I’d buy that if the Monzo/CRA figure was more. But it’s not!
So I’m going with your theory that it’s the outstanding amount taken at a different time (probably a week or so later).
Ah, gotcha. My brain wasn’t working properly 
2 Likes
As you can imagine - we are somewhat (very) limited by the data we see receive in the API.
If you look at the mortgage balance history on Credit Karma, does it seem like it consistently underestimates your balance compared to your lender’s data? 
Generally, I’d suggest at least some of the inconsistency for folks is between the balance date that the lender uses for their portal vs the date that they use for their TransUnion reporting.
There’s a couple of different report dates that can be make it a touch confusing:
-
Lender report compiling date - the last date that they look at to compile their reporting
this is the one we show you with our feature -
Lender → TransUnion submission date - it may take a few days / week for them to actually compile their monthly report and submit to TU
-
TU API update date - when the latest month has been validated by TU and is available across partners & platforms - e.g. in the Monzo app & Credit Karma
9 Likes
My Mortgage is showing on Transunion, but the app says cant find any mortgages, mortgage been running for 15 years, 10 years left, so not a new one.
That’s strange! Thanks for reporting.
Do your personal details in Monzo (full name, current address etc.) match exactly what’s in your TransUnion credit file? Do you have Monzo Plus, and if so does Credit Tracker work correctly for you? (That’s also powered by TransUnion, so will help us to narrow down what’s going wrong)
2 Likes
yes, to all.
1 Like
a month passes
And hey presto, updated names and logos are a go go.
3 Likes
Yowza - you’re right. Names & Logo in-image 
I guess the next logical request would be for a custom image (like Monzo pots), but that might be a stretch as it’ll be a feature across all connected OB accounts.
2 Likes
I was just thinking about that! Mostly in the context of the new Overview home screen and wondering whether the card metaphor still makes sense and whether you can really see what’s going on here:
Glad you’ve seen the changes - we’ve certainly not forgotten you all! One of us will probably be back in the coming weeks to give you a bit more of a substantive update but we’ve been improving the handling of some edge cases and additional context that we didn’t include in our initial Labs launch 
Also, we updated about 80 lender name instances to be formatted to be a little more friendly to the eye as well as a few more of the custom card designs for the most common lenders (based on connection volumes) 
This is certainly something we’re starting to think about right now - as you know our friends in App Evolution are hard at work with some important foundational work for the app. We need to think carefully about how best to represent your mortgage / property with that in mind and phase it to align their roadmap!
11 Likes
Interesting that the Borrowing team is looking so closely at connected (non-Monzo) mortgages and the App Evolution flywheel rpm is increasing too.
A build-up to Monzo Mortgages perhaps?
6 Likes
This is brilliant and I hope this is a move in the right direction for Monzo to take on mortgages in some form! I do everything digitally and the whole process to get a mortgage was archaic!
Feedback on viewing the mortgage in-app is good but for some reason my outstanding balance has t been updated in 65 days (I’m with Leeds Building Society). The process to find my mortgage and make visible in the app was fantastic! No need to find your log-on details, I don’t Even know if I have log-on details to be hone
Ideas - it would be amazing to be able to overpay directly through Monzo and view what effect this has on the overall length of the mortgage. A calculator to see what effect it would have would be amazing to help individuals decide if they wanted to overpay
Ideas - notification ahead of time you’re coming to the end of your fixed term. The ability to renew your mortgage on a new fixed-term with the same lender should be relatively easy as I believe if you’re staying with the same lender, you don’t need to re-prove your entire existence again. If you are moving to a new provider this is a much more difficult to carry out digitally in-app I’m sure
2 Likes
This will probably be because Leeds Building Society won’t have reported your mortgage to the credit reference agencies for 65 days.
Usually lenders report to the credit reference agencies once a month but some lenders (in particular smaller ones) report less often or can sometimes be a bit delayed in reporting.
4 Likes
Exactly as Theo has said! We’re having a think about the best way to represent the data refresh, and whether seeing those days tick up is that helpful vs just being unsettling.
We still check for updates every single day but that doesn’t mean that we can get anything sooner than when the lender reports to the credit reference agency (who then have to update their data).
Folks on the Community have talked about reflecting payments that we can see coming out of an account to change to a ‘shadow’ balance - but that might just end up being a new type of wrong.
8 Likes
My mortgage provider does not report to Transunion, are there any plans to use data from the other CRA’s?
Apologies if this has already been discussed or reported in this thread. I haven’t had time to review.
As much as I wish this was the reality, the ‘You’ll pay off in’ calculation is woefully incorrect by a few decades! Unless Monzo is hinting I’m about to come into some money! 
Double check your TransUnion credit report to see what the provider is displaying, it could just be reporting something incorrectly 
1 Like
It seems to not have registered what your monthly payment is either which may be part of the problem. Mine seems to be bang on the money for how my mortgage is setup, maybe give it a month till it registers the payment amount?
It has, just omitted from the screenshot for privacy 
1 Like
Oh … haha … yeah that makes a lot of sense, ignore me 
1 Like