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 get a loan, 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'll report to the major UK CRAs, starting with TransUnion. We'll later report to Equifax and Experian, but you'll be kept in the know when this happens. It's not something you can opt out of.
Just so you know, this is something all major banks do.
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
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 use my info?
TransUnion 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 TransUnion uses your info by checking their Credit Reference Agency Information Notice (Opens in new window)
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 'See 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.
Will there be any soft or hard credit checks on my account as part of reporting to CRAs?
No, we won't carry out any soft or hard checks on you. Sharing your current account info with credit agencies isn't a form of credit check.
I want to open a Chase account. Will you do a credit check?
No, we don't carry out credit checks when you apply for a Chase account.
However, we do use 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.
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.