Financial marketplace, ClearScore, has announced arguably its biggest update since its launch with Credit Health. The new platform will allow users and lenders to interact in a new way, leveraging credit and affordability data in a more holistic way.
Since 2015, ClearScore has made partnerships with over 160 financial providers and has looked to put data in the hands of users. The new platform will utilise open banking, combining that data with credit data to give users a better understanding into how they look from a lender’s point of view.
Furthermore, Credit Health will also give them greater certainty over the products for which they are eligible. This is alongside the credit available to them, as well as the plus rates they would have to pay before they applied.
The service works both ways and is effective for lenders as well as users. The increasing number of lenders which are leveraging The ClearScore Group’s open banking data benefit from more accurate insights into key metrics such as essential expenditure, disposable income, and debt-to-income ratios.
Beyond a credit score
Justin Basini, CEO and co-founder of The ClearScore Group
Justin Basini, co-founder and CEO of ClearScore said: “There is far more to credit than credit bureau data, and a good credit score does not guarantee access to good credit. That’s why we have launched Credit Health, to give a comprehensive insight into an individual’s whole credit situation, showing borrowers the factors that lenders care about, such as affordability and financial stability.
“Credit Heath is a game changer in terms of our technology offer, giving our users a far more comprehensive insight into their own credit situation, which in turn should create better outcomes for both our users and our product partners.
“In 2015, when we launched ClearScore, we transformed the credit checking landscape by making credit reports accessible for free, forever. Now 23 million users later and over 160 partnerships with financial institutions we have learnt so much over the last nine years. With this new version of ClearScore we are taking all this understanding to give our users even more insight and confidence in mastering their borrowing.”
Core elements of Credit Health
Scoring
Credit score and report, showing credit score, repayments history and outstanding balances across all credit including credit cards, loans, mortgages, bank accounts, utility and telecom accounts.
Insights
‘How you look to lenders’, showing insights into essential expenditure, disposable income and debt-to-income ratio, all powered by open banking data.
Confidence
‘Triple Lock’, helping people be confident they’ll be accepted and get the money they need.
Protection
Both are a free and paid-for service, offering peace of mind that personal and financial information is being protected.
Improve
A rich set of financial education video content to help users navigate the confusing world of credit with confidence Hundreds of videos are available, all featuring ClearScore employees.
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