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Chase to report data to credit agencies

Emma Lunn
Written By:
Emma Lunn

The challenger bank will share details of customer accounts with credit reference agencies, starting with TransUnion.

Chase, which is part of JP Morgan, has contacted customers to tell them it will be sharing their current account details, but not savings balances.

Chase will start with a partnership with TransUnion and report account details each month. It will start reporting to the other UK credit reference agencies, Equifax and Experian, at a later date.

The email to customers said: “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 information will Chase share?

Chase said it will be sharing the following customer information with TransUnion.

  • first name, surname and home address
  • dates accounts were opened and closed
  • information about any negative balances
  • how much money comes into an account each month

Chase added that: “Small negative balances, such as tube spending, shouldn’t affect your credit score. But CRAs will see larger negative balances – they’ll appear just like an unplanned overdraft and could affect your credit score.”

Chase said it won’t share the following with credit reference agencies:

  • day-to-day spending
  • passcodes
  • login details
  • how a customer uses their card
  • anything about savings accounts
  • details of customers calls or chats with Chase

TransUnion will use the information Chase shares with it to help make sure credit profiles have the correct details and are properly updated.

Chase said it doesn’t carry out credit checks when customers apply to open an account, but it does use credit reference agencies to check customers pass fraud checks.