So, I’ve been Full Monzo since November.
My OH has had a Monzo account since October, but retains his old bank account as his main account.
Last month, he took out a loan, and the loan provider couldn’t verify his identity via his Monzo account, couldn’t deposit the funds in his Monzo account, and couldn’t set up the Direct Debit against his Monzo account.
This was because the lender use Equifax, and since Monzo don’t report to Equifax, they couldn’t verify that the account was his.
Had he gone full-Monzo when I did, he wouldn’t have been able to finance his car.
There are very large name lenders who rely on data primarily from Equifax to assess their applications. These include, but are not limited to:
Shop Direct Group (Littlewoods, Very, et al).
These companies won’t see any bank account on the credit searches they perform against someone who’s gone full Monzo, and won’t be able to verify the customer’s bank account.
As for me, as I don’t want to be assessed inaccurately by any of the above companies should I ever apply for one of their products, I’m going to have to take my banking elsewhere, unless it can be confirmed that Monzo are in the process of reporting account conduct to Equifax and Vocalink?