Credit Score


(l8n.me) #22

Starling report to Transunion and Equifax for me. Initially it was just CallCredit/TU, then it suddenly appeared on Equifax too. Very odd that you dont have anything on Noddle. It’s not an address thing? i’ve seen before that if the address a company has doesnt exactly match what the CRA has it fails to pick it up. Also worth checking with the CRAs reports themselves. I’ve had things not appear on my Clearscore or Noddle report but is on the Equifax CC/TU version which is very odd to me as i’d presume they’d just pull the data across.


#23

Ok, I’ve now managed to check Equifax and downloaded my credit report for free.

Starling Bank does show up on Equifax, as does my Amex card which I couldn’t see on the other two reports. It appears that my Equifax report is more detailed than either Noddle or Experian/MSE.

All is well anyway, nothing untoward at all. Only checking as I haven’t done so for quite a while.

Thanks to all for the replies.


#24

I check my report monthly on all of them. I think its a good habit to get into. You can stop fraud if you notice something often quicker than relying on someone else to tell you.


#25

My wife’s monzo account doesn’t appear on whomever it is that they report to either. Noone has ever been able to tell me why: monzo are adamant that they are reporting correctly, the agency is insistent that they receive no reports for her (not that we were bothered to try very hard).

So, it doesn’t appear that unique for a bank account to not appear on a report.


#26

Definitely not an address thing. I’ve lived at the same address for 16 years and been on the Electoral Roll all of that time. Even my name is spelt exactly the same on all three reports. Still find it odd though that my current broadband provider doesn’t appear on any of the three reports or my gas/electric. Water company is there though.


#27

As all 3 CRAs have free apps it’s best to look at those.
Though the Experian app only gives a score so is useless.
The score from any of them is just a marketing tool to sell you more credit products, that’s how the CRAs make money.
My Starling account appears on CallCredit and Noddle.


(Richard Müller) #28

there are two reasons for that

firstly comparing credit scores between different agencies is not possible, as there is no standardized system, so it is like comparing potatoes and watermelons, there just is not a way. Secondly as different financial institutions report to different agencies you will naturally get different scores as one account may appear on one agency but not another.

However, more importantly the credit score is meaningless! As a lender they just use the info in your credit file not your score, and that info is applied to internal criteria. That lender may also not use the same criteria for every account type or every service. So even disregarding the score (which more a marketing hype to get people to sign up to them) just because you have a certain level of borrowing or income or repayment record may not mean anything in reality. Other factors like your address or profession or the amount of fund they have available to distribute at that rate are just as likely to impact a decision.


#29

So, I’ve just had a bit of a deep dive into the 3 reports for myself, and wondered if someone could suggest a theory to the below…

Transunion (Noddle), shows all of my accounts that are reported.

However, it has the fewest searches on there (seemingly, only Nationwide bothered to check them when I was applying for a mortgage earlier in the year).

Equifax (Clearscore) is next, and they report everything apart from my Monzo account.

But, the Barclays hard search (from Experian), is only a soft search here… Nationwide hard search also appears.

Last we have Experian (though MSE) who don’t report Starling or Monzo.

Weirdly, it looks like Nationwide hasn’t searched here, but the Barclays hard footprint in there.

Finally, for anyone who still cares, N26 doesn’t appear anywhere other than 2 soft searches with Experian.

It all seems very muddled up, and the Noddle UI needs destroying…


#30

It’s really quite simple: Different institutions report to and search different CRAs, and even if they search multiple CRAs they may perform different types of searches with the different CRAs.

Looking at it logically it makes perfect sense to me for a lender to do a hard search with 1 or 2 reports, and a soft search with the others just to double check for any obvious red flags, depending on their risk appetite.

Oh yes!


#31

I guess I meant that there doesn’t seem to be any consistency. You certainly couldn’t predict what each of them would do at any given point.

I get why they are searching across CRA’s, but it would seem hardly any of them bother to check Transunion (probably because they can’t bear the interface :laughing:…)


#32

I wouldn’t expect consistency here: I would assume that each lender has their own processes based on a mix of historical accidents, deals they have with the various CRAs, and risk assessments.


#33

I’d expect N26 to start reporting soon once they launch overdrafts.


#34

Here’s what I know about who’s currently reporting to whom:
Monzo --> Transunion (CallCredit) only
Starling --> Equifax & Transunion
Barclays --> All 3

Someone had a question on Monzo’s community about the effect on their credit history should they choose to go full Monzo (no accounts with other institutions):

Monzo stated in that thread that they intend to integrate with the other two agencies starting early 2019, but it seems that this is a very low priority task in their development pipeline (my personal opinion, not a fact).


(l8n.me) #35

Clearly never going to happen then. Monzo stated we’d all be using in app cheque depositing by now…


(Adrian) #36

I am.

Just not with Monzo.


#37

Hey @tga, welcome to the forum :wave:

I agree with you - The heavy emphasis on profit doesn’t work with the extra cost of reporting to two more CRA’s, so I don’t think we’ll see this soon.

The whole “is going full Monzo bad for my credit score”, is such a hard one for Monzo… Because the answer is “Yes (more than likely)”, but obviously Monzo can’t say that.

Just look at my post above - Applying for a mortgage, and they didn’t even check Transunion (Noddle) - So if I had no other accounts apart from Monzo, they’d have found nothing (other than historical data).

My main account (Monzo joint), isn’t even reported at all…

Even if they don’t report to all 3, they should definitely add another one to their list (Equifax or Experian).


#38

Thank you!

Yes, I would say your experience is a good case against going full-Monzo at the moment.

It’s strange that they don’t report joint accounts. It possibly may not have much of an effect if both members of the joint account also have individual accounts at Monzo (I believe it’s a requirement at Starling, not sure if it’s same at Monzo). On the other hand, I can imagine that it may have an effect if your overdraft is on the joint account only (again, not sure if that would be the case with Monzo), or if you wish to have your financial association on the record in your credit report.

On the upside, they seem to be still intent on reporting to other CRAs in the future. Hopefully that’ll include joint accounts (for all CRAs). It does however look like it’s still a very low priority for them.


#39

This would be true, if Monzo (or Starling) had an overdraft for joint accounts (which they don’t currently).

I imagine once they do, they’ll report the account to a CRA.

Ultimately, you can use Monzo as your main account, providing you leave your older one(s) open.

I wouldn’t close everything down and just use Monzo - If nothing else, for things like cash, cheques and other bits they aren’t good for.

If you have a built up history with other banks or accounts, I wouldn’t worry too much.

Monzo is my main (in fact, the Monzo joint is my main which doesn’t even show up), and my credit scores are as high as they can be (that sounds far more “lar-de-dah” when said out loud than I intended) :joy:


#40

I didn’t know that. I also believe you’re right about the reporting bit, they’ll probably have to given that they’ll be providing credit through overdraft.

Congratulations on having a perfect credit score!


#41

:partying_face:

The one thing I’ve learned… Is that it really doesn’t matter too much! :joy: