The blame lies with me I suppose because I got tired of trying to explain my position, I shouldn’t have given up so easily. I’ll try again.
“Will Monzo not reporting to some credit agencies cause me any issues?”
Firstly I’d like to make it clear that if the answer to this question is
“No it won’t”
I’ll be perfectly happy, hopefully this is the case. I don’t know why it was so hard to get to but it’s better than the alternative.
I think there are a few interesting things going on here so I’ll try and break it down and then after this, don’t worry I’ll give up.
I didn’t really think we needed to compel anyone from Monzo to participate in the forum. Maybe wrongly, I always thought that the Monzo community was a USP for Monzo, we could exhange ideas, feedback and get honest responses and together learn more about finance and help Monzo build a bank that really helps people. That’s why I expected a reply from Monzo.
Whilst I understand that the answer to this question might not to be of use to some Monzo users I don’t see why that should prevent others from finding out.
So why have you pointlessly tried to resuscitate this thread?
As it was discussed above that reporting to other agencies might be on a future roadmap I had hoped to see it on Monzo’s Big List, it is not.
Also in the very interesting Saving For a House Thread this topic was brought up again. It seems like this is an area that could do with some clarification.
If Monzo are only reporting to one agency then they have already decided whether they think this matters to their users or not. Presumably if Monzo are only reporting to one agency, it doesn’t matter at all otherwise they’re doing something that may cause users issues. I would just like confirmation that this is the conclusion they reached.
You’re correct Alexs I don’t need a credit report to tell me I have a Monzo account, this is not the use case that interests me.
Firstly I think they should do it because other banks do. Whilst I’m sure the legacy banks do many things that they don’t need to, there seems to be a gap from Monzo here.
I use ClearScore to get recommendations on financial services that are tailored to my needs based on the information that they get via Experian. I’m sure there are many other services like this that don’t function fully for Monzo users. At least if Monzo elect to not work with other credit reference agencies this difference from other institutions should be documented in the help area of the app. Whilst
I think if it concern over this is enough to keep a “legacy” account open it is a major issue.
I don’t think any other bank would advise you keep another account open because they can’t support regular functionalities. I am amazed that this would ever be suggested.
This is currently causing me some minor stress as I head towards remortgaging in the next few months. If I get any information from other sources I’ll be sure to post it here and I’d really appreciate it if others could too.
This hopefully doesn’t sound like a rant. I’m a fan of Monzo but I’m surprised by how this has been handled. I’ll leave it alone after this anyway.