We've started reporting to Experian

UK Monzo Chat News & Updates
21

Are you recording the amount paid in to the current account as many other banks do?

22

God I hope not.

I wish there was an easy way to opt out of this shit.

7 Likes
23

Great news.

How are you reporting titles to Experian?
I didn’t like my title being misreported as Mx to TransUnion.

24

That’s a title and not a gender

1 Like
25

I feel like title represents gender but I’ve updated my post nonetheless.

1 Like
26

As Monzo don’t collect gender or title information it will be Mx if Experian require it or blank if they don’t

4 Likes
27

Hopefully it’ll be blank.

2 Likes
28

On the day the telegraph release an article about the factor they on release to one credit house. I love it, good news :grin:

3 Likes
29

Monzo do, but every bank does afaik. It’s so the CRAs can provide income and annual salary estimates.

The opt out option is to be paid cash in hand and keep it under the mattress unfortunately, but it might harm getting a mortgage or loan…

30

Yes, you’re right, we’ll be providing some information on the amount paid in to your current account to Experian, as all banks are required to do.

This doesn’t contribute towards your credit score and cannot be seen on your credit file, but is used so the CRA’s can provide income and annual salary estimates.

7 Likes
31

Thank you!!!

32

Does this include joint account? And if not, does that mean they won’t have accurate income and annual salary estimates if I’m paid into my joint account? And is that a bad thing?

33

I really struggle to understand why people think that providing personal information to multiple private bodies is a good idea.

But, perhaps more to the point, I’m confused about this:

Apologies if this feels like semantics, but you’re clearly not required to report to Experian - after all, you haven’t been for the last few years. So that begs the question of who requires you to report the amount paid in to Experian? Is this an Experian requirement? Something regulatory? And can I opt out of this / any data sharing?

More generally, I’d really like to know the broad strokes of the commercial arrangement - assuming there is one. Does Experian pay Monzo for this data? Or does Monzo pay Experian for the privilege? Or is it provided for free?

6 Likes
Article - Why going 'full Monzo' can damage your credit score
34

I don’t need either of those things. In this day and age, me not having complete granular controls over who gets to process my data isn’t acceptable.

But if you like you can warn me of that when I turn it off. I’ll still do it.

3 Likes
35

This is great! I got my first full time job and a Monzo account a few months ago and now I’m looking into credit scores (and improving/adding to mine), so this will sync up nicely. Thanks Monzo team! :grin:

1 Like
36

Why do CRAs not show this information to us? Isn’t it their responsibility to provide access to the information they hold on us? :thinking:

2 Likes
37

Hey

Thanks for all your comments!

The data sharing is part of the commercial contract. Monzo doesn’t get paid for sharing this data.

If you’re interested in knowing more then you can read about some of the details in “The principles of reciprocity“ on Experian’s website.

8 Likes
38

I’ve wondered this myself? I think if they did (Credit Karma/Clearscore/Experian) they would have more people concerned about the data the CRAs hold if they really showed you everything they have collected.

Here’s the latest SCOR doc on it.

http://www.scoronline.co.uk/sites/default/files/PoR%20version%2040_0.pdf

39

Wow, no wonder the nation is drowning under a mass of personal debt.

Everyone here obsessed by credit scoring and how to get better access to credit.

The CRAs really have sold an entire generation their Emperor’s New Clothes.

18 Likes
40

I would say is good that they reporting now to more agency but I think it fills like every one is obsessed about this.