How much of my business data does Tide share with Experian, and why?

Experian is one of the three main credit reference agencies that compile credit reports. Every month we share your Business Current Account data with them to help lenders assess your financial health and credit worthiness, as well as to keep your credit profile up to date.

Your business datа is made up of your:

• Credit/debit turnover: how much money is coming in and out of your business account.

• Average balance: the average amount of money in your account over a certain period.

• Days in excess: the number of days your account balance goes above or below certain thresholds.

• Rejected Payments: examples of payments that were rejected due to insufficient funds or other reasons.

Sharing this information can potentially increase your chances of credit approval from lenders partnering with Experian. It can also lead to higher credit limits, better terms on credit cards and other financial products, and lower your credit costs. While sending your information, we follow strict security protocols and encryption methods, meaning that your sensitive information stays protected. If you have your app notifications switched on, we’ll let you know every time we share this information. 

Tap: Profile > Profile & Settings > Notification preferences.

Can I choose not to share my data with Experian?

If you’d like to keep your data private, tap Support in the app to speak to us.