Credit Score Basics > How does the MoneySuperMarket Credit Monitor work?

How does the MoneySuperMarket Credit Monitor work?

Wollit Team3 minute read · Updated 30th June 2024

The MoneySuperMarket Credit Monitor is a service that lets you check your credit score and report for free.

The data that MoneySuperMarket (MSM) uses comes from TransUnion – one of the three main UK credit reference agencies. This means that you can’t use MSM Credit Monitor to check your Experian or Equifax credit score or report.

What is included in the credit report provided by MoneySuperMarket's credit monitor?

The MSM Credit Monitor gives you full access to your TransUnion credit report.

This means that you’ll be able to see details like:

Your existing credit accounts,
Your debt repayment history;
Adverse events like late payments, defaults, bankruptcies, or CCJs.
Your credit utilisation (how much credit you use compared to how much you have available);
And other factors that impact your credit score, such as your address history.

Your TransUnion credit report will not include details like:

How much money do you have in your bank account or your savings accounts?
Your criminal record.
Or your medical record.

These things don’t impact your credit score, and as a result, neither credit reference agencies like TransUnion nor the MSM Credit Monitor care about them.

However, some credit monitoring services, such as MoneySavingExpert Credit Club or ClearScore, do ask you to connect your bank account to them.

This isn’t related to your credit score. The only reason they ask it is so that they can calculate your affordability score. This number shows you how much you afford to repay, not only what you’re eligible for based on your credit rating.

What is the difference between the credit report provided by the MSM Credit Monitor and other similar websites?

The MoneySuperMarket Credit Monitor is in most ways similar to all the other credit monitoring websites out there: you sign up, answer a few details so that the website can verify your identity, and check your credit score and report for free.

In return, you’ll be shown offers for different credit cards or other financial products, and MSM will earn a commission if and when you sign up for one of these.

However, there are a few key differences.

The MSM Credit Monitor uses TransUnion data, which means that it only shows your TransUnion credit report and score.
The MSM Credit Monitor also includes deals on insurance, not only on credit cards and loans, as part of its marketplace.
Finally, it does not seem to offer an affordability calculator, which is becoming quite common these days.

Now, it might seem like the credit monitor offered by MoneySuperMarket is not as full of features as Credit Karma or MoneySavingExpert.

The advantage that MSM has is that when you sign up for it, you’ll be able to compare much more than financial products. You’ll be notified if you can get a better deal on your electrical bill, for example – MSM claims that you can“compare over 40 different ways to save on your household bills” via their website or app.

Can you dispute errors on your credit report through MoneySuperMarket?

Yes, just like most other credit monitoring websites, MoneySuperMarket allows you to dispute errors on your credit report through them.

This allows you to address any errors you might have noticed on your TransUnion credit report, and you should take full advantage of it.

You can take advantage of this feature even if you don’t necessarily want to dispute an error but want to add a Notice of Correction to your TransUnion file. This is a 200-word note that lets you explain why a certain “adverse event” happened.

Lenders might understand if, for example, you lost your job or fell sick and couldn’t make a payment on time in the past.

Is there a fee for checking your credit score with MoneySuperMarket?

No, there is no fee for checking your credit score with MoneySuperMarket's Credit Monitor.

The service is completely free to use, and MoneySuperMarket will not charge you anything for accessing your TransUnion credit score and report.

There is also no limit to the number of times you can check your credit score with MoneySuperMarket's Credit Monitor. MoneySuperMarket will not charge you anything extra for accessing your credit score or report as often as you like.

What is the difference between checking my credit score and checking my credit report with MoneySuperMarket?

There is no difference when it comes to what you need to do.

When you access your credit information on MSM, you can view both your credit score and your full credit report in one go.

The difference is between your credit score and credit report.

The credit report is a snapshot of your credit file, and it has details on your past financial behaviour and how you have managed debt. The report lists your financial activities from the past 6 years, such as whether you’ve made all payments on time, stayed within credit limits, or applied for credit.

All of these things impact your credit score – and especially your credit history.

This is why, if you want to improve your credit score, you have to start with your credit history. Luckily, now many apps can help you build and improve credit.

One such app is Wollit. Wollit is an app available both on Android and iOS, and it works by reporting a fixed-fee monthly subscription as a loan repayment to all three credit reference agencies – including TransUnion. This gives you a chance to build and improve your credit history, which is what matters most for your credit score.