Jaja vs Aqua rewards

Malkytheheed

gt94sss2 said:

I know people who earn less than £40k who got cards despite it saying that on their website

How convienient 

gt94sss2

I'm not the only one who has come across people earning less thenwthen £40k who have been accepted
https://community.fintechtalk.co.uk/t/jaja-general-update-and-reviews/3296/8

As far as I can tell their 'eligibility checker' isn't linked to from any other page on their website

maxximus75

Reading everything, it does seem that a lot of things are not quite right, for the UK market... for example

"A large number of credit card applications, including those resulting in a decline" (unless they are matching up hard searches with no account on record. Declines are not shown on a credit report.

"A new job (for example where the stated salary is not yet reflected consistently in the credit file)" (your salary is not shown a credit report).

It does seem that page is maybe written for another market?

When they onboard Post Office/BOI accounts, they will have a lot of people on their books that have less than a £40k pa salary.

jay1804

maxximus75 said:

"A new job (for example where the stated salary is not yet reflected consistently in the credit file)" (your salary is not shown a credit report).

It is not shown but apparently there is way for lenders to get your salary information from CRAs (Monzo use the information, to offer loans) 

https://community.monzo.com/t/loans/55689/649

Malkytheheed

jay1804 said:

maxximus75 said:

"A new job (for example where the stated salary is not yet reflected consistently in the credit file)" (your salary is not shown a credit report).

It is not shown but apparently there is way for lenders to get your salary information from CRAs (Monzo use the information, to offer loans) 

https://community.monzo.com/t/loans/55689/649

There is no way CRAs know your income. Monzo might know because they are your bank. but that dont get the info from CRAs, they get it from your income and expenditure in your Monzo account. 

jay1804

Malkytheheed said:

jay1804 said:

maxximus75 said:

"A new job (for example where the stated salary is not yet reflected consistently in the credit file)" (your salary is not shown a credit report).

It is not shown but apparently there is way for lenders to get your salary information from CRAs (Monzo use the information, to offer loans) 

https://community.monzo.com/t/loans/55689/649

There is no way CRAs know your income. Monzo might know because they are your bank. but that dont get the info from CRAs, they get it from your income and expenditure in your Monzo account. 

This is from a Monzo employee, (https://community.monzo.com/t/our-overdrafts-are-changing/87162/442)

First, we ask you some questions about your employment status and your income. We also contact TransUnion to verify your income. We then use that information to decide if we can lend to you, and how much.

Sometimes we don’t have enough information, or the income we see through TransUnion varies a lot, and in these cases we won’t be able to lend to you. This might not mean that you can’t afford to borrow from us, but because we don’t have enough information we can’t make an informed decision.

If Jaja are saying that they won't lend if your income isn't "reflected consistently in the credit file". And an Monzo employee  is saying that they "verify your income" with CRAs. 

Then the CRAs obviously hold information that helps the lenders determine whether you have the income you are stating. 

I have only been asked to verify my income once and that's when I Included income that shouldn't have . Other than that I have never been asked, So if the lender doesn't verify the income manually with documents (Payslips, P60, ect), then they must do it automatically, I don't think lenders get the information from your employer or HMRC, so to check if the income you put on the application is true, they must use the information from CRAs and obviously National Hunter.

adamp87

Malkytheheed said:

adamp87 said:

I’ve just been on the website & cant actually see anything about this 40k. I had to google to get an actual URL to the eligibility checker

https://jaja.co.uk/eligibility-criteria/

If you read again I’m afraid I stated I already found the page -

 what I couldn’t see was that criteria linked on the home page or card page 

jet01

jay1804 said:

Malkytheheed said:

jay1804 said:

maxximus75 said:

"A new job (for example where the stated salary is not yet reflected consistently in the credit file)" (your salary is not shown a credit report).

It is not shown but apparently there is way for lenders to get your salary information from CRAs (Monzo use the information, to offer loans) 

https://community.monzo.com/t/loans/55689/649

There is no way CRAs know your income. Monzo might know because they are your bank. but that dont get the info from CRAs, they get it from your income and expenditure in your Monzo account. 

This is from a Monzo employee, (https://community.monzo.com/t/our-overdrafts-are-changing/87162/442)

First, we ask you some questions about your employment status and your income. We also contact TransUnion to verify your income. We then use that information to decide if we can lend to you, and how much.

Sometimes we don’t have enough information, or the income we see through TransUnion varies a lot, and in these cases we won’t be able to lend to you. This might not mean that you can’t afford to borrow from us, but because we don’t have enough information we can’t make an informed decision.

If Jaja are saying that they won't lend if your income isn't "reflected consistently in the credit file". And an Monzo employee  is saying that they "verify your income" with CRAs. 

Then the CRAs obviously hold information that helps the lenders determine whether you have the income you are stating. 

I have only been asked to verify my income once and that's when I Included income that shouldn't have . Other than that I have never been asked, So if the lender doesn't verify the income manually with documents (Payslips, P60, ect), then they must do it automatically, I don't think lenders get the information from your employer or HMRC, so to check if the income you put on the application is true, they must use the information from CRAs and obviously National Hunter.

I note the link to Monzo is to a thread in their community pages section by an individual employee  rather than a policy statement from Monzo themselves. Take the point the blog that the comment is from a Monzo employee but not sure that what they post on community pages is officially approved by Monzo management and therefore is not necessarily correct and could be just plain wrong. It should also be noted that Experian state on their website that credit reference agencies do not hold information regarding your income. And yes TU is a different company to Experian but I think the same applies, TU like other CRAs do not hold income information. Where would they get this from legally do you suppose? HRMC and your employer are the only ones party to this information for most people and they most certainly do not report such data to CRAs. 

jay1804

jet01 said:

jay1804 said:

Malkytheheed said:

jay1804 said:

maxximus75 said:

"A new job (for example where the stated salary is not yet reflected consistently in the credit file)" (your salary is not shown a credit report).

It is not shown but apparently there is way for lenders to get your salary information from CRAs (Monzo use the information, to offer loans) 

https://community.monzo.com/t/loans/55689/649

There is no way CRAs know your income. Monzo might know because they are your bank. but that dont get the info from CRAs, they get it from your income and expenditure in your Monzo account. 

This is from a Monzo employee, (https://community.monzo.com/t/our-overdrafts-are-changing/87162/442)

First, we ask you some questions about your employment status and your income. We also contact TransUnion to verify your income. We then use that information to decide if we can lend to you, and how much.

Sometimes we don’t have enough information, or the income we see through TransUnion varies a lot, and in these cases we won’t be able to lend to you. This might not mean that you can’t afford to borrow from us, but because we don’t have enough information we can’t make an informed decision.

If Jaja are saying that they won't lend if your income isn't "reflected consistently in the credit file". And an Monzo employee  is saying that they "verify your income" with CRAs. 

Then the CRAs obviously hold information that helps the lenders determine whether you have the income you are stating. 

I have only been asked to verify my income once and that's when I Included income that shouldn't have . Other than that I have never been asked, So if the lender doesn't verify the income manually with documents (Payslips, P60, ect), then they must do it automatically, I don't think lenders get the information from your employer or HMRC, so to check if the income you put on the application is true, they must use the information from CRAs and obviously National Hunter.

I note the link to Monzo is to a thread in their community pages section by an individual employee  rather than a policy statement from Monzo themselves. Take the point the blog that the comment is from a Monzo employee but not sure that what they post on community pages is officially approved by Monzo management and therefore is not necessarily correct and could be just plain wrong. It should also be noted that Experian state on their website that credit reference agencies do not hold information regarding your income. And yes TU is a different company to Experian but I think the same applies, TU like other CRAs do not hold income information. Where would they get this from legally do you suppose? HRMC and your employer are the only ones party to this information for most people and they most certainly do not report such data to CRAs. 

https://community.monzo.com/t/loans/55689/822
https://community.monzo.com/t/loans/55689/774

Okay... so the previous link was from a Monzo employee, not an official statement, I think a community forum post from fintech Employee, is pretty 'Official' but each to their own. Well here are some 'Official' Screenshots from their app saying they "don't know much about" the person "income". I can only infer this means that Monzo are unable to verify that the income stated in the pre - eligibility question is true. Possibly a thin file/ not enough information.

Well you thought wrong, if you looked at the TU website under CRAIN you would have saw;
https://www.transunion.co.uk/legal/consumer-centre

Bank account turnover data and application salary data

This data includes the name of the organisation providing current accounts, current account numbers, sort codes, the number of account holders, the transactions made on the current accounts (credits and in some cases debits), and a figure for credits on each current account.

Application salary data consists of the salary declared by a person when they are applying for credit. It also includes whether that figure is net or gross, and whether the salary has been verified (e.g. with copies of salary slips). This data also includes the date that an application was made.

This data is provided from organisations which offer people current accounts, such as banks and building societies.

adamp87

I've never heard of a CRA having access to your salary, Experian state they don't have that 

https://www.experian.com/blogs/ask-experian/does-a-credit-report-show-income/