Just to highlight the problem with not reporting to Equifax, it appears they are the primary CRA used by mobile networks and indeed some including BT, EE, Virgin Media and Tesco Mobile use them exclusively.
Oh silly me, think I had my blinkers on looking at Experian and Equifax. Even so, does seem there is a trend of mobile networks using Equifax as first point of call.
This is fantastic news if it does mean Monzo are now reporting to all three credit reference agencies: Equifax, Experian & TransUnion. Or maybe it means they plan to very soon?
I’m just aware when they started reporting to Experian they did a blog post about it as big news so I’m surprised they haven’t made an individual announcement.
Would be wonderful if a Monzo staffer could confirm.
I know some people will be outraged that their personal data being given away to another credit reference agency and they will want some form of opt out. Is that also on the cards or is it mandatory?
The opt-out can be conditional on having an account in good standing. Obviously opting out while defaulting on your bills shouldn’t be allowed, but provided you pay everything on time (or not have an overdraft/loan on Monzo), I don’t see why not?