Show credit score in app


#1

So I just got a new Barclaycard (temporary of course whilst waiting for Monzo to offer one) and they have this great feature in their app which is a free Experian credit score, you can see your score through the app.

Would love something similar in Monzo


(Matt) #2

Just a heads up monzo are never going to offer credit cards however they will signpost you to cards that offer good rates.


#3

Would be cool if you can manage 3rd party credit cards through Monzo?


(Matt) #4

It would all depend on that API’s they have xx


#5

Exprerian credit score is free to check for anyone (of course you will have to prove it’s you checking yours) Credit report is what they charge


#6

If you’re interested in this, have a look at ClearScore.


#7

Will take a look, thanks


(Danny) #8

I wonder how they are going to handle the Equifax fall out…


(knows someone who knows Tom quite well) #9

There are pretty much zero institutions that use any of the proprietary credit scores, they check your file and make their own judgment based on their own risk criteria. Credit scores are simply there so that the credit bureau can tell you your score has changed and get you to log in to their site to see why as they need eyes on their pages to get advertising revenue. After all, your credit file is pretty boring and you are unlikely to need to check it more than once a year or so unless something dramatic happens, so they need a gimmick to keep you interested.

Clearscore keep changing my score by a few points and send out teaser emails with ‘look your score has changed, log in to see why’ and while you’re at it check out these poorly targeted adverts that pay us a huge kickback if you take them.


#10

This is something @Monzo team are already working towards. See this Trello board entry @Naji added;


(Danny) #11

Yeah they do that to me as well, no reason for it to go up or down but with them it does.


(Jamie 🏳️‍🌈) #12

Which score do you want displayed?
The number Call Credit make up?
The number Equifax invent?
Or the number Experian pluck out of thin air?
Your ‘score’ means jack-all. Worryingly, :monzo: Monzo’s Head of Lending @venkat seems happy to peddle the myth that your Credit Reference Agency score actually matters.


#13

How about the score Monzo ‘make up’ from whichever data sources they use. I recall Lloyd’s had an internal rating they’d tell some customers if asked


(MikeF) #14

Personally, I’ve never seen a credit score and probably never will yet I’ve survived a few decades of banking spending quite happily. I’ve yet to be convinced they have any actual bearing on real life.


(Jamie 🏳️‍🌈) #15

That’s ridiculous. Banks and other lenders score their customers using the information about the customers from the Credit Reference Agencies, in order to judge whether the customer will be a good fit for their lending criteria and profitable to them. So these scores are useful to the lender. It’s not the same thing as the CRAs giving you a ‘score’ which no one apart from you and they ever see, and which plays no part whatsoever in any decision to lend to you made by a financial institution.


#16

This is the most useful information that I’ve found, so far: http://www.moneysavingexpert.com/creditclub


(Danny) #17

So this uses Experian however I already have an Experian account, this one is 40 points lower than Experian’s actual site so who is correct MSE or Experian?


#18

No idea. Different organisations will assess your circumstances differently. The credit score number, in itself, is somewhat contrived.


(Danny) #19

Yeah but if credit club is pulling from Experian surely it should be the same? Also it shows my address as wrong… anyways still good as it will save £14.99pm even if it is a little off here n there,


#20

I’d rather see a monzo specific score than a CRA score. If I want to see a CRA score there are free offerings from each CRA