Monzo NOT On Credit Report


#42

Just had a quick Google and found this:

It’s a couple of years out of date, but it looks like very few folk use Callcredit compared to other agencies


(Jonathon) #43

On the Noddle/CallCredit front, I see they have been acquired by TransUnion - I think now we are using the same credit agencies as the US?


#44

And those who do, also use other agencies…


#45

I’m not sure about that. If I’m looking to get a financial product and having my Monzo details available somewhere else would have made it possible for me to get it then it doesn’t seem so minor.


(Valeri) #46

To be honest I’m surprised the credit agencies don’t share data with each other…


(Alex Sherwood) #47

Their data is a competitive advantage. That would be great for consumers but not for them :grimacing:


(Valeri) #48

Sounds like something that has be regulated by the FCA…


(Alex Sherwood) #49

Yes & the regulator (the CMA in this instance) is already helping here to a certain extent with Open Banking.

That’ll enable users to share their data with credit providers, which will make them less reliant on data from credit bureaus when making lending decisions.


#50

The only way to solve this is to contact the street numbering section of your town council planning department and get them to send it on one of their forms to the PAF administrators at Royal Mail. However, if your property is a conversion and the builders did not submit the relevant request for property numbering you may need to submit a form and pay a fee which about £50. If your council have the property correctly on their records then it is free for them to send a correction or reminder to Royal Mail.

Once it is updated on the PAF, banks, mail order companies, etc will be able to find it on their database (I have done this for 4 addresses over the years).

One issue with lenders though is if your address say wrongly recorded as say
First Floor Flat, 123 Dyne Street, Trumpton
From 2013-2017
and you then correct your address to
123A Dyne Street, Trumpton
From 2017-to date
Some have systems that will see that as two addresses (as if you moved ha ha) but others are inteligent enough to know it is the same property.
Most CRA when updating a file to read
123 Dyne Street, Trumpton
Would still list the previous address as an associated address or linked address.

When a lender does a credit search a CRA should supply any notice of corrections on your file.

So if you send them a letter saying “Notice of Correction”…“Please be advised that First Floor Flat, 123 Dyne Street, also known as “Bindweed cottage” Dyne Street, is now more correctly known as 123A Dyne Street. The aforementioned addresses are the same physical property, and this is not a change of address”.


#51

Which is all a huge PITA when I already have all the overdraft I need with my legacy bank. I’m not going through all that hassle just to switch completely to Monzo :grinning:


#52

Update on my situation :grinning: Noddle were actually very efficient and simply updated my address as asked. I have now have access to my credit report through them, which hopefully means Monzo will too…


(Jack Donovan) #53

Why do any of your banks appear on your credit report… Wouldn’t this only happen if you had an overdraft? :S


#54

Maybe also for loans or mortgages not just overdrafts


(Jack Donovan) #55

Yeh I know mate, but like

If I had a current account with any legacy bank, but no overdraft. I’m 99% sure that doesn’t show on your report… Right?


#56

yep


(Jack Donovan) #57

Then doesn’t that debunk this whole thread? :S


(Jack Donovan) #58

Theres your problem. You have answered your own issue :smiley:


(Jonathon) #59

Incorrect.

My Starling and Natwest show up with no overdraft.

As did all my now closed accounts (HSBC, First Direct, Lloyd’s) and none had overdrafts.


(Allie) #60

Current accounts with no overdraft do show on your report.


(Jonathon) #61

Also Monzo now shows on Noddle.

Still none the wiser as to whether it not showing on Experian or Equifax might be harmful if it ever became my only bank account.