Just wanted to ask the following to the community as I am still trying to wrap my head around it.
So a few months ago I became a Monzo plus member and loved it. The app is amazing, analytics good and the support was quick. I then decided to do a full switch from my existing bank account that I had for years over to Monzo as I trusted the company and what it stood for.
A couple of months after the switch I went into a major high street shop and wanted to get a mobile phone contract. My credit score is perfect, I have had a credit card for years, had mobile phone contracts in the past no problem at all etc etc.
The credit check ended up declining because the bank I was with was Monzo and this is the only bank account I had open. As the bank doesn’t refer to all credit reference agencies I failed the check because apparently I don’t have a UK bank account that is open (the only credit reference agency that would say I do is TransUnion that not many people use - not Experian or the major ones).
My question for everyone is how on earth can you use Monzo as your only bank account if you can’t get something as simple as a mobile phone contract and why would a bank with 2.5 million members not report to all credit reference agencies when it is such a vital thing?
Appreciate the read if you got this far and I look forward to hearing your responses.