What is the myfreedom marketplace?

The myfreedom marketplace is where you’ll find all the tools you need to get your finances on track, as well as a few businesses who help to make the world of finance Baffle-free. In the marketplace, you can quickly see if you can save money on your household bills, take our quick credit coaching modules and find out if you’re missing out on money from the government.

I’ve got a good credit score – can I still benefit?

Yes, you could still benefit from checking your eligibility with your Fusion Score. We have some lenders that need to run an affordability check using Open Banking, so this could increase your chance of acceptance.

Will creating my Fusion Score damage my credit score?

No, creating your Fusion Score won’t impact your credit score in any way.

Is my Fusion Score free?

Yes, your Fusion Score is completely free. You won’t be charged to set up or refresh your Fusion Score at any point.

What if I can’t find my bank when setting up my Fusion Score?

If the bank you use for your current account isn’t listed as an option, this means that your bank hasn’t enabled Open Banking yet and we won’t be able to set up your Fusion Score at this time. If you have a secondary bank account from a bank that is listed, you can use this account instead.

What is Open Banking and is it safe?

Open Banking is a safe and secure way for us to take a snapshot of the data we need to create your Fusion Score.

Originally set up by Competition and Markets Authority on behalf of the UK government, Open Banking is regulated by the Financial Conduct Authority (FCA). Many of the UK’s biggest banks are enrolled on the Open Banking Directory.

Open Banking allows you to share powerful data from your bank account that we can use to create your Fusion Score. When you connect to your bank account via myfreedom, it’ll only give us one-time, read-only access, and we won’t be able to move or affect your money in any way.

To find out more about Open Banking, visit the Open Banking website.

Who do you share my data with?

We share your data with Consents Online Limited who is an FCA regulated company, of which we are an FCA authorised agent. For more information about how we use your data, visit our privacy policy.

How do you access the information needed from my bank account?

To view and extract a copy of data we need to create your Fusion Score, we use Open Banking. This is an FCA regulated, safe and secure way for you to consent to sharing information from your bank account.

How do I create my Fusion Score?

If you didn’t set up your Fusion Score when you signed up to myfreedom, you can set up your Fusion Score in the Fusion Score tab on your myfreedom dashboard.

To create your Fusion Score, we’ll need you to connect to your main bank account (the one your income is paid into) via Open Banking. This is safe and secure, and we won’t be able to affect your money in any way. Simply follow the step-by-step instructions, then once you’ve connected, it’ll take a minute or two to fuse your bank account data to your credit history and generate your Fusion Score.

Is my Fusion Score the same as my credit score?

No, they’re not the same. Your traditional credit score that’s provided by credit referencing agencies is used to help create your Fusion Score, but we combine it with transaction data extracted from your bank via Open Banking. This gives a more holistic view that we then turn into an easy-to-understand score out of 9.9.

FAQs

We know that finance can be pretty confusing. Which is why we want to give you the clearest, jargon-free guidance to help you find the best loan for you – without the Baffles.

Car Finance FAQs

Credit cards FAQs

Homeowner Loans FAQs

Mortgages FAQs

myfreedom marketplace FAQs

Personal loans FAQs