Martin Lewis issues warning over 'checking your credit score'

James Rodger

4 July 2024 at 1:42 am·2-min read

Martin Lewis has issued a credit score warning as he sets up a free tool to check on Money Saving Expert. The consumer champion and MSE founder, who is a BBC Sounds and ITV star, spoke out on Twitter, now X, in the wake of launching the tool.

Mr Lewis said: "New. What's your Credit Eligibility Rating. Are you a 10 out of 10? Our new free MSE Credit Club tool combines ur Credit Score, Affordability Score & market conditions to show ur credit power. Check yours out, its a far better pic than just a Credit Score."

"PS let me know your Eligibility Rating and if it fits your experience of applying for credit," he added. A Twitter/X user replied and asked: "Your tool asks for a lot of very personal. very detailed information. How do we know this data can’t be hacked? How do we know the data won’t be used for any other purposes?"

Mr Lewis replied to say: "The answer to all that is in the FAQ 1. The personal info is for TransUnion a Credit Reference agency and goes to it not us - and it is well a credit reference agency, it has everyeones details 2. MSE never uses your data for any other purpose than what's requested. That's a part of our legally binding editorial code... see point 14."

A second asked: "I appreciate what you do, but I’m not sure I want to give you that much personal data." Another said: "Hope I am not changing the subject too much @MartinSLewis but how likely is it that energy companies drop their fixed tariffs for July?."

Mr Lewis told them: "It's not relevant. Fixed prices move with wholesale rates. If wholesale rates move down we may get cheaper fixes, if they move up they may get more expensive. The July price cap change doesn't imapct this - that only impacts variable rates."

Another said: "20/100 for disposable income. I have no mortgage or rent, no dependents, a reasonable income ...??"

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