Customers who bank exclusively with Monzo could end up with weaker credit scores, harming their ability to borrow or take out financial deals.

Thousands of customers have cut ties with traditional banks and have a current account only with Monzo – known as “going full Monzo” or “#fullmonzo”. However, these fans of the company have reported that their credit scores have suffered after the shift.

Credit card companies, loan providers and mortgage lenders rely on data from credit rating agencies to judge a potential customer’s financial security and ability to repay.