UK-based digital banking group Monzo announced last week it will be now be reporting to Experian. The company revealed that it previously just reported to TransUnion.
“Although we’ve started sharing information with Experian, it’ll take a month or two for Monzo to appear on your Experian credit report. Experian are working with the data we’re sending them, checking it’s what they expect to see and making sure your experience is a smooth one before they start showing it in their reports.”
Monzo further explained that while it has already been reporting information about customers’ current accounts to TransUnion, it recently has been working on reporting Monzo Loans to TransUnion also.
“This means that you’ll start to see your Monzo Loan (if you have one) on any credit score product powered by TransUnion (like Credit Karma). Next up – we’ll work on making sure Experian know about your Monzo Loans too, and that both TransUnion and Experian know about your joint account (if you have one). These improvements will mean that other lenders can get a better picture of you if you’re using Monzo.”
Monzo added it will report to credit reference agencies the following:
- Some personal information used to identify users and match their Monzo account to your credit reference agency file
- User’s overdraft balance and enabled overdraft limit (if they have one)
- The type of product they have (it’s a current account) and the date they opened it (and closed if they’ve closed their account).
- Whether users are up to date on any payments they owe for their overdraft.
- If the user over their overdraft limit, how long they have been over their limit for
- Whether the user’s account is in default. (This can happen to an account if Monzo asked them to pay something back, and they haven’t for a long time.)
- If the user has an arrangement to pay (if they’re struggling to pay back their overdraft Monzo can help and set up a repayment plan for them).