Monarch is able to provide credit card and loan statement balances and due dates through our partnership with Spinwheel. This information comes in via your Equifax credit report and is one of the most reliable ways to provide statement balances.
Read on for more detail about Spinwheel’s data and privacy policies and answers to some other questions you may have.
How we make sure your data stays safe
Both Spinwheel and Monarch use bank-level security to help protect your data. We will not share any information pulled from your credit report. Read more about our data privacy and security practices here and in our privacy policy. You can also learn more about how Spinwheel protects your data here.
You have full control — you can choose to disconnect from Spinwheel and delete your synced data at any time by going to Recurring > Manage recurring > Manage your liability accounts. You should see a “Disconnect Spinwheel” button in the top right corner you can click to disconnect and delete your data.
Because Spinwheel does a soft pull of your credit report to obtain statement balances, it will not affect your credit in any way.
We use information from your credit report to sync bills
Our third-party vendor Spinwheel is powered by Equifax and pulls various information from your credit report to surface liability account details. This gives us the most up-to-date and accurate information available about your credit card and loan bills.
Some apps may try to provide this information by asking for login credentials to your biller, but these connections are often blocked or are unreliable. We’ve found that using a partner such as Spinwheel to provide statement balances via your credit report is a more reliable way to get this information.
FAQs
What if my credit is frozen?
Spinwheel does a soft pull of your credit report in order to obtain statement balances. Spinwheel’s ability to complete that process depends on the level of your credit freeze, whether the freeze is implemented to block all pulls, and whether the freeze is in effect with all bureaus.
Will debt or credit information from my credit report be shared in any way?
No. Monarch will not share any information about your credit or liability related bills.
Will I be able to access my credit score through Monarch?
Monarch does not allow the access or display of your credit score as a current functionality or feature. In the event this is offered, Monarch will obtain permission from you first.
Will connecting via Spinwheel affect my credit score in any way?
No. Because Spinwheel does a soft pull of your credit report to obtain statement balances, it will not affect your credit in any way.
When I connect to Spinwheel, how much information does Monarch get? Can Monarch see my full credit report?
Monarch gets information on the account type, whether the account is active, the current balance, the statement date, statement balance, statement due date and the minimum amount due. We don’t receive your credit score at this time and can’t view your full credit report.
The last four digits on my card don't match the last four digits shown by Spinwheel.
Some cards are reported to the bureau with blinded/anonymized account numbers, which affect the last four digits referenced for mapping. These include cards from Apple, American Express, Barclays, Chime and Navy Federal. The account can still be mapped (you may need to use the account balance to determine the right account).
Does Spinwheel work with Canadian institutions?
Not at this time, though we are looking at this as a future enhancement.