Hi, will Monzo be adding their availability to Experian Boost? It seems like a superb way to help raise credit scores by tracking subscription payments such as Netflix, Spotify etc. I’ve been “full Monzo” for about a year now and loved it but, this inability to join Experian Boost has been the only thing so far to make me consider going back to my old bank. Look forward to your answer. Cheers all.
There have been no announced plans.
You can read about the discussion around it all here:
It’s not for Monzo to do, it’s Experian. The API is already there.
Experian boost is a scam and should be avoided.
Someone else created a thread for this yesterday.
I’m not very informed on this new feature from Experian. Whats identifying it as a scam?
Have a read of the other thread linked above, but this is a good summary
There is no reason that the Credit Reference Agencies need ever deal with the public. They perform a function for lenders.
Except about twenty years ago they realised they could make more money if they got paid by the great unwashed too. So they invented a way to get you hooked on needlessly curating your score.
It’s been covered so many times before. Lenders determine their own scoring algorithm, they don’t rely on Experian for this. You’re paying money to “boost” a number on your screen which is doing nothing to improve your credit worthiness.
Plenty of information out there on this.
Hello Experian. Welcome to the community.
Right? Joined the forum literally to post this wall of text that has taken its cue from the emails Experian send pestering me to join Boost.
It’s not a paid feature. It’s free of charge. If your credit score is low, you won’t be considered for credit card application online. I’ve worked in a bank and credit score is one of the key things that’s evaluated before we review the other details in the report. If your credit score is too low, it’s not even worth reviewing further as the system won’t even let us proceed further with the application.
For those who think that it’s funny are either too rich and never had to seek credit or are living with their mother peacefully in their basement all their life.
Thanks for the warm welcome. Hope everything is fine.
It looks like you never had to apply for a loan or credit. I don’t expect you to understand.
So have I and that wasn’t true at all in my case.
You just input all their details into the computer and it returns yes or no. There is no mention of credit score whatsoever.
Yeah, it’s not either of those.
You are right. That’s what the desk officer does. The back end system checks the credit score first and returns the result for you. For most people that part appears like a black box. Some banks retrieve the score from Transunion and Experian as well. For minor personal loans, overdraft allotment eligibility etc. the credit score alone is enough. For home mortgage application the score is based on a combination of factors pulled from your credit report which again is retrieved from the likes of Experian, Transunion etc. and each bank has their own rating system which takes the credit score as an input.
In the end its everyone’s personal choice. I really do hope that Monzo gets integrated quickly as most of my payments are there.
Judging by your replies to this thread you don’t seem to understand much either. Have a good day.
Agreed. My mum doesn’t even have a basement.
Edit: oh, they edited their post.
Experian isn’t doing anything for free.
It’s receiving complete access to my transaction history. That data is extremely valuable, which is why Experian wants it.
Credit Reference Agencies already hold far too much personal information, and as history has shown, they don’t hold it particularly carefully. Boost is just another way to squeeze more data out of you for no material benefit.