Yeah, still, if you’re already with a phone company, they never look at your credit file after you’ve got an account with them - they base additional lines/upgrades based solely on your history with them. If you pay all bills on time you can normally get another 5 lines easily
Not true with vodafone. When I upgraded I had to go through this, tried using my monzo debit card and it failed, yet flew through with my Lloyds debit card (not used my Lloyds account for over two years). Even though they happily take the direct debit from my monzo account.
Not sure why I had to go through it all as an existing customer.
Also not true with Three had to do a credit check to get the 1st iPhone XR and they also said they were doing one for the 2nd but never seen anything on my credit file for a 2nd one
I just don’t understand why people would use a bank like Monzo if they knew of these limitations? Howcome Monzo haven’t publically stated that there are these limitations as people who do full bank switches should be aware of this prior to doing so as it can affect them personally.
4 Likes
Because they don’t wish to dissuade customers from switching, I guess.
It’s a major setback and a huge blow to monzo as what they are trying to achieve is great, it has a great UI etc but for major things like credit checks etc they should at least be open and honest.
You’re only saying this based one credit check with a phone company but has this happened anywhere else? I’ve been full monzo for over a year and have taken out loads of credit with no problems. Monzo is reported on my Experian and Equifax reports from the last time I’ve checked it.
If you did due diligence beforehand you would find out that Monzo have been open and honest and state they report to TransUnion only. It has been mentioned many times on the forum by multiple members of the community and staff.
Because you didn’t think to look (I wouldn’t have done either), doesn’t mean a company isn’t open and transparent.
1 Like
Mine was just an example - I’m sure there must be other cases too.
Totally agree, it should just be stated what the negatives are though of it only reporting to one credit reference agency not that it only reports to TransUnion otherwise the average person wouldn’t know if there are any downsides/what they are.
This isn’t true. Not all banks report to all 3 CRAs. Moreover lenders and companies are unlikely to search all 3 anyway.
Mine isn’t… when did you last check?
All financial institutions (where any sort of credit/lending is concerned) report to at least one CRA, some report to two, a minority may report to all three. I think MSE had a list going at one point though I haven’t checked in a while.
I don’t see this as being a Monzo-specific issue at all. Even if they reported to Experian as well as TransUnion but then Vodafone only check Equifax, you’d run into the same problem.
The issue here is very much with Vodafone. They shouldn’t be relying on a credit check with a single CRA for proof of a bank account. Why not ask for a bank statement?
8 Likes
Last time I was in Carphone Warehouse, admittedly years ago, CW had a checklist of things you needed to do to help get the Vodafone deal through, including heavy scrutiny of the signature provided. Even going as far as grabbing the pen off the person I was with and adding an (illegal?) ‘flick’ to the end of the second signature so it matched. From that experience alone, I’ve always assumed Vodafone must be an awkward company to deal with and this story makes me feel no different!
2 Likes
Vodafone are a nightmare. CPW / Vodafone when my wife switched from O2 (and had accounts with NatWest and Smile both of which showed up on Experian, plus mortgage and a credit cards ) took over a week of phone calls and emailing evidence.
CPW were less than useless (the particular branch we dealt with and their call centre) and we ended up dealing directly with Vodafone to get the credit check through.
I would much prefer Monzo to report to all three major agencies but in the OPs case I don’t think this is primarily a Monzo issue.
1 Like
Yes recently
It shouldn’t be. Monzo categorically do not report to them.
3 Likes
Where does it show up?
Shouldn’t be in the accounts section which is where it would be if they were to report to them.
Just checked my Experian report, no Monzo. I have an overdraft facility with Monzo but haven’t used it. But it shows up on Transunion since I’ve had the overdraft facility open.
1 Like
Definitely not reported on Experian, I checked my report as recently as yesterday.
1 Like