For those security conscious individuals it would be great if you could consider working with credit agencies to allow control of freezing/unfreezing my credit from the Monzo app.
The benefit of freezing credit would mean I could control whether someone can take credit out under my name. If I can freeze or unfreeze at my will (via by mobile banking) would mean I could unfreeze during legitimate periods (e.g. applying for a loan).
This would be an administrative mess to handle at any level, unless you mean to withhold lending on your Monzo account, aligned to a gambling block, two days countdown etc.
This exists for anyone overly cautious.
I don’t think I’d want to do at this level, and it isn’t quite doing the same thing. My request was to coordinate with credit agencies. Basically doing the below, but from one place in a trusted banking app (the link is mainly for US, but AFAIK UK users can also do the same).
Appreciate may be difficult, but would be a really nice security feature.
Be curious to know how this works in the real world. Does it result in a rejection/decline or does the lender indicate it’s frozen and you have to apply again when it’s unfrozen?
From what I read it gets rejected, but user can unfreeze on demand to rerun it (not sure on implications on credit score). You can see how it could be a good tool for fraud protection.
I agree somewhat, but then prevention in the first place, being more cautious who you are speaking to, utilising privacy options within your accounts and additional security options such as 2FA and password generators to make it harder in the first instance.
This sounds good on the surface, but my concern is that I’d inevitably forgot to unfreeze, my credit application gets denied and the lender effectively goes ‘computer says no, you can’t apply again’.
For lots of people their personal data is already exposed and publicly available. You don’t need 2FA or secure passwords to apply for a loan on someone elses name (outside of Monzo) just their details (a loan can be applied for over the phone for example).
Agree it might be an irritant for someone that forgot they had frozen their credit… but that would be the responsibility of the person who enabled it, and I don’t think a reason not to implement a feature to those would benefit from it.
Given that some of the credit agencies are now restricting access to their data (i.e. Experian) this seems pretty unlikely to happen.
All applications are held and have to be manually verified. They may ask to see your ID and prove it is really you.
Some lenders may just tell you to unfreeze and try again or get a straight rejection.
These now give you your report for free monthly which they were not doing before.
Protective registration does the same thing - enhanced ID checks etc but, it’s not a flip switch whenever it suits people day in day out.
They do, but they also withdrew from both MoneySavingExpert and Monzo.
While I doubt this particular idea will happen, I would like the ability to freeze my credit to prevent applications. As noted earlier in the conversions in America it can be done.
Having had my credit records exposed in past by equifax in their breach, it would give some comfort to have the option to prevent any new credit applications.