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What is credit data sharing?

In the UK, companies often run a credit check before providing credit to customers. This might happen when you apply for a loan, or a new mobile phone.

Utility companies also use credit checks because most homes receive their energy on credit. Unless you have a prepayment meter, you’re probably using energy on credit - meaning you use the energy first, then pay the bill afterwards. 

When you register with Octopus, we’ll ask for your permission to check your credit data with TransUnion. That means we’re obligated to provide information back to TransUnion, such as data on your payments with us, which ensures that your credit score stays up-to-date. 

At the end of each month we share information with Transunion to update their records. It can take up to two weeks for any changes in your credit score to be reflected on third party sites like Credit Karma. 

Why does Octopus use TransUnion?

We want to make sure our customers don’t end up in a position where they’re unable to cover any debt or missed payments on their account. If you do miss a payment, then a late payment marker could be added to your report, which can then negatively affect your credit score. If you’re struggling to pay for your energy, we can help.

Regular late payments will have a longer lasting impact on your credit score (which could make it more difficult to get accepted for other credit like loans or mortgages) and the report can stay on your credit records for up to six years.

If you’ve joined us from Bulb

All accounts joining us from Bulb will have their information shared with TransUnion. Making regular payments on time should positively impact your credit score. If you miss payments or regularly pay late, then your score will be negatively affected as outlined above.