CRAs report Booster

Hi

I wondered if anyone knew.

Once you have set up Tymit Booster, when would the first report be submitted to the Credit Reference Agencies?

I ask, so I know when to pay my full deposit on the card so its reported.

Is it one month after opening or sooner?

Thank you

Hi @KWS I found this that might be useful.

Hi @KWS - Tymit submit data to Experian shortly after the repayment date (on or around 8th), usually a week after this.

So you can expect roughly a mid-month report to your credit file.

That said I know mine and a number of other Tymit users didn’t see anything reported to Experian for around 3 months. Nothing on ClearScore whatsoever. I can’t recall the list they report to, Jase will probably know which ones.

Hi,

Tymit only report to Experian and not to Equifax (ClearScore) or TransUnion

I think it’s very important for a paid credit ‘Booster’ product to report to all the 3 major agencies, not just Experian.

I’m personally interested to hear from the Tymit team if this is planned in the near future

While I see what you are hoping to achieve, this isn’t common practice other than from mortgage providers really.

The agreement to share data as a lender is done when you agree to consume services from a CRA. Nearly all lenders for the purpose of credit cards will consume services from just one or two CRAs.

It is not business efficient (financially) to consume from all 3 CRAs (and thus sharing to all 3) as you will not be able to channel the volume through one or two to get a good price on a credit search.

Jase, what about if there was a option to pay say a small fee to have it reported to all 3?
Some companies offer this, which would then remove the financial cost to Tymit.

It is a good idea but the CRA themselves are unlikely to offer this. It’s less the direct cost of submission for them (they want more data so happy to receive it) it’s that the CRA open this as part of consuming services.

The 2 CRAs we consume at the company I work at only allow submissions because we consume services. I am unaware of any CRA allowing submissions unless you consume services from them.

This comes back to the viability of Tymit to get a good deal (unlikely) on searches if they are spreading them over all three CRAs.

Secondly, it could also cause problems that Booster is trying to address. If you search a person for application, you must make make this a hard search footprint. Having a hard search on all 3 CRAs for the same product isn’t great, especially if someone is going to apply for a mortgage.

I’m not an expect though @KWS so keep an open mind this is just my experience professionally.

Thank you for your detailed reply. What you mention makes a lot of sense from a lender’s perspective, but if you look at it from an end-user’s point of view, it’s all the more reason to have Tymit report Booster bills to all 3. Think about it really. The Booster product is meant for those of us who have poor or little credit history. In a scenario where the end user has no other credit card but Tymit’s Booster, he/she would have no credit visible to a lender that solely relies on Equifax or Transunion.

This would probably be acceptable, in my personal opinion, if Tymit didn’t charge £9.95 a month for the product. Loqbox manages to report to all 3 CRAs at the maximum cost to the end user of £30 a year (you can waive that fee if you agree to open a current account with one of their affiliates). Granted, these are completely different products, and I definitely don’t understand what it takes to accomplish that. Nevertheless, I think it really dilutes the value of a product that’s already confusing to many of us. If it’s meant to improve your credit rating, then it’s only doing so with one agency, albeit the most commonly used one.

Edit: Forgot to mention that Loqbox, which appears as a loan on all 3 CRAs, does not leave a hard search on any of the reports. I could be mistaken, but I recall reading somewhere that Booster doesn’t require a hard search as well, although I’m not sure about that

I appreciate there are products out there but Loqbox has a more established revenue stream and possibly a greater user base to achieve good pricing.

A lender who does not see data on an applicant applying in future (known as thin file) will / should utilise a second lender or other methods to validate your credit worthiness. You will then most likely appear on this search output anyway.

The fact Loqbox can make it viable to report to all three is great, but every company has different people to please or approve, such as investors or CFOs worth their weight in gold.

The soft credit check is used to check eligibility. Applications for credit will need to have a hard footprint by the lenders requirements. Not all lenders will do this and some will not actually use this to determine the outcome of your application for a secured product. It depends on the CRA agreement with the lender.

Smart lenders will try to match account data with footprint data. So for example if we see a footprint for an account application and then an account being reported from a date close to that with the same limit (with variance) then you can be confident a lender was confident to provide credit after application.

In this method, a hard search is a good thing in my opinion.

Being a product person, I agree reporting to as many as possible is good, but it doesn’t make business sense in most cases.

Thanks again for taking the time to provide such detailed insight. I really appreciate it.

Always wondered whether lenders would correlate a hard search, or its absence, with a newly reported account

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