Yep, I’ll third @Peter_G and @jzw95 - I don’t want a bunch of incompetent CRA’s having access to my data for when they inevitably have a security breach.
If I wanted to build a credit score, I’d get a credit card and sign up to the electoral roll, those will have far bigger impacts than the tiny dent of having a bank account.
I’d say that one of the major things that frustrates me about the way Monzo has handled the CRA thing is if they’re not going to support others now or any time soon they could at least mention that they’re only reporting to one on their blog posts about credit scores. I’ve asked about this multiple times, the question fairly regularly comes up here on the forum and this official clarification would be nice?
DESPERATE for inbound (IBAN please!!)
I think this is the thing that annoys me as well.
I completely see the view of @Peter_G and others about not wanting their info shared with CRA’s who have a terrible track record. I’m privileged enough to be in a stable position where I could also support this view point, and it wouldn’t affect me at all.
But 100’s of thousands of younger people, foreign people and others with little to no financial history, might sign up to Monzo because it’s “cool” or super easy to sign up to, and figure it’s helping them build a nice stable financial relationship with the CRA’s…When in reality, it potentially isn’t helping at all.
The argument that there are other services available to build credit history is fine, if people are willing (and aware), to open other accounts with other providers. I’d imagine most people signing up to Monzo aren’t aware their bank account won’t be reported to arguably the 2 main CRA’s, and potentially don’t even understand CRA’s at all.
The perfect scenario for me would be…
Monzo giving users the ability to report to all 3 CRA’s, or none… Depending on the users preference.
Combined with support articles of what reporting to a CRA does, and how it could help with future financial decisions.
What was that?
Thanks. Just this week!
So, while you’re here Simon… might we press you for an update on it?
Yes please @simonb… There has been radio silence in this thread and lots of people asking in the Monzo (unofficial) Telegram group too.
The Trello board coming back would be really good idea, to give the community a better idea of what’s currently in the works and when new features might be planned for. It would certainly save a lot of threads on here!
Unfortunately as far as i’m currently aware there’s not a huge amount to say just yet other than it’s being actively worked on. The team working on this are juggling a couple of different things right now and this is one of those things that, as you can imagine, doesn’t come together overnight, it requires a lot of certification and testing etc.
I’ll check with the team to see if there’s anything tangible we can share but there may not be just yet. If I hear different, I’ll certainly make an update.
Peter_G most banks allow one to opt in or out of CRA reporting. For example HSBC doesn’t report to everyone, and not all accounts by default, and there is a form you can write to them to opt in or out.
My problem is that Monzo is not reporting enough, which has come up as part of identity verification when applying for broadband, electric, insurance, mortgage. Meaning I had to use a different account to pass that. And I very much prefer to be matched via CRA lookup, instead of mailing passport and bill copies in unsecure mail.
What you are asking for (limiting CRA reporting) is widely available, however Monzo not reporting to all agencies is harming my Monzo usage and is atypical for a current account.
Are you sure about this? Can you provide this form please?
For HSBC, you can complete ‘Positive Data Opt In Consent Form’ which can be obtained at any HSBC Branch. That was the case in January 2018 when I needed it.
I do not see this form as available online. If you send online banking message requesting it, I am sure they can post it to you too. They have posted other forms to me before. However, this is all for clients only, I would guess.
I’d be surprised if this is the case (allowing an individual to opp out of CRA sharing) as this would provide for an individual to wrack up a huge debt, then just opt out - “yeah don’t tell anyone else about that debt - cheers!”
Rinse and repeat elsewhere ad infinitum…
I’d imagine that opt in form was more to do with marketing data or the like.
Are you sure it’s not just marketing that you’re opting in to or out of?
There’s no DPA requirement, so technically it’s fine.
Of course it’s not the case. Banks and CRAs don’t process our data by consent. Well, not those parts of data.
My point was that it was @xnox’s point to prove until they produce this so–called form. I don’t believe it until that happens.
If course they process your data with consent.
In the privacy policy which makes up the terms of your Monzo account, it states they will share your data with CRAs
