Credit Score Basics > Does MoneySuperMarket affect your credit score?

Does MoneySuperMarket affect your credit score?

Wollit Team2 minute read · Updated 29th June 2024

No, checking your credit report or credit score through MoneySuperMarket’s Credit Monitor service does not affect your credit score.

This is because the service only runs a “soft search,” which does not leave a footprint on your credit report that lenders can see.

If you’re worried about a credit monitoring service affecting your credit score, you shouldn’t. You can use them as often as you like to stay on top of your credit file without hurting your score in any way. These services are meant to help you understand and improve your credit, not to penalise you for checking it.

Why does MoneySuperMarket need to check my credit file?

There are a few reasons why MoneySuperMarket (MSM) needs access to your credit file:

To show you your TransUnion credit score and report, which it does for free. This usually costs money through other services.
To give you monthly updates on changes to your credit file, since MSM updates your credit score and report monthly.
To give you personalised tips on improving your credit score, based on your credit report.
And to recommend you credit products you are likely to be approved for. This is how MSM makes money: by earning commissions when you apply for products they found you eligible for and recommended to you, like credit cards, loans, or insurance.

In short, all valid reasons and nothing you should be concerned about. Checking your credit through the MSM Credit Monitor does not impact your credit score since it’s not a loan application.

So, which credit checks affect my credit score?

Checking your own credit score does not affect your credit score. Neither does using an eligibility calculator or credit monitoring tool like MSM Credit Monitor.

This is because checking your credit score is considered a “soft check,” which does not leave a footprint on your credit report that lenders can see.

Hard checks, on the other hand, can affect your credit score. These occur when you apply for a loan or credit card, and the lender reviews your full credit history.

Hard checks can temporarily lower your credit score, especially if you have multiple at the same time. Experian recommends you don’t make more than two loan applications in a span of six months for this very reason.

In short, checking your own credit score through a service like the one offered by MoneySuperMarket’s Credit Monitor does not affect your credit score. However, applying for credit and having a lender perform a hard check can.

If you’re concerned about your credit score, however, the best thing you can do is to take steps towards improving it.

The good news is that now there are many apps that can help you build and improve credit. One such app is Wollit.

Wollit works by reporting a fixed-fee monthly subscription as a loan repayment to all credit reference agencies. This helps you build a history of debt payments made on time, which is what actually matters for your credit score.

Checking your credit score through MoneySuperMarket is great, but if you’re looking for an app that can actually improve it, you might see more results from a credit-builder app like Wollit.