How to build a better credit score

[richardcadman]

Hey there,

I’m the Product Manager working on our lending features. I’ll try answer a few questions!

@anon56424194

This is an interesting post, I use ClearScore to check my credit rating and noticed that my Monzo account doesn’t show in the report whereas accounts from other banks do, such as Lloyds.

Is this intentional, and will this affect my credit rating?

We report to Callcredit (now Transunion) so it won’t show up on ClearScore yet. As far as I’m aware the Credit Reference Agencies don’t share information with each other. This means it won’t affect your ClearScore credit rating.

@anon42572914

Closed my old bank account as I only used Monzo and my credit score went down due to the Monzo current account being too recently opened

This can happen when you take out a new current account, or have multiple credit ‘events’ around the same time (these ‘credit events’ could be signing up for a current account, taking out credit, getting a phone contract). It shouldn’t have a long term impact and the score will go up fairly quickly.

@Throwingspoon

I still think they should report to other agencies but it seems I’m in the minority.

We’d like to start doing this, but don’t yet have a timeline.

@glasgow

It’s important to start taking TransUnion (formally CallCredit) seriously now. They are the second largest and fastest growing credit reference agency in the UK. More and more financial institutions use them over the other two now

This is true! They’re not far behind Equifax in terms of coverage. Reference here: https://www.moneysavingexpert.com/credit-cards/credit-reference/

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Cheers,
Rich