To be transparent, there are (currently) 4 potential ways Monzo will verify a customers income:
- Inbound transactions to your Monzo account.
- Getting your salary paid into Monzo (via BACS payment scheme)
- Through TransUnion’s (a credit reference agency) income verification product - This is not the same thing as your credit file!
- Through Experian’s (another credit reference agency) income verification product - This is also not the same thing as your credit file!
Each of these have different rules around them for how we measure “stable income over a period of time” which i’m not going to go into. 