Who are ClearScore?
ClearScore are a company dedicated to giving you your credit score and report, for free, forever. They’re regulated by the Financial Conduct Authority and currently have over 3 million users. ClearScore use your credit score and report, generated by Equifax, to allow you to find the most suitable credit cards and loans available. They’re also a great source of free information, guides, and tips.
What’s Clearscore's background?
ClearScore’s co-founder and CEO, Justin Basini, recognised that the world of finance and credit scores was murky and difficult to understand. The aim behind ClearScore is to help everyone achieve financial wellbeing, starting with giving them access to their credit score and report for free.
What is a credit report?
Your credit report contains your borrowing history for the last 6 years. Any negative factors such as defaults or incorrect information can affect your chances of being accepted for credit. The ClearScore website and app show you your score, detailed report and any negatives affecting your report, completely free.
What makes credit scores important?
Having a high credit score gives you access to the best deals on loans, credit cards and mortgages. ClearScore’s research has found that 42% of people are unaware that their credit score can make a £20,000 difference in extra interest repayments across a lifetime — that’s the equivalent of nearly a year’s average annual take-home salary. Knowing what’s on your credit report means that you can take steps to build your credit score, increase your access to credit and save money.
Why is ClearScore free?
Some companies will make you pay for your credit score — but ClearScore won’t. They believe that you shouldn't have to pay for access to your own financial information, especially when it can be used to improve your financial wellbeing. ClearScore makes money by offering financial products from a variety of banks and institutions — if you take out a product, they get paid a commission. However, the offers you see on your ClearScore account are never influenced by commission and are always chosen personally for you based on your financial profile. You have no obligation to take out an offer, and can continue to use ClearScore for free, forever.
How do I use ClearScore?
Check your credit score monthly on their website or app, and track your progress by using the handy Timeline feature. Checking your credit report means you can keep track of your spending, see any negatives or positives that might be affecting your score and monitor for fraudulent behaviour.
written by James Browning, Clearscore.
Mark joined Choose Wisely in 2015. He continues to work in close contact with the providers, brokers and journalists operating in the world of consumer credit.