like, without a cost.
Your report is updated monthly, meaning that it is worth checking your credit report as often as you check your utility bills or bank statement. Because it is free and does not affect your credit score, there is really no reason why you shouldn’t check your credit report frequently.
Not all credit reporting websites are free – take Experian’s CreditExpert and Equifax UK, for example, which cost £14.99 and £7.95 per month respectively. If you are looking for more in-depth information about your credit history, you should consider these paid services as they tend to include more information and offer a deeper insight into your credit.
However, if you want a brief account of your credit status and don’t necessarily want to fork out your cash, there are plenty of free services available, including (but not limited to): Credit Monitor, Noddle, ClearScore and CreditWise.
You can also use Checkmyfile which uses four main UK CRAs to give you a fuller and more detailed report. It’s free for the first 30 days, and if you want to cancel before you get charged after that, the process is easy. See our full Checkmyfile review here!
The Credit Monitor app is available for free, giving its users full access to their credit report, including details about their credit history, accounts, and even notifications when their credit score changes.
The app is nicely designed and professionally laid out (as you’d expect from a popular company like MoneySuperMarket), with three tabs at the bottom allowing you to easily navigate between your credit score, report and the credit cards you could be entitled to.
It’s one of the leading apps available on iOS smartphones and tablets within the industry, and is certainly worth getting if you are thinking about applying for a loan, mortgage, or a credit card.
Credit Monitor itself is a product of MoneySuperMarket, which is a highly trusted company within the finance sector in the UK, as you probably know.
Here’s how MoneySuperMarket is rated on some of the leading consumer review websites in the UK:
- Trust Pilot: 4/5 from 500+ reviews
- Review Centre: 4.5/5 from 1,000+ reviews
- Smart Money People: 4.64/5 from 14 reviews
MoneySuperMarket is reviewed very positively online and the ratings on Trust Pilot and Review Centre in particular are worth taking notice of, due to the sheer amount of consumers that have contributed to their average scores. The company itself is highly regarded within the industry, so it comes to no surprise that its online credit checking tool is one of the most popular in the UK.
Using TransUnion, the Credit Monitor product by MoneySuperMarket is a useful tool that can help UK consumers not only view their credit report and score, but work to improve it also. It’s practical, free and users can sign up to receive their credit information within five minutes.
There’s also a handy Credit Monitor app that users can download on their smartphones to access their credit report on-the-go. What’s not to like?
Due to it not being a paid service, Credit Monitor may not be as extensive as some of the premium products available, but you can find out more about those here at Bobatoo. For more information on some of the subscription-based credit reporting products, check out our other CRA reviews.