Hi everyone. I’ve just signed up to Monzo Max and took a look at my credit reports. Looks right for Experian and TransUnion but there is a serious discrepancy between the Equifax figure on Monzo and the rating on Equifax. The rating on Monzo is almost 200 points lower than on Equifax. Has this happened to anyone else?
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My Equifax score in Monzo (updated 7 days ago) is over 500 points higher than what’s reported in Equifax’s own report generated a few days later. I initially thought this might be a timing issue, but then I discovered that my Clearscore, which was updated today, matches the higher score shown in Monzo. Consequently, I went to Equifax’s website to get a more recent report today, but surprisingly, it still shows a score that’s 500 points lower than the other two. The underlying reports are all the same.
I am not bothered because those numbers don’t really mean a thing. However, part of me can’t help but wonder what’s happening here
Mine has been like this for some months. No change on my Monzo reported Experian score when my score direct on Experian has varied ±100ish in that time
Largely not fussed as the score is irrelevant, but if the app is reporting a score it should at least match
My understanding is that there is no such thing as a universal credit score and everyone who consumes credit data tends to have their own method for calculating the number so you will see differences on different platforms.
How is your credit score calculated?
It’s important to know that there’s no such thing as a universal credit scorecard used across the UK. Your credit score is calculated differently by lenders, credit score providers like Checkmyfile, and the credit reference agencies (CRAs) like Experian, Equifax, and TransUnion. There can be slight variations in the credit scores you receive from each of these providers, and lenders usually have their own system for scoring the applications they get based on their own criteria.
(Taken from: How to increase your credit score in the UK | Checkmyfile )
A bit of an update - I called Equifax and asked why my score was 500 lower than their other two partners. It turns out that it’s because the current address Equifax holds for me hasn’t been updated. I moved recently and changed my current address with Monzo and Clearscore, but Equifax still has my old address.
This experience highlights an important point: credit scores generated by third-party providers like Monzo and Clearscore are not simply derived from your pre-existing Equifax scores. Instead, these platforms transmit their own data to Equifax. Equifax then utilizes this information to generate a new credit score specific to that platform.
Now that I’ve updated my address with Equifax, my scores are now the same across Equifax, Monzo, and Clearscore. Not that the score means anything, but at least they have my correct details now.
Not sure this is correct. My Monzo Equifax score has always matched my ClearScore one and they both match my score on the Equifax site itself.
Yes they will match if you’ve got the same personal detail across the 3 partners, but I know for a fact Monzo and Clearcore arent just fetching your existing Equifax score, my score across the 3 partners generated on the same day didn’t match because of an address difference - same account but different current address
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