ClearScore: Difference between revisions
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{{Short description|British financial technology company}} |
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{{Infobox company |
{{Infobox company |
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| name = |
| name = ClearScore |
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| logo = |
| logo = ClearScore-logo-2019 logotype-R.svg |
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| native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. For multiple names in different languages, use {{Lang|[code]|[name]}} in native_name = and leave native_name_lang = empty. --> |
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| type = [[Privately held company]] |
| type = [[Privately held company]] |
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| ISIN = |
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| industry = [[Personal finance]], [[software]], [[financial technology]] |
| industry = [[Personal finance]], [[software]], [[financial technology]] |
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| founded = {{start date and age |2015|07|01}} |
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| predecessor = <!-- or: | predecessors = --> |
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| successor = <!-- or: | successors = --> |
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| founded = July, 2015 |
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| founder = {{Unbulleted list|[[Justin Basini]], CEO and Co-founder|[[Nigel Morris]], Dan Cobley}} |
| founder = {{Unbulleted list|[[Justin Basini]], CEO and Co-founder|[[Nigel Morris]], Dan Cobley}} |
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| defunct = <!-- {{End date|YYYY|MM|DD}} --> |
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| fate = |
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| key_people = [[Justin Basini]] ([[Chief executive officer|CEO]] and [[Co-founder]]){{!}} |
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| hq_location = [[London, UK]] |
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| owners = QED Investors, Lead Edge Capital and Invus Opportunities. |
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| revenue_year = 2022 |
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| num_locations_year = <!-- Year of num_locations data (if known) --> |
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| num_employees = 450<ref>{{cite web | url=https://www.youtube.com/watch?v=KEjEX1aQ75g | title=Join the CMA live for its 10th anniversary | website=[[YouTube]] }}</ref> |
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| area_served = <!-- or: | areas_served = --> |
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| num_employees_year = 2024 |
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| key_people = {{Unbulleted list|[[Justin Basini]] ([[Chief executive officer|CEO]] and [[Co-founder]])|[[Andy Sleigh]] ([[COO]])|[[Alex O’Shaughnessy]] ([[CMO]])|[[Matt Fenby-Taylor]] ([[CPO]])|[[Michael Woodburn]] ([[CDO]])|[[Klaus Thorup]] ([[CTO]])|[[Anna Kilmurry]] ([[CPO]])|[[Stephen Smyth]] (Head of International)}} |
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| net_income_year = <!-- or: | profit_year = --><!-- Year of net_income/profit data (if known) --> |
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| aum = <!-- Only for financial-service companies --> |
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| assets = |
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| owner = <!-- or: | owners = --> |
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| members = |
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| members_year = <!-- Year of members data (if known) --> |
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| num_employees = 200 |
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| num_employees_year = <!-- Year of num_employees data (if known) --> |
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| subsid = |
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| module = <!-- Used to embed other templates --> |
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| ratio = <!-- Basel III ratio; used for banks only --> |
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| rating = <!-- Credit rating; used for banks only --> |
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| website = {{URL|www.clearscore.com}} |
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| footnotes = |
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'''ClearScore''' is a British [[financial technology]] business that provides [[credit scores]], [[Credit report|reports]] and affordability scores for individuals at no cost to its users. It also provides a marketplace in which people source credit cards, loans and car finance. ClearScore earns commission from the financial services providers to which it refers individual clients that have used its services. |
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It was founded in July 2015, by Justin Basini (b. June 1974), [[Nigel Morris]] and Dan Cobley (b. June 1967).<ref name="Business Insider">{{cite web|url=https://www.businessinsider.com/ex-google-executive-dan-cobley-launches-startup-clearscore-2015-7?r=US&IR=T |title=Google's former No. 2 in Europe just launched a startup that gives you a completely free credit score |website=Business Insider|access-date=2017-04-19}}</ref><ref>{{cite news|last1=Torrance|first1=Jack|title=Meet the entrepreneur making credit scores free |url=http://www.managementtoday.co.uk/meet-entrepreneur-making-credit-scores-free/entrepreneurs/article/1403533|accessdate=27 July 2017|publisher=Management Today|date=14 June 2017}}</ref> It claims that it was the first company in the United Kingdom to provide free credit scores and credit report.{{cn|date=June 2023|reason=claim that they are the 1st company to provide this type of service is unsupported}} ClearScore then expanded to include increased visibility of affordability, using current account spending patterns via [[Open banking|Open Banking]]. {{As of|2024}}, the company had over 20m users<ref>{{Cite web |title=ClearScore's UK CEO: '17 million customers is just the start' |url=https://altfiarchive.com/article/9696_clearscore-uk-ceo-17-million-customers-is-just-the-start |access-date=2024-04-04 |website=Altfiarchive |date=15 August 2022 |language=en}}</ref> and operates in the [[United Kingdom]], [[Australia]], New Zealand, [[South Africa]] and [[Canada]]. |
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ClearScore has partnerships with over 150 financial institutions around the world. |
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⚫ | In March 2018, [[Experian]] announced plans to acquire ClearScore for £275 million ($366 million). |
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ClearScore is supported by investment from QED Investors, Blenheim Chalcot and Lead Edge Capital. |
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⚫ | ClearScore launched on 15 July 2015. It was the UK's first service giving consumers access to their [[credit score]] and report.<ref>{{cite web |url=http://techcitynews.com/2015/07/02/fintech-start-up-clearscore-to-make-credit-scores-free-for-consumers/ |title=Fintech start-up ClearScore to make credit scores free for consumers |website=Tech City News |accessdate=2017-04-19 |archive-url=https://web.archive.org/web/20170421092452/http://techcitynews.com/2015/07/02/fintech-start-up-clearscore-to-make-credit-scores-free-for-consumers/ |archive-date=21 April 2017 |url-status=dead }}</ref> Its initial offering provided credit scores and reports, and in July 2015 the company added [[credit card]] offers to its site, and in September 2015 it added personal loan offers. In December 2015 it launched the UK’s first credit checking app.<ref>{{cite news|title=ClearScore app: How to get free access to your credit rating|url=https://www.independent.co.uk/money/spend-save/clearscore-app-how-to-get-free-access-to-your-credit-rating-a6785621.html|accessdate=2017-04-19|publisher=Independent|date=24 December 2015}}</ref> |
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⚫ | In July 2016 the company added a [[credit history]] feature called Timeline<ref>{{cite web|url=https://www.finextra.com/pressarticle/64777/clearscore-debuts-new-credit-scoring-tool |title=ClearScore debuts new credit scoring tool |website=Finextra|date=8 June 2016 |accessdate=2017-04-19}}</ref> to its site.<ref>{{cite web|title=Bobs Guide|date=20 July 2016|url=http://www.bobsguide.com/guide/news/2016/Jul/20/clearscore-transforms-credit-scoring-in-the-uk-by-giving-2-million-people-free-access-to-their-financial-information/|accessdate=2017-04-19}}</ref> In November 2016 it added car finance offers, and in February 2017 launched a [[chatbot]] to help users improve their credit.<ref>{{cite web|url=http://www.bobsguide.com/guide/news/2017/Feb/22/clearscore-launches-worlds-first-chatbot-to-build-credit-confidence/ |title=ClearScore Launches World's First Chatbot to Build Credit Confidence |website=Bobs Guide|date=22 February 2017 |accessdate=2017-04-19}}</ref> |
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ClearScore has won a number of industry awards, including The Queens Award for Innovation<ref>{{Cite web|title=ClearScore wins Queens Award with innovations that support millions through the COVID pandemic - The Queen’s Awards for Enterprise|url=https://queensawards.blog.gov.uk/2020/07/30/clearscore-wins-queens-award-with-innovations-that-support-millions-through-the-covid-pandemic/|access-date=2021-03-16|website=queensawards.blog.gov.uk}}</ref>, [[Deloitte]] Fast 50<ref>http://www.deloitte.co.uk/fast50/winners/2019/index.html</ref>, Sunday Times Tech Track 100<ref>https://www.barclayscorporate.com/content/dam/barclayscorporate-com/documents/insights/industry-expertise/2019-Tech-Track-100-research-report.pdf</ref>, and was listed on the Sunday Times Best Places To Work in 2020.<ref>{{Cite web|title=Sunday Times 100 Best Small Companies to Work For|url=https://www.b.co.uk/the-lists/small-companies/|access-date=2021-03-16|website=Best Companies|language=en-GB}}</ref> |
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⚫ | The company launched in South Africa in June 2017, India in August 2018, Australia in February 2020 and Canada in September 2022.<ref>{{Cite web|url=https://www.clearscore.com/au/learn/credit-score-and-report/the-continuing-clearscore-mission-to-boldly-deliver-financial-well-being-to-our-users|title=The continuing ClearScore mission: to boldly deliver financial well-being to our users|website=ClearScore|language=en|access-date=2020-02-18}}</ref> ClearScore India closed in 2020 as a result of the coronavirus pandemic. |
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⚫ | ClearScore launched on 15 July 2015. It was the UK's first service giving consumers |
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⚫ | In September 2018, the [[Advertising Standards Authority (United Kingdom)|Advertising Standards Authority]] received 35 complaints that a ClearScore TV advert aired in June "trivialised" [[domestic violence]]. The ad was cleared by the ASA.<ref>{{Cite news|url=https://www.independent.co.uk/news/uk/home-news/advert-man-woman-avocado-cost-deposit-house-domestic-violence-clearscore-a8555576.html|title=Advert accused of 'trivialising domestic violence' for depicting couple's row over avocados is cleared|last=Oppenheim|first=Maya|date=26 September 2018|work=The Independent|access-date=20 May 2020}}</ref><ref>{{Cite web|url=https://www.asa.org.uk/rulings/clear-score-technology-ltd-a18-455183.html|title=ASA Ruling on Clear Score Technology Ltd t/a ClearScore|date=26 September 2018|website=ASA|access-date=20 May 2020}}</ref> |
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⚫ | In July 2016 the company added a [[credit history]] feature called |
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⚫ | In March 2018, [[Experian]] announced plans to acquire ClearScore for £275 million ($366 million). The acquisition was abandoned in February 2019 after the UK's [[Competition and Markets Authority]] (CMA) indicated that they considered that the acquisition would reduce competition in the UK market.<ref>{{Cite web|last=February 2019|first=28th|date=2019-02-28|title=Experian calls off £275m ClearScore acquisition|url=https://www.fintechfutures.com/2019/02/experian-calls-off-275m-clearscore-acquisition/|access-date=2021-03-16|website=FinTech Futures|language=en-GB}}</ref> |
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⚫ | The company |
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In April 2020 it launched a Dark Web Monitoring service called ClearScore Protect.<ref name="auto">{{Cite web |title=ClearScore Protect | Dark web monitoring. For free, forever. |url=https://www.clearscore.com/protect/ |website=ClearScore}}</ref> |
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⚫ | In September 2018, the [[Advertising Standards Authority (United Kingdom)|Advertising Standards Authority]] received 35 complaints that a ClearScore TV advert aired in June |
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In 2021 the ClearScore Group launched a second app using telematics technology to give drivers data on their driving performance so that they can save money on car insurance if they choose to share the data.<ref>{{Cite web |last=walker |first=alastair |date=2021-09-27 |title=DriveScore Hits The Road: Insurance Pricing Based on Behaviour - |url=http://insurance-edge.net/2021/09/27/drivescore-hits-the-road-insurance-pricing-based-on-behaviour/ |access-date=2022-09-08 |website=insurance-edge.net |language=en-US}}</ref> |
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==Features== |
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In 2022, the ClearScore Group acquired [[Money Dashboard]], a provider of open banking technology and opened a secondary UK technology and data science hub in Edinburgh.<ref>{{Cite web |date=2022-05-19 |title=Capital gains as credit scoring firm ClearScore Group unveils Edinburgh jobs boost |url=https://www.scotsman.com/business/capital-gains-as-credit-scoring-firm-clearscore-group-unveils-edinburgh-jobs-boost-3701251 |access-date=2022-09-08 |website=www.scotsman.com |language=en}}</ref> |
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ClearScore provides free credit scores and credit reports from credit bureaus Equifax (in the UK), Experian (in South Africa and Australia). This is a record of a borrower's repayment of debts, and records borrowing history from a number of institutions including banks, lenders and governments. Users can view a visual representation of their credit history, with their credit score history, long-term debt (like mortgages), short-term debt (like credit cards and loans), and credit limits. The service also provides coaching services, through a chatbot, with suggestions on how to improve credit scores, remortgage their homes, clear debt, or finance car purchases. ClearScore also presents tailored financial offers based on users’ individual credit file. |
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In 2023, the ClearScore Group announced a partnership with [[Dun & Bradstreet|illion]] in Australia. As part of the partnership, illion will be retiring its Credit Simple consumer proposition and Credit Simple users will be able to continue to access their credit scores and reports through the ClearScore app.<ref>{{Cite press release |last=LIMITED |first=CLEAR SCORE TECHNOLOGY |date=2023-03-20 |title=ClearScore Expands in Australia: Now Serves 1m Users |url=https://www.globenewswire.com/news-release/2023/03/20/2630801/0/en/ClearScore-Expands-in-Australia-Now-Serves-1m-Users.html |access-date=2023-04-04 |website=GlobeNewswire News Room |language=en}}</ref> |
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ClearScore Protect, launched in April 2020<ref>https://www.clearscore.com/protect/</ref>, provides free dark web monitoring for the users, checking that their identities and passwords are not available to hackers. |
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==Products and services== |
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All of ClearScore’s services are free to consumers,<ref>{{Cite web|title=Why is ClearScore free?|url=http://www.clearscore.com/learn/managing-money/why-is-clearscore-free|access-date=2021-03-16|website=ClearScore|language=en}}</ref>, and the service is funded by revenue from targeted advertisements for financial products. ClearScore also earns revenue from financial institutions, who pay ClearScore when acquiring new customers through the service. |
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ClearScore provides [[credit score]]s and [[Credit history|credit reports]] from [[credit bureau]]s [[Equifax]] (in the UK) and [[Experian]] (in South Africa and Australia). Most of ClearScore’s services are free to consumers.<ref>{{Cite web|title=Why is ClearScore free?|url=http://www.clearscore.com/learn/managing-money/why-is-clearscore-free|access-date=2021-03-16|website=ClearScore|language=en}}</ref> |
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ClearScore Protect provides [[dark web]] monitoring for users.{{Citation needed|date=June 2023}} |
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ClearScore offers an ‘Affordability Score’, characterized as guidance as to what a user can afford to borrow.{{Citation needed|date=June 2023}} |
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==References== |
==References== |
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{{reflist}} |
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<references /> |
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[[Category:British banned television advertisements]] |
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[[Category:Credit scoring]] |
[[Category:Credit scoring]] |
Latest revision as of 10:20, 20 August 2024
Company type | Privately held company |
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Industry | Personal finance, software, financial technology |
Founded | July 1, 2015 |
Founder |
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Headquarters | , |
Key people | Justin Basini (CEO and Co-founder)| |
Products | |
Revenue | £100 million (2022) |
Owners | QED Investors, Lead Edge Capital and Invus Opportunities. |
Number of employees | 450[1] (2024) |
Website | www |
ClearScore is a British financial technology business that provides credit scores, reports and affordability scores for individuals at no cost to its users. It also provides a marketplace in which people source credit cards, loans and car finance. ClearScore earns commission from the financial services providers to which it refers individual clients that have used its services.
It was founded in July 2015, by Justin Basini (b. June 1974), Nigel Morris and Dan Cobley (b. June 1967).[2][3] It claims that it was the first company in the United Kingdom to provide free credit scores and credit report.[citation needed] ClearScore then expanded to include increased visibility of affordability, using current account spending patterns via Open Banking. As of 2024[update], the company had over 20m users[4] and operates in the United Kingdom, Australia, New Zealand, South Africa and Canada.
ClearScore has partnerships with over 150 financial institutions around the world.
History
[edit]ClearScore launched on 15 July 2015. It was the UK's first service giving consumers access to their credit score and report.[5] Its initial offering provided credit scores and reports, and in July 2015 the company added credit card offers to its site, and in September 2015 it added personal loan offers. In December 2015 it launched the UK’s first credit checking app.[6]
In July 2016 the company added a credit history feature called Timeline[7] to its site.[8] In November 2016 it added car finance offers, and in February 2017 launched a chatbot to help users improve their credit.[9]
The company launched in South Africa in June 2017, India in August 2018, Australia in February 2020 and Canada in September 2022.[10] ClearScore India closed in 2020 as a result of the coronavirus pandemic.
In September 2018, the Advertising Standards Authority received 35 complaints that a ClearScore TV advert aired in June "trivialised" domestic violence. The ad was cleared by the ASA.[11][12]
In March 2018, Experian announced plans to acquire ClearScore for £275 million ($366 million). The acquisition was abandoned in February 2019 after the UK's Competition and Markets Authority (CMA) indicated that they considered that the acquisition would reduce competition in the UK market.[13]
In April 2020 it launched a Dark Web Monitoring service called ClearScore Protect.[14]
In 2021 the ClearScore Group launched a second app using telematics technology to give drivers data on their driving performance so that they can save money on car insurance if they choose to share the data.[15]
In 2022, the ClearScore Group acquired Money Dashboard, a provider of open banking technology and opened a secondary UK technology and data science hub in Edinburgh.[16]
In 2023, the ClearScore Group announced a partnership with illion in Australia. As part of the partnership, illion will be retiring its Credit Simple consumer proposition and Credit Simple users will be able to continue to access their credit scores and reports through the ClearScore app.[17]
Products and services
[edit]ClearScore provides credit scores and credit reports from credit bureaus Equifax (in the UK) and Experian (in South Africa and Australia). Most of ClearScore’s services are free to consumers.[18]
ClearScore Protect provides dark web monitoring for users.[citation needed]
ClearScore offers an ‘Affordability Score’, characterized as guidance as to what a user can afford to borrow.[citation needed]
References
[edit]- ^ "Join the CMA live for its 10th anniversary". YouTube.
- ^ "Google's former No. 2 in Europe just launched a startup that gives you a completely free credit score". Business Insider. Retrieved 19 April 2017.
- ^ Torrance, Jack (14 June 2017). "Meet the entrepreneur making credit scores free". Management Today. Retrieved 27 July 2017.
- ^ "ClearScore's UK CEO: '17 million customers is just the start'". Altfiarchive. 15 August 2022. Retrieved 4 April 2024.
- ^ "Fintech start-up ClearScore to make credit scores free for consumers". Tech City News. Archived from the original on 21 April 2017. Retrieved 19 April 2017.
- ^ "ClearScore app: How to get free access to your credit rating". Independent. 24 December 2015. Retrieved 19 April 2017.
- ^ "ClearScore debuts new credit scoring tool". Finextra. 8 June 2016. Retrieved 19 April 2017.
- ^ "Bobs Guide". 20 July 2016. Retrieved 19 April 2017.
- ^ "ClearScore Launches World's First Chatbot to Build Credit Confidence". Bobs Guide. 22 February 2017. Retrieved 19 April 2017.
- ^ "The continuing ClearScore mission: to boldly deliver financial well-being to our users". ClearScore. Retrieved 18 February 2020.
- ^ Oppenheim, Maya (26 September 2018). "Advert accused of 'trivialising domestic violence' for depicting couple's row over avocados is cleared". The Independent. Retrieved 20 May 2020.
- ^ "ASA Ruling on Clear Score Technology Ltd t/a ClearScore". ASA. 26 September 2018. Retrieved 20 May 2020.
- ^ February 2019, 28th (28 February 2019). "Experian calls off £275m ClearScore acquisition". FinTech Futures. Retrieved 16 March 2021.
{{cite web}}
: CS1 maint: numeric names: authors list (link) - ^ "ClearScore Protect | Dark web monitoring. For free, forever". ClearScore.
- ^ walker, alastair (27 September 2021). "DriveScore Hits The Road: Insurance Pricing Based on Behaviour -". insurance-edge.net. Retrieved 8 September 2022.
- ^ "Capital gains as credit scoring firm ClearScore Group unveils Edinburgh jobs boost". www.scotsman.com. 19 May 2022. Retrieved 8 September 2022.
- ^ LIMITED, CLEAR SCORE TECHNOLOGY (20 March 2023). "ClearScore Expands in Australia: Now Serves 1m Users". GlobeNewswire News Room (Press release). Retrieved 4 April 2023.
- ^ "Why is ClearScore free?". ClearScore. Retrieved 16 March 2021.