hey guys first time here, I received an alert from my credit check company that Monzo added or removed an account and in turn negatively impacted my score. I have made no alterations or requests on my existing one account. I understand Monzo under the T&C’s are allowed to conduct soft credit searched (quota search?) but was also under the impression this wouldn’t effect credit? I have also read about the credit score system being introduced to Monzo, would this be it? if so don’t I need to give additional consent?
on a final note I am waiting to hear from Monzo in app chat in regards to this matter but thought to try here too
I think pretty much everything you have asked is probably covered here:
But, to save you time…
Monzo aren’t conducting credit searches, they are simply expanding the number of agencies they now report to.
It’s nothing to do with displaying your credit score in the app.
You gave permission when you opened the account. They didn’t need to ask you.
Thank you so much for the prompt response so I’m guessing this is the reason it has negatively effected my score, unfortunate but a relief in the same light
you dont have a credit score or a credit rating, its just to make gullible people pay for credit score improvement services.
What matters is the data on your credit profile and whether it is correct or not
Monzo are now reporting to Experian, so if your credit check compan wasn’t picking up any reports from Transunion this would be the first they’re aware of it.
As for why it lowered your score, I think that would be due to your ‘new’ Monzo account bringing down your average account age, which is a factor that credit check companies take into account.
This does not necessarily mean that your chances of getting credit have got any worse, though. And I’m sure it won’t be too long before it ticks back up again anyway.