Credit scores and reports can be the key to a successful property purchase or to getting a new tenancy agreement but how can you find that information.
A new website, called ClearScore, will make it easier for customers by providing them with completely free access to their credit data.
This is the first service of its kind in the UK and it will be available to the public later this month.
Research conducted by price comparison website uSwitch last October found that 15 million consumers have never accessed their credit reports and four million of them said they were put off because they had to pay.
However, there is definite demand for credit information, as ClearScore’s own analysis shows that around five million people are attempting to access their reports every year.
The website will enable customers to see their report and score as often as they like for no fee whatsoever.
Users of the service will not be required to enter any bank account or credit card details at any stage, providing reassurance that they cannot be charged. ClearScore also guarantees privacy – promising to never sell customer data.
ClearScore has partnered with credit reference agency and insights provider Equifax to deliver the credit reports and score data. The product matching service is delivered in partnership with TotallyMoney.com.
The company is backed by significant investment from venture builders Brightbridge, Blenheim Chalcot and QED Investors.
ClearScore was co-founded by Justin Basini, Dan Cobley and Nigel Morris in September 2014.
Commenting on the new service Basini said:
“It’s not fair that people have to pay for access to financial information about them that affects their lives. That’s why we’re launching ClearScore. We’re passionate about making the unclear world of finance easy to access and understand. It’s a task that requires a careful balance of science and art – exceptional technology and data matched with top quality design. We constantly challenge ourselves to know and empathise with the consumer. Our mission is to make complex information clear, accessible to all and craft a service that’s a genuine pleasure to use. The product we’ve built is like nothing else on the market – we can’t wait to hand it over to UK consumers.”
Nigel Morris, chairman of ClearScore and managing partner of QED Investors, added:
“ClearScore has a compelling vision to demystify the world of consumer finance – starting with credit scores and reports. We believe we have a proposition that will transform the UK credit report market for the good of consumers, and in doing so create a significant business.”
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