Sharing information with credit reference agencies (CRAs)
We're sharing details of your Chase current account with credit agencies, and you'll begin to see Chase on your credit profile. When looking to borrow money, take out a phone contract or even rent a home, you'll need to prove that you can pay back what you owe. This is where CRAs come in – they're the go-to for when companies want to see a full picture of your finances.
We've put together some info about why we're sharing data, plus what this could mean for you and your credit score.
Why are we sharing information with CRAs, and can I opt out?
We share information with CRAs to help them build a more complete picture of your finances. You'll also become more visible to lenders – it'll help them make better decisions about whether they should lend to you, and how much.
We report to TransUnion and Equifax, the UK's major CRAs. Just so you know, this is something most banks do and it's not something you can opt out of.
We've started to report to Equifax more recently, so don't worry if you don't see your Chase account on your Equifax credit report straight away.
When we start reporting to Experian too, we'll update this info.
What exact info will Chase be sharing with CRAs?
We'll share some personal information to help the CRAs identify you. This includes your first name, surname and home address.
We'll also share some details about your Chase current accounts such as:
- when you opened and closed the account
- information about any negative balances
- how much money comes into your account each month. This is mostly so they can verify your income if you apply for credit
- your account numbers and sort code. The last 4 digits of your sort code may appear on your credit report as your account ID, which is nothing to worry about
We won't share things like:
- your day-to-day spending
- passcodes
- login details
- how you use your card
- anything about your saver account, if you have one
- details of your calls or chats with us
How will TransUnion & Equifax use my info?
TransUnion and Equifax will use the info we share with them to help make sure your credit profile has the correct details and is properly updated. You'll find more details about how credit reference agencies use your info by checking their Credit Reference Agency Information Notices:
What if my address is wrong?
If your address is wrong, please update it in the Chase app:
- On Home, tap the person icon in the top left-hand corner
- Tap 'Personal details'
- Next to your address, tap 'Edit' and follow the on-screen steps
If you're moving to an address outside the UK, please let us know. Just go to 'Support' in the app – we're here 24/7.
I want to open a Chase account. Will you do a credit check?
Yes, we'll run a soft credit check when you first apply to Chase – this soft credit check doesn't leave a visible footprint on your credit file or impact your credit score. We carry out these soft credit checks to see if you meet our credit history criteria. We also use credit reference agencies (CRAs) to make sure you pass fraud checks. Lenders won't see the info shared at that point, and it won't affect your credit score.
If we ever need to do checks that affect your credit score, like when you're applying for a new product, we'll always let you know first.
Will there be any credit checks on my account as part of reporting to CRAs?
No, once you've opened an account with Chase, ongoing data sharing we do with CRAs isn't a credit check and won't affect your credit score.
If we ever need to do checks that affect your credit score, like when you're applying for a new product, we'll always let you know first.
Will my account be closed because of a low credit score?
No, we won't close your account because of a low credit score.
Will you share details of missed Direct Debits or a negative account balance?
We won't report any missed Direct Debits. But if you miss a payment with another company, they might report this to the CRAs themselves and charge fees. You should be able to see these within their terms and conditions.
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.
Will you share details of each of my Chase accounts separately with credit agencies?
If you've got more than one Chase current account, we'll share just one record that covers all your accounts. This means you'll see just one entry for Chase on your credit profile.