ClearScore, the leading financial marketplace in the UK, South Africa, Australia, New Zealand and Canada, today announces the launch of ‘Credit Health’, an innovative new platform which redefines how users and lenders can leverage credit and affordability data.
This new version of ClearScore puts even more data in the hands of users, building on ClearScore’s existing offering that has transformed the credit checking industry in the last decade. This update is ClearScore’s most significant since its launch in 2015, combined with an online marketplace that leverages partnerships with over 160 financial providers.
Credit Health represents a significant technology upgrade, presenting credit and affordability in a completely new way. By combining credit data with open banking data, users are provided with a more holistic view of their financial status. The new platform offers users comprehensive insights into how they look from a lender’s perspective, as well as greater certainty over the products for which they are eligible, the credit available, plus rates they would pay before they have applied*.
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.
The 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 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 to navigate the confusing world of credit with confidence Hundreds of videos are available, all featuring ClearScore employees.
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.”