When you’re looking to borrow money, whether it’s with a loan, a credit card or even a mobile phone contract, the company you’re asking to borrow from will need to be confident that you can afford to repay what you borrow.
This is where credit reference agencies (CRAs) come in – they collect information about you from any banks or lenders you’ve borrowed money from and keep it on your credit file, which lenders can view.
In the UK there are three main CRAs; TransUnion, Experian and Equifax.
Typically, lenders work with at least one of these CRAs to help them make the decision about whether to lend money or not.
We've started reporting to Equifax, which means we now report to all three of the main CRAs
In January 2020 we let you know we’d started reporting to Experian as well as TransUnion.
Today we’re pleased to share that we’ve also started reporting to Equifax, which means we now report information to all three of the main CRAs.
By reporting to all the CRAs, other banks and lenders will be able to get a more complete picture of your finances, so they can make better decisions about what they can offer. This also means that you’ll be able to see details of your Monzo current account, joint account and loans (if you have any of those) in any credit file or credit score tools powered by Equifax (like ClearScore).
It might take a month or so for these changes to become visible. So you and other banks and lenders will start to see Monzo accounts in Equifax-powered services from November.
A reminder about what we do, and don’t share with credit reference agencies
For your current account (if you have one):
Some personal information, used to identify you and match your Monzo account to your credit reference agency file.
Your overdraft balance and enabled overdraft limit (if you have one).
The type of product you have (a current account) and the date you opened it (and closed if you’ve closed your account).
Whether you’re up to date on any payments you owe for your overdraft.
If you’re over your overdraft limit, how long you have been over your limit for.
Whether your account is in default. (This can happen to an account if we’ve asked you to pay something back, and you haven’t for a long time.)
If you have an arrangement to pay (if you’re struggling to pay back your overdraft we can help and set up a repayment plan for you).
For your loan (if you have one):
Some personal information, used to identify you and match your Monzo account to your credit reference agency file.
Your remaining loan balance, your loan amount and the initial monthly repayment amount.
The type of product you have (a personal loan), and whether you’ve settled it or not.
If you’re behind on your loan payments and how many payments you’re behind by.
If you have an arrangement to pay (if you’re struggling to pay back your loan we can help and set up a repayment plan for you).
For your joint account (if you have one):
Some personal information, used to identify you and match your joint account to your credit reference agency file.
The type of product you have (a joint current account) and the date you opened it (and closed if you’ve closed the account).
Whether your account is in default. (This can happen to an account if we’ve asked you to pay something back, and you haven’t for a long time.)
If we begin to offer overdrafts for joint accounts, we’ll also report some information about that, if you get one, too.
And here’s what credit reference agencies won’t see about you:
Your current account balance if you have a positive balance.
The individual transactions you make on your account.
Any information about your savings or Pots.
Login information or information about the way you use the Monzo app.
Anything you say to us on Monzo Chat.
We send this information to all the CRAs (TransUnion, Experian and Equifax) once a month. We have to do this so that we’re also allowed to see the information they hold, which helps us to make responsible decisions about lending and tackle financial crime.
If you see anything from Monzo on your credit report that doesn’t seem right, let us know by chatting to us in the Monzo app.