Have a Chase Account? Will Soon Appear on Your Credit Report.
In the News
tldr; They'll start with the credit agency TransUnion which provides info to Credit Karma (and a couple others, but CK is the most popular of them all). And if you're wondering about ClearScore, they use Equifax.
In case someone wonders why Revolut/Wise/Monese doesn't appear... It's not a bank, it's an EMI (Electronic Money Institute).
I'm personally not overly happy with Chase U.K. as they have a lot of issues that need to be solved and improved. Just read the reviews on their Play Store app page (surely the same applies on iOS App Store, too).
Their Full Email Announcement:
We're sharing details of your Chase current account with credit agencies, and we're pleased to tell you that in the coming months, you'll begin to see Chase on your credit profile.
We'll start with TransUnion, and report monthly. Just so you know, all major banks do this already.
By doing this, lenders get a more accurate picture of your finances, so they can make the right decisions for you.
What we'll share – and what we won't
We'll share some of your personal info – such as your name, when you opened your account, and details of any negative balances – but we won't share what you buy or your login details with the credit agencies.
Don't worry, there's nothing you need to do – we're just keeping you in the loop. Got more questions about this? We've put together more info on what's being shared.
SaveMeSunday If they weren't FSCS covered I'd not have signed up. I wouldn't trust EMIs with my balance.
SaveMeSunday While this news discouraged you, Chase has sent an email saying that starting from April they'll have Current Accounts earn an interest rate of 1% (AER) so, it's honestly a pretty dang nice incentive.
I'm still hoping they'll retain the Cashback rather than get rid of it after a year (for each client).
Chase is well known in the U.S. so it baffles me why they had such a rocky/rough launch for their U.K. version.
Must admit I always thought all financial companies shared or could access your credit history including government depts , local councils , finance companies, leasing companies , building societies ,banks etc etc . The only new thing I heard about recently was that extended credit firms such as Klarna etc were having to be part of it as well .
Credit references after all are for our own good , I dare say there are a lot of people struggling these days who were approved for loans/ contracts etc they really can't afford ?
Surely this is perfectly normal. When I look at my credit report its pretty much all there. I have a credit account with Studio which I keep meaning to close and that is there even though not used for ages. It's probably a legal requirement. It just has basic info on the state of your account. I'm always getting your credit rating has gone up or your credit rating has gone down messages as I clear balances or allow them to build up again. I've made a few overpayments on my mortgage recently and that doesn't seem to have made much difference to my credit score so probably just credit cards and bank a/cs they are interested in.
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