See your credit score in Monzo📊

[DaveJ (Dave)]

Can’t say I’m excited, I already monitor my credit reports via apps for anything unusual, having it in my banking app won’t change anything for me personally

[Arthursmith]

Sorry that was not aimed at you - it is just there is always someone who pops up to response to a post to explain stuff when it has already been covered - just making the reader clear I do not need it or want it - just an answer to a simple question - can I disable it in the app?

[Rat_au_van (Em)]

It’ll probably be on one of the menus (vertical account list possibly, can’t think where else they’d put it) so you don’t have to look at it if you don’t find it useful

[glasgow]

Hopefully it’s going to be an opt-in feature. Assume it will be since it’ll need a data sharing agreement and be for over 18 only.

[phildawson (Sorry, I will have to escalate this.)]

Ms Rat beat me to it in what I was writing.

But I was going to say I doubt a Monzo staff would come in to answer that question in the thread.

We’ve been very lucky so far in having @jackcully and @Juliana join in.

Usually Monzo just post the OP and then let the customers fight it out in an endless circle of questions and guesses until it fizzes out or gets closed.

[Dan5 (Dan)]

FWIW Let’s remember that the people who use this forum are probably pretty savvy when it comes to their financial matters. The core audience of this feature probably isn’t us and probably wouldn’t be that beneficial for us.

However with nearly four million users there’s a huge segment of the Monzo base for who this could be really useful.

[krr13]

Im savvy which is why I want to see it

[Dan5 (Dan)]

I think you’ll like it - I find it helpful for several reasons and I’m pretty savvy with my credit reports

[Arthursmith]

Really useful to upsell

[Rjevski (Andre Borie ✨)]

I wish Monzo would do something else than perpetuating the myth of credit scores. How about showing the raw data instead? As you say this is directed at the less financially-savvy people who might benefit a lot from such transparency. I’m assuming this ain’t going to happen as Monzo is using a CRA behind the scenes and they have strict rules on what they can and can’t say to the customer to make sure the misinformation that powers their whole business lives on.

[lpoolrob (Rob)]

@Dan5

The core audience of this feature probably isn’t us and probably wouldn’t be that beneficial for us.

However with nearly four million users there’s a huge segment of the Monzo base for who this could be really useful.

A huge segment to confuse with an arbitrary number, yes.

Financial Education is the key, not a number. In addition it should be delivered to ALL young adults 16-18, not by a bank (not knocking Monzo for doing it, just saying that you shouldn’t need to!)

[Dan5 (Dan)]

I used to be a teacher, and long pushed for financial education. However we dumped all non-core education (PSHE, citizenship etc) in favour of more time for English and Maths and as Head of English I couldn’t complain much about that.

[anon70107404]

You’re supposed to be on holiday. Pretend you’re a teacher.

[Dan5 (Dan)]

If I was a still a teacher I wouldn’t get holidays, but that’s another topic

[anon70107404]

Dan, if you’re on holiday do please ensure you get a break and enjoy it.

[Dan5 (Dan)]

I’ll be completely offline from Wednesday - for now I’m enjoying having some time on the community tbh!

Before I worked at Monzo I used to spend every evening checking in and posting on here and I miss doing it

[Lewis_P]

@Rjevski

I wish Monzo would do something else than perpetuating the myth of credit scores. How about showing the raw data instead? As you say this is directed at the less financially-savvy people who might benefit a lot from such transparency.

I’m not sure I’m following your logic. So you’re saying that for the benefit of less financially savvy, we should not show a single figure that gives an indication of your credit profile, and should instead show them raw data and have them work it out themselves?

Their proposal makes sense to me, show a score that gives an indication of your likelihood of getting credit, a breakdown of all the factors that have impacted the score and key factors over the last month. Sounds pretty useful to the less financially savvy to me. Unless I’m missing something?

[JuanML]

The number is not an indication because the 3 cras don’t know monzo criteria, Barclays criteria etc.

[Lewis_P]

@JuanML

The number is not an indication

So this section in the blog post is false?
But credit scores are great to give you a general sense of how lenders see you. A low score could mean less access to things like credit cards or mortgages, and a high score means you could get better deals and access to more money. So it’s definitely worth keeping a close eye on your score – and doing what you can to try and improve it.

[amydicketts]

Hi Arthur

@glasgow is right, the feature is opt-in so we won’t retreive your credit score unless you give your consent