Now in Labs: See your mortgage in Monzo 🏠

[robulation (Rob Laird)]

Just tried this now, and strangely it came up with two mortgages. One was correct, the other incorrect? How could this be?

[ndrw (A judgemental prick)]

Do you have two mortgages on your credit report?

[caribo]

I have a mortgage with Barclays that came with a “reserve” account which allows for extra borrowing. This shows as a separate mortgage account with a zero borrowing and zero balance on my credit report… Maybe something similar?

[DaveJ (Dave)]

It matches your details against what TransUnion hold, quickest and easiest way to check that they hold is to sign up to Credit Karma if you don’t already. It’s free, don’t bother with any paid services if it asks / prompts. Once you’ve got access, check your credit file to see what it holds. They use TransUnion data so you’ll be able to see what Monzo sees.

If however you can’t find another mortgage under your details, then report it to Monzo as feedback to staff can check to see why it’s pulling something else.

[robulation (Rob Laird)]

@DaveJ @caribo @ndrw It’s strange as it shows the extra one as HSBC. I don’t have any additional lending and have never had a mortgage with HSBC. Will have a check with TransUnion and report back!

[robulation (Rob Laird)]

Thanks for your help… I signed up to CreditKarma and it showed me everything I needed to know.

Is there a way to get stuff removed from it? As it seems they’ve incorporated my twin brother’s information into my credit score. (This sort of thing happens to us all the time… back in the day, at university he got double the student loan paid into his account and I got none ).

Thanks again for your help.

[DaveJ (Dave)]

I believe if you click on the actual item in credit karma you can report it direct. If not check the help articles as I know it details the full process.

[xnox]

Credit karma should have information details to contact individual data provider. Mist likely you will need to contact HSBC.

That would be a fun conversation “the mortgage you think I have with you, I don’t”.

[l33t]

You don’t happen to have the same initials as each other?
My other half is a twin and they share the same initials and when we tried to get a bank account it took quite a while to sort the mess as the twin had a poor score.

[robulation (Rob Laird)]

No, it’s not even the same initials. Completely different … just date of birth must be enough to confuse the people selling our data. Feels like a bit of a GDPR issue though to be honest.

My bro checked his Monzo, and his shows my mortgage as well as his!

[l33t]

God that’s really bad. I understood why it would be more confused with twins with the same initials and dob etc.

Make sure you set up ClearScore (mobile) and I would check out credit club on money saving expert as I know that would cover all 3 agencies including credit karma.

[j06 (Jamie)]

@robulation

(This sort of thing happens to us all the time… back in the day, at university he got double the student loan paid into his account and I got none ).

You should probably report these things to the Information Commissioner’s Office, they’re serious breaches of the Data Protection Act.

[robulation (Rob Laird)]

Yeah I wondered that. How would I go about reporting these GDPR issues! Good job my bro is great with money!

[j06 (Jamie)]

Make a complaint

[gt94sss2]

@richycran

I would, somehow, absolutely love to see both historical impact of overpayments (‘you have overpaid £x which has caused you mortgage term to decrease by y months and have saved £z interest), and something where you have the ability to model future overpayments e.g. a slider with [£25] increments which adjusts the gradient on a graph (current vs revised mortgage term) and quantifies the impact.

Unless you know the T&C of the mortgage provider, very difficult to implement.

A mortgage overpayment may:

a) reduce the term;
b) reduce the monthly payment; or
c) make no immediate difference and be applied to your mortgage annually.

[xnox]

The more I think about this the more I want to see other accounts like this, picked up from credit report.

Please add Credit Cards and Loans from credit report that do not otherwise have open banking connection.

[DaveJ (Dave)]

I saw an article for this earlier,

How doing your Christmas shopping with your phone could shave money off your...

Anyways none of that’s, that important tbf. I had a look at the app, it uses the same kind of tech insights into your credit file to pull the mortgage details through, this app launched that facility in October.

[Heckie (Heckie Cormack)]

Ive added my RBS Mortgage, but the card has no logo.

[wags (wagner paiva-pinto)]

Wow!!! Super easy to connect and awesome to be able to see the progress and repayment amount. I love the way Monzo is becoming my OMNI-channel to all things finance.

[Hdizzle]

I had a fake pot representing the same thing and manually updated every month so my wife could see the amount aswell because she hasn’t bothered signing up for mortgage provider. This is great, but as others have said since it’s old data it doesn’t really have any value to us. Plus since it’s based on individuals credit reports and each person has to enable it, better to just keep our fake joint pot. I can see this being useful to lots of people though. Maybe where mortgage is the only product with the provider so miles easier than going elsewhere etc