How to check your credit score and report

Sorry, I was out last week. Will get right back on it.

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Any progress this week @cookywook?

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Anyone from Monzo able to follow this up?

You’ve been waiting a long time :grimacing: like over 5 weeks

Try message support , maybe it’ll finally get kicked up the chain

@cookywook

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Also would like to know this before going full Monzo.

Hi all, really sorry for the delay in getting back to y’all on this. It took some time to gather the info and fact check with the right people. Here’s our answer:

We only report the status of your account to one credit reference agency (CRA) called TransUnion. There are two other major CRAs - Experian and Equifax - that we don’t currently report to.

For this response, we’re assuming #FullMonzo means you’ve fully close down all your other bank accounts!

Impact on credit file

The impact completely depends on how much information is already on your credit file. There’s two rough cases:

  1. Thick file - you already have lots of accounts and credit history across all CRAs

The impact of going #FullMonzo is not likely to be significant. Updates to your credit file last six years, and so assuming you open no other accounts, it’ll take around six years for these accounts to leave your credit file.

It’s also worth noting that your credit score can be impacted by more than just your accounts with your bank, for example your energy or phone bill. So even if you only use Monzo, and close all other bank accounts, there are products that would are included in your credit file and can affect your score.

  1. Thin file - CRA’s know very little about you, or you’ve never opened a financial product before

If you don’t already have a credit history with the major CRAs, you’ll only build up a history with TransUnion. That’s until we report to more of them, which is something we’d like to do in the future.

Ability to get financial products

Most major banks and lenders tend to use all three bureaus to make a decision about who to lend to, so even though we report to just one CRA, you should still be able to take out new products at the major banks/lenders.

There is a chance smaller lenders - who only check one CRA, like we do - might not be able to lend to you if you have a relatively thin file.

(Remember, your circumstances may differ. So please don’t consider this to be ironclad financial advice)

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Is there a reason you chose to report to only one, at the moment? Is there more going on behind the scenes than just “copy/pasting” the same info over to all CRAs? I have literally no idea, so was just curious!

Thanks for this answer @cookywook.
I can’t fully digest it right now as I’m at work but should the blog post be updated with some of this information to clarify?

Probably costs money and time to integrate :man_shrugging:

Yeah, must be. Was just curious what “reporting to a CRA” entailed :slightly_smiling_face:

Hi Hatticus,

We are currently reporting to the CRA we are integrated with and acquire customers’ credit files from. Reporting to the other two is not a huge amount of work but it does involve setting up integration points with the other two CRAs. We are planning to do this early next year.

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Wow, that is really good news :blush: :muscle: :monzo:

Thanks Marina! :smiley:

Hi @marinathe any news on when this will be happening we’re quite far into 2019 already!

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Hi @cookywook Any news on the progress of this?

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Wont generate money so will be held off for a while you’d assume going by current announcements.

Yes, that would be really great!

Hoping it will still be implemented this year

Hi all,

I’m afraid we don’t have an update for you on this just yet - sorry. But we’re still working on reporting to all the CRAs. So what we said in November is still the case.

We’ll let you know when there’s any more news to share. Or if there’s no news, we’ll let you know that too. Thanks!

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Thanks Richard,

On this point above (and I do appreciate you said it’s not ironclad financial advice), but my recent experience would suggest this is incorrect.

HSBC, Barclays and Nationwide all checked Equifax and Experian, but not TransUnion.

If I hadn’t already got quite a big history built up, I’d have likely been declined.

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Thanks for the update Richard