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Britain's first fully free consumer credit reference and credit score system starts today with the Betatest and will be available to the UK general public by the end of this month. What's more, it will be the first UK credit rating system to provide free credit information and credit scores to customers. Loan records are like a person's "financial life" and influence their life in many ways. It helps establish whether someone is getting the best offers on finance and whether they can buy or lease a home and can compromise their capacity to get a cell or even a career.
There is a high level of interest in credit reporting and scoring. Every year, five million British citizens try to review their reports1. Research shows that another fifteen million people have never access their account and are still unaware of their finances, and nearly four million of them say they are deterred from paying2.
As a result, they will be able to gain more insight into their well-being by regularly reviewing their information to track changes, increase their score or use it to help saving cash and rectify mistakes that might be in their reports. There is no obligation for any user of the Services to provide banking or credit cards information at any time, which gives them the assurance that they cannot be debited.
Using a high-performance database search engine, the website presents its clients - in real-time - savings proposals for credit card, loan and other finance solutions, tailor-made to their individual finance situations. As a result, British citizens will at last enjoy greater openness and reconcile us with those jurisdictions such as the US and Australia that have already made credit reporting simple and more accessible.
TotallyMoney offers the TotallyMoney Products match services in cooperation with TotallyMoney.com. Each party has demonstrated a reputation for supporting fast-growing companies in the IT, tech and finance services industries. The QED is a major credit karma () investment firm in the U.S. that is a leading provider of free credit scoring and reporting services.
Further members of the Executive Committee are Mark Onyett, former CEO of TDX Group, Manoj Badale, co-founder of Blenheim Chalcot and Miles Reidy, former CFO of Capital One Cards in the USA and QED Investors associate.