Experian Open Banking

I tried to use Experian’s new Boost feature which claims

“ With Boost you’ll be rewarded for things that you’re already doing like paying certain bills regularly, making deposits into a savings account, paying for subscription services like Amazon Prime and Netflix, among others.”

However, Monzo isn’t listed among all the major UK banks that support open banking for this service.

It would really be useful to have Monzo connect to Experian to boost my score for this new product!

Surely that would be up to Experian to add Monzo? Monzo have a full Open Banking API.

I guess this product is an interesting example of Open Banking, but personally I’d be wary of sharing all my expenditure data with a credit agency. To me, it feels a bit intrusive, just to raise a credit rating.

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I’m not sure, I would’ve thought that would be the case but perhaps there is something that Monzo needs to do in order to work with Experian?

I wouldn’t want to give all my info to a credit agency and to be honest I don’t see Monzo doing this and if they did it would be at least 2 years (if they are still here) and it will be paywalled…

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“If you share all your transaction data with us free of charge, we’ll make your completely made up number a bit bigger”

Is that essentially the pitch for this?

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Don’t forget that they will also share that information with prospective lenders.

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That completely made up number that gets you a house, loan or judges any financial credit application you make in your life.
Completely made up of course…

I wasn’t aware I would run into Tin Hat Monzonites on here but you’ve really given me a good laugh.
Make sure Bill Gates doesn’t microchip you mate :joy::man_facepalming:

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I had a PC with Windows ME on it, so I might have been got already :wink:

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:desktop_computer: Windows CE (handheld), ME (cut price) & NT (enterprise) = CEMENT

I used all 3 in the early 2000’s and it really did feel like a slowly hardening compound at times.

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Just so Experian can then lose all your data in the next breach

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Except none of the things you mentioned actually see that number. A potential lender would just get the raw data (credit accounts opened, balances, defaults if any, etc) and then runs their own scoring algorithm to determine whether you’re eligible or not.

I don’t even see how this “boost” thing would actually work in the above scenario. Their website suggests (all the way towards the end, surprisingly) that they will only share the data with “participating lenders” (of which I doubt there are many, and they don’t seem to provide a list), so it’s very unlikely to improve your credit eligibility (especially for the important things like mortgages, where applications are manually reviewed).

It’s basically just a scam to grab data using the vague promise of improving your “credit score” (meaningless as per the above) to lure desperate people in. Remember that Experian also has a data broker business (they’ve even recently told off by the ICO for mismanaging personal data), and that is the main reason behind this new scheme.

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Closing this other older topic as well as already covered by:

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