I understand for hard searches for Overdraft etc, Monzo exclusives uses Callcredit and that’s not a big deal as it’s one of the big 3 and no one usually hard searches them all.
However for day to day usage, it seems Monzo tell Callcredit and only Callcredit the existing of the current account in the first place. While I know there are people out their who would hate the idea of data going everywhere (especially after the Equifax Hack - god knows how they still allowed to be a credit agency) and there is no pleasing everyone, but is it possible for Monzo now it’s getting more serious to at least have an option to pass on data of the existence of the current account to the other two big credit rating agencies?
It only really hit me, that since I closed Natwest account and moved to Monzo CA exclusively, all my good behaviours of being in-balance (or sticking within payment terms of credit) is going under reported and in turn not helping the overall credit picture with the other two suppliers of credit data - who whenever we like to admit it or not, tend to be the bigger players than Callcredit on more serious lines of credit like Mortgages or Loans.
For this example, Natwest notify all 3 of the credit agencies about my current account behaviour.
While right now, my past behaviour on Natwest helps paint the picture of me being good with credit and having steady income - in time as that data gets older and older and Monzo not replacing it, it will start to have an impact on my credit profile depending on who the credit supplier uses to check against.
I guess it’s one of those things, it only really tends to bother those who are at the life stage of home ownership or loans who are that bothered, but as Monzo grows it needs to get more and more serious with things like this. As Monzo’s generally younger crowd gets older and older, they will find out the impacts more so.