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ClearScore
Company typePrivately held company
IndustryPersonal finance, software, financial technology
FoundedJuly, 2015
Founder
HeadquartersLondon, UK
Key people
Products
Number of employees
200
Websitewww.clearscore.com


ClearScore is a British financial technology business founded in July 2015[1], by Justin Basini, Nigel Morris and Dan Cobley.[2] It was the first company in the United Kingdom to provide free credit scores and reports, along with advice to help consumers make better financial decisions. In 2020 it launched a Dark Web Monitoring service called ClearScore Protect.[3] The company operates in the United Kingdom, Australia and South Africa.

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.[4]

ClearScore is supported by investment from QED Investors, Blenheim Chalcot and Lead Edge Capital.

ClearScore has won a number of industry awards, including The Queens Award for Innovation[5], Deloitte Fast 50,[6] Sunday Times Tech Track 100,[7] and was listed on the Sunday Times Best Places To Work in 2020.[8]

History

ClearScore launched on 15 July 2015. It was the UK's first service giving consumers access to their credit score and report.[9] 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.[10]

In July 2016 the company added a credit history feature called 'Timeline'[11] to its site.[12] In November 2016 it added car finance offers, and in February 2017 launched a chatbot to help users improve their credit.[13] In April 2020, ClearScore launched the dark web monitoring service ClearScore Protect.[3]

The company employs over 200 people in the UK. ClearScore went on to launch in South Africa in June 2017, India in August 2018 and Australia in February 2020.[14] 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.[15][16]

Features

ClearScore provides credit scores and credit reports from credit bureaus Equifax (in the UK) and Experian (in South Africa and Australia). The service also provides coaching services, through a chatbot, with suggestions on how to improve credit scores, remortgage homes, clear debt, or finance car purchases. ClearScore also presents tailored financial offers based on users’ individual credit file.

ClearScore Protect provides dark web monitoring for the users, checking that their identities and passwords are not available to hackers.

All of ClearScore’s services are free to consumers.[17] 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.

References

  1. ^ "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.
  2. ^ Torrance, Jack (14 June 2017). "Meet the entrepreneur making credit scores free". Management Today. Retrieved 27 July 2017.
  3. ^ a b "ClearScore Protect | Dark web monitoring. For free, forever". ClearScore.
  4. ^ 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)
  5. ^ "ClearScore wins Queens Award with innovations that support millions through the COVID pandemic - The Queen's Awards for Enterprise". queensawards.blog.gov.uk. Retrieved 16 March 2021.
  6. ^ "2019 winner profiles". UK Technology Fast 50.
  7. ^ https://www.barclayscorporate.com/content/dam/barclayscorporate-com/documents/insights/industry-expertise/2019-Tech-Track-100-research-report.pdf
  8. ^ "Sunday Times 100 Best Small Companies to Work For". Best Companies. Retrieved 16 March 2021.
  9. ^ "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.
  10. ^ "ClearScore app: How to get free access to your credit rating". Independent. 24 December 2015. Retrieved 19 April 2017.
  11. ^ "ClearScore debuts new credit scoring tool". Finextra. Retrieved 19 April 2017.
  12. ^ "Bobs Guide". Retrieved 19 April 2017.
  13. ^ "ClearScore Launches World's First Chatbot to Build Credit Confidence". Bobs Guide. Retrieved 19 April 2017.
  14. ^ "The continuing ClearScore mission: to boldly deliver financial well-being to our users". ClearScore. Retrieved 18 February 2020.
  15. ^ 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.
  16. ^ "ASA Ruling on Clear Score Technology Ltd t/a ClearScore". ASA. 26 September 2018. Retrieved 20 May 2020.
  17. ^ "Why is ClearScore free?". ClearScore. Retrieved 16 March 2021.
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