I’m all for privacy but dear god there is some hysteria on here. Hey guys we did actually land on the moon and the Israelis were not responsible for 9/11.
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If you message on chat you can ask Monzo to let you know what they see for income/salary est. I assume they get other bits that we don’t see through the likes of Credit Karma.
I’d be interested in seeing what you get back from a SAR as it should in theory include it.
As far as Monzo they also said this is how they use it. Mine was about three grand higher than actual
How do the credit agencies get your sallary?
Monzo and other banks seemingly report incomings/outgoings and some other unknowns. That’s why I wanted to get an SAR from the CRAs to see what it entails and to satisfy my curiosity.
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Well that is quite different than sallary.
But the CRAs are able to estimate salary so it may be that individual transaction data is sent to the CRAs; I have no idea.
I have tried to get it from Equifax, I know Monzo don’t report to them but it’s one that I already have a support account with. Seems their system is down as I am unable to login to provide the ID they require.
On most consumer accounts you can determine the salary by just looking at the highest incoming payment. If it repeats every month it’s pretty certain to be the salary.
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True, but it’s still an assumption which can be unfair or work to others advantage.
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That’s what made me curious. I’m not paid into a UK account so I’m curious what the CRAs think of me. If they share this information then it’s going to raise some eyebrows when I’m applying for credit and I say my salary is one thing but my bank accounts / the CRAs are reporting something else.
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Let’s not forget the positive role that CRAs provide in terms of fraud prevention and credit worthiness/affordability.
Think back to 2008 when US mortgage companies (Fannie & Freddie etc) were throwing cash at anyone. Hence the sub prime mortgage market just about bringing down the whole global banking sector. The same happened here (Northern Rock) but to a lesser scale. The Regulators stepped in and strengthened affordability checks and other lending criteria.
Credit reporting has a role to play in the financial sector. I think the problem lies with the consumer rather than the industry. We have all become obsessed with the information they hold and their scoring system.
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Great news 
and a big well done and thanks to the Lending Team 
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Excellent news indeed. Takes me one step closer to going full Monzo. Just need joint account overdrafts, IFTTT Joint account support and reporting to Equifax and I’m moving everything over 
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I would quite like to see Monzo privacy policy expanded to give more detail around what they share to CRAs and FPAs. Most other banks provide a detailed list in their privacy policies. It would be good to see Monzo follow this
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The updated privacy policy has links to both TransUnion and Experian policies about what data they collect
Wow I can’t believe it’s finally here!
I feel like I can finally retire now!
Whilst there are a lot of questions currently about the initial implementation I hope this will help with the questions that get raised on here quite often and that the help part of the app can be updated to take some pressure off COPs
What’s an FPA, please? 
(I agree with the sentiment for credit reference agencies!)
Fraud Prevention Agencies
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Yes, I know. I would like to see Monzo go in to further detail about what data they send.
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Hey
With regards to your credit file, the blog post goes into a bit of depth on the data we send CRA’s.
In terms of the income data. We send the CRA’s what is called current account turnover data. This consists of monthly aggregated transaction data.
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Thanks for taking the time to share this with us - it’s really helpful to demystify this sort of thing 
A couple of questions:
Have you always shared this (edit: the account turnover data) with TransUnion or is this a new data feed?
More generally, will you be letting customers opt out of data sharing with additional CRAs? This seems to be discretionary, so it would be helpful for the power to rest with the owner of the data (me) rather than the entity that it managing it on my behalf (my bank).
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