This showed up in App for me today.
1 Like
I donāt want to jinx it but what on earth is going on, weāve had multiple Monzo staff actively posting. 
I donāt want to scare them off but Iād love to say itās appreciated. It would be ace to see more of this throughout the Monzo forums.
So as mentioned above by @JuanML, the TransUnion score is just an indication on lending in general based on what they think lenders are looking for:
| 0-550 | Very poor | Itās highly likely your credit application will be rejected. |
| 561-565 | Poor | You have a chance of being approved for credit, but are likely to be charged a high interest rate and have a low limit. |
| 566-603 | Fair | You should be offered reasonable interest rates, but are likely to have a low credit limit. |
| 604-627 | Good | Youāre likely to be approved for credit, but wonāt necessarily have the best interest rates. |
| 628-710 | Excellent | Youāre very likely to be approved for competitive credit offers. |
You can have an excellent score but Monzo can be no dice, due to their additional assumptions about your affordability based on your report and how you use the Monzo app.
What might be better is a Monzo score instead with things you can practically do to get the best limit/rate for a a Monzo overdraft/loan for your personal circumstances.
I think the best example of this is Zopa Borrowing Power, it uses your Equifax report and gives Zopas own scoring out of ten. It then shows what you need to do to achieve a better rating for Zopa to see you as a better lender. It also gives a guaranteed amount/rate, so a 5/10 gives only X but an 8/10 gives Y, and 10/10 gives the best possible Z.
2 Likes
What do you think of it?
1 Like
I think the credit score is a bit like asking for a cricket score during a matchā¦ thereās the number itself which gives you a clue (maybe), but really thereās a whole load of other information you need for a rounded view of whether itās looking good for your team or not.
2 Likes
Personally I really like it, it is easy to read offers some good tips, interestingly some of the tips that Credit Karma offer donāt appear on the Trans Union report which is interesting.
2 Likes
Did it show up as a card or another section in the Accounts list?
We agree 
3 Likes
Will be good to have it in app, saves me from having to go into another app/website to look at it - neat 
1 Like
Iām interested to see this, and I think itāll be useful for many of Monzoās customers. I already have access to my Experian credit report and score through a Lloyds Bank Added Value Account, as itās one of the benefits of the monthly fee. Itāll be very interesting to see how this one differs.
So while I agree with many that the credit score is a little bit useless for indicating that you will or will not be accepted for a loan etc, I like to see my credit score as it gives me way to measure my performance and set targets to get better and better until Iām off the scale. 
2 Likes
I was going to write similar. Yes the information from CRAs vary but it is a great guide on what you can do to improve your acceptance rate for loans, credit cards and overdrafts etc.
Iām going to try and use the information to get my Monzo overdraft on the lowest interest rate 
1 Like
Thatās a very kind offer, thanks! 
However, for this feature weāve decided to roll it out to a randomised sample to ensure we get a diverse range of feedback on it.
Hopefully it will land in your app soon, though!
My comments below are not aimed at you @trevwmitchell but Iām quoting you as many will think this way 
The CRAs want you to play this āgameā because they make money from it. In addition, it lets them recommend credit products where they likely benefit financially from that recommendation. I donāt know if this is also Monzoās intention (i.e. recommending products).
The danger for some people is that the only way to get a good āscoreā is to have credit. People who are perfectly able to manage credit well may not yet have taken out credit products because they donāt need them. As such their credit history will be small or not exist at all. This can lead to a low score and the inability to get credit if/when they may need it. To me, thatās a bit unfair really although I can understand the logic.
Therefore, the āgameā in some cases is to encourage people to take out credit products whether they need them or not and regardless of whether that individual has any history of managing credit well or otherwise.
So what Iām hoping Monzo will do here is provide sensible advice and not necessarily the advice the CRA will give you. For example, a mobile phone contract is a relatively manageable form of credit that gets reported to CRAs. The same is true of other utilities such a TV/phone/broadband contracts.
These types of credit are often overlooked when it comes to recommending ways to build a good credit history and instead the CRAs will recommend loans and credit cards instead.
In some European countries debit is still frowned upon because it is seen as a sign you canāt manage your finances. I donāt necessarily agree with that view as using credit doesnāt mean you are in financial trouble. However, in the UK a lot of people have debt problems and having and using credit is viewed as normal or even desirable.
TL/DR: Monzo should not deploy this feature with the specific intention to encourage the use of credit products to improve the so-called ācredit scoreā as I think this would be irresponsible.
2 Likes
Provided itās information only and not a means to drive the sales of credit products then I think itās ok.
Like any tool that has a purpose, itās perfectly safe if it is used for the purpose itās intended. Itās not always possible to stop people using tools for unintended purposes.
That said, we all know that Monzo is desperate to monetise its large and growing user base.
What happens when your main account is the joint account and thereās no-to-little movement on your personal account. Seem like JA heavy users keep getting overlooked and disregarded all the time.
1 Like
I canāt see how this is Monzoās fault. It is how credit scoring works. Credit scores are against an individual.
4 Likes
I recently moved to UK(4 months), and any of the credit scores companyās(experience, totally money, credit Klarna) are able to show a scoreā¦
This functionality in Monzo will be able to show/create a credit report? How it will work in those situations?
It will show your TransUnion credit score.
Hi Bruno 
As youāre new to the country, you might not have built up enough credit history, thatās why the credit reference agencies canāt give you a score just yet. Our feature will hopefully give you enough information and insights to help you start building your credit history. it will be great to hear back from you once you try it 
2 Likes