People are focusing too much on credit scores. All that indicates is your credit worthiness. The most likely reason for being refused credit is because of affordability. You can have a great credit record but not be able to afford the product.
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I agree - We both had a problem with people robing us and neither time did Monzo help us - just said it was not their problem. I thought money was FSCS protected, clearly not!
I never knew about Credit Karma until a few weeks ago - I never said I wanted my details held on a server in the USA! - Credit Karma are actually TransUnion based in the USA - You can tell they are American without finding out where they are - because they allow someone to Freeze or Unfreeze their credit! Never heard something so absurd!
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Mine says £0 and has done for 6 months. I have a healthy balance. I just get a green dot
Yes I had a nice OD with Starling - came to Monzo and never got one - Kinda annoyed about that but never mind - Will be going back at some point.
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i hadn’t heard of it either so i Googled it
What i great idea. Looks like all the American CRAs do it. What was your issue with it?
Yes, it is
In the event Monzo go out of business the balance of your account is covered up to £85,000. That’s what FSCS covers
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The rough UK equivalent is putting a security note on each CRA’s file so lenders or institutes know to double check with you before authorising any loan or credit. Source: https://www.thisismoney.co.uk/money/cardsloans/article-1615240/Freeze-your-credit-history-under-new-law.html
Alternatively, we also have CIFAS Protective Regulation https://www.cifas.org.uk/services/identity-protection/protective-registration
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I was thinking of more a way for vulnerable customers with spending issues to add extra friction to obtaining credit
What does FSCS protection have to do with you being scammed? It only comes into play if your bank fails.
My car is insured against theft, and I’d expect my insurance to pay out. However, if I left it unlocked 
with the keys in it, it’s a different story.
You kinda did. The monzo privacy policy was agreed to:
In it, it references this website:
https://www.transunion.co.uk/crain
Maybe because you had one elsewhere?
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What are you doing using Discourse then? Come to think of it, what are you doing using the internet at all?
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I think leaving is of course up to the individual but it’s good to see why this is.
Firstly every time you seek credit you will be credit check, if it’s a phone contract, Car, mortgage, credit card or overdraft yet there are a few credit agencies and every lender has there own mysteries about how they do it so a number score doesn’t mean a thing really. Of course a higher score might mean more likely in general but one company might want a higher spender whilst the other someone who might miss a few and get fees or more interest - point is there are in it to make money. So if they declined you it doesn’t mean your bad, it just means you are not profitable to them.
Monzo has had a lot of issues recently and I often wonder about how long Monzo will survive for anyway so probably safer elsewhere. Starling is a grown up alternative in my opinion despite using Monzo more myself. I can not attest to there overdrafts.
You often wonder how long Monzo will survive but you use it more yourself
No more safer at Monzo than at a legacy bank
And if you spend time wondering if it will survive why sign up in the first place? Can I answer that question 
Monzo has something is something different and will survive I think would be your answer:yawning_face:
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Equifax are American but operate globally; Experian are Irish and operate globally, what difference does it make?
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Experian are an American founded company, legally domiciled in Ireland, listed on the London Stock Exchange.
Ah, so tax reasons
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RE: Not reporting into CRA’s other than TU
This represents a concern to me and i’d very much like to understand from Monzo If they plan to report into all major CRA’s for any territory they are in (if this need to be done via other channels then please let me know).
Why the concern?
It’s not for me specifically but I do have a keen awareness of the lack of credit and financial savvy our younger generation has today.
Irrespective of what you think of CRA scoring, it absolutely can have a bearing on life changing financial decisions.
I’ve educated a number of peers in their late 20’s whom just had no credit record whatsoever. It’s almost a game you have to play to build up a good portfolio of experience to show that when you need that crucial and life changing financial product then you can get good offers from the widest cross section of the market.
Given the market Monzo is after (young tech savvy millennials and the like), it isn’t responsible to not be reporting to these CRA’s in my opinion.
Given what I have learnt today, I’d advise my 19 year old nephew to not join Monzo as it stands.
Despite what we may all think and know about CRA scoring, it is still a key indicator to many financial institutions and as Monzo attracts more younger account holders those account holders should be educated on the effect this may have later in their financial lives.
The obvious answer here is report into the appropriate CRA’s in each territory but I expect this comes with a cost.
The other obvious answer is for those seeking to build a credit profile and score using all of their financial information then Monzo should probably not be there first choice. The problem with the latter is that these individuals probably just don’t know!
<— to show I appreciate the ToV from Monzo.
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I think you’re overstating the effect Monzo will have on credit scoring.
When I was a teenager I was advised that it didn’t really matter which bank I was, that the better positive effects came from having credit cards and paying them off each month, as this would be what would improve my credit score by demonstrating I could manage credit responsibly.
Mobile phone contracts and household bills are another way of helping build a good credit record also, as I understand it.
There are now a number of people who are full Monzo who have made house purchases, for example, and this hasn’t affected their ability to do so.
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I can’t really point you to a source, but it is my understanding that Monzo intends to report to all major CRAs in the UK.
What’s wrong with your nephew getting an account now? It’s highly likely that when he needs his credit rating, Monzo will be reporting to all 3.
Full Monzo user who has completed a house purchase (and never had a credit card, for what it’s worth).
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I’m also full Monzo for over 2 years. I acquired my first mortgage with Monzo and I also have a few credit cards. My credit score is high on all credit agencies.
To me this shows that Monzo has less effect on your credit score than other factors. For example I’m 990 on Experian and Monzo doesn’t even report to them.