Frequently asked questions

How do you keep the app free?

We keep ilumoni free for you by taking a commission from lenders when you switch a product. Unlike some price comparison sites, we do not highlight, or rank products based on the commission we make and will only ever highlight a product that is in your best interests and improve your borrowing.

Those who will benefit from a switch help us to help everyone, as not everyone who uses the app will or should switch a product – they will benefit by changing what they do with their current products.

What information do I need to share?

ilumoni is about putting the power of your data back in your hands. When you set up the app for the first time it’s simple and secure to link your bank accounts via Open Banking and your Equifax credit report.

We use your credit report data to work out how much you owe to who and we use the transaction data from your credit cards and bank accounts to work out how much interest you’re paying and what your current monthly repayments are.

You are always in control of what you share with the app at all times and you can change this at any time. We will never sell your personal data.

Remember, the hints and tips the app will give you work much better when it can see a full picture. If you choose not to share some data, you may not get the best information we could give you, but we always respect that it’s your data and you decide what to do.

Why do you not show my exact credit score?

ilumoni is designed to help you manage your borrowing in the best way possible and to help you make informed decisions when it comes to new borrowing.

It’s worth remembering that lenders’ decisions are not based purely on the credit score that you can see from the credit reference agencies, Equifax, Experian or TransUnion. Your credit score is also not always the most important factor in a lending decision – in fact, lenders don’t see your credit score. Read more about credit scores in our guide.

So we show you your Equifax credit score in broad terms with a description of what it means, combined with products that you are eligible for as this is a more accessible way to help you understand your overall position and what to do about it.

You only use Equifax’s credit score, does that mean you don’t have a full picture of my credit status?

There are three credit reference agencies in the UK and while each has their different merits, your credit score is unlikely to be materially different other than in a small number of specific circumstances. Remember, your credit score is a way of helping you to understand the information the credit reference agencies hold about you, as lenders use the information that goes into your credit score rather than the score itself to help make their assessment of you. You can read more about credit scoring in our guide. The technology we use for highlighting products you are eligible for also uses scoring from the other two agencies.

How do you keep my information secure?

We use trusted open banking and credit report partners TrueLayer and Equifax, who are also heavily regulated by the FCA, to access your data. That means your data is handled as securely by our processes as it is by your bank and the credit reference agencies. Because you provide permission directly with your bank(s) and credit providers, you remain in control at all times and ilumoni doesn’t store any account numbers, sort codes or internet banking usernames or passwords. You are always in control of what you share with the app at all times and you can change this at any time.

We are required to share some data with external parties to meet our regulatory requirements, such as for sanctions screening, and to provide the functionality of the app, such as access to the market, which we do via Monevo and Experian.

Our data security is quality assured and validated independently by our cyber security partner.

How do I know you will highlight the right products for me?

ilumoni only ever highlights products based on your data and what you are eligible for when we think it can help you improve your borrowing.

We look at the total cost of switching, including any fees, and only highlight those that are in your best interests, in other words the ones that are the cheapest with the best eligibility assessment.

The more of your data ilumoni can see, the better it will work. Most importantly, we never rank products based on the commission we make and we do not have special deals, partnerships or promotions with any lender to highlight one product over another. We call this “good switching”.

Our lending panel covers a broad range of the regulated market, and we don’t work with payday lenders.

How do you know what I’m eligible for and will it affect my credit score?

Your eligibility rating is calculated by matching your data against the lender's criteria. The lender and other credit reference agencies may be contacted for information about you – so you may see a soft search on your credit report. But don't worry, a soft search won't impact your score with any company, in fact the only person who can see a soft search is you.

What else do you do with my information?

We use summarised, non-personally identifiable data to help us to understand trends and behaviours across all of our customers. This is an integral part of ilumoni that you agree to when you use the product and it helps us to deliver better experiences to all of our customers and address their needs as they emerge.

We will never sell your personal data.

Why do I have to give my consent to access my bank data every 90 days?

To make sure your Open Banking bank feed is kept active, you'll need to reconnect and re-consent with your bank every 90 days as part of the Open Banking standard. Reconnecting your bank every 90 days ensures that your account is secure and that you're in control of the apps that access your banking data.

Are there any lenders and banks you don’t work with?

We do not work with payday lenders. Some banks and credit card providers may not provide data through open banking, for example if it is an account that cannot be accessed online. However, most will as this has been an important part of the open banking initiative.

What product features can I expect in future?

We’re always looking for ways to give you more from ilumoni and love to hear your feedback too. We have a range of initiatives in the pipeline that will automatically update in the app. Plus, over time, as ilumoni learns more, it gets smarter so you will see more things open up.

What happens if I am really struggling with my debt?

If we can see that you are in or approaching financial difficulties, we change how ilumoni works for you and you will stop seeing products you can switch to. Instead ilumoni will let you know that we think you should seek independent, free debt advice from the Money Advice Service, a registered charity designed to help you deal with problem debt. ilumoni does not offer debt plans and debt solutions.

What is open banking?

Open banking is a secure way to give FCA regulated providers access to your financial information. It is designed to help customers get a better deal by paving the way to new products and services that help you understand your accounts better and find new ways to make the most of your money, like ilumoni. By using a regulated provider, you are automatically protected as banks must share your data and protect you against things like fraud.

Is ilumoni accredited by the FCA?

Yes. You can see our registrations on the FCA website. We are directly authorised for Credit Broking, Debt-counselling and Providing Credit Information Services under number 928681 and as a Registered Account Information Services Provider under number 928933.