ClearScore
{{Short description|British financial technology company}}
{{Use British English|date=June 2017}}
{{Use dmy dates|date=March 2017}}
{{Infobox company
| name = ClearScore
| logo = ClearScore-logo-2019 logotype-R.svg
| logo_size =
| logo_alt =
| logo_caption =
| type = Privately held company
| industry = Personal finance, software, financial technology
| founded = {{start date and age |2015|07|01}}
| founder = {{Unbulleted list|Justin Basini, CEO and Co-founder|Nigel Morris, Dan Cobley}}
| hq_location_city = London
| hq_location_country = United Kingdom
| key_people = Justin Basini (CEO and Co-founder){{!}}
| products = {{Unbulleted list|Credit scores|Credit reports|Credit monitoring|Dark web monitoring}}
| owners = QED Investors, Lead Edge Capital and Invus Opportunities.
| revenue = £100 million
| revenue_year = 2022
| num_employees = 450{{cite web | url=https://www.youtube.com/watch?v=KEjEX1aQ75g | title=Join the CMA live for its 10th anniversary | website=YouTube }}
| num_employees_year = 2024
| website =
| footnotes =
}}
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).{{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}}{{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}} 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. {{As of|2024}}, the company had over 20m users{{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}} 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
ClearScore launched on 15 July 2015. It was the UK's first service giving consumers access to their credit score and report.{{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 }} 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.{{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}}
In July 2016 the company added a credit history feature called Timeline{{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}} to its site.{{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}} In November 2016 it added car finance offers, and in February 2017 launched a chatbot to help users improve their credit.{{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}}
The company launched in South Africa in June 2017, India in August 2018, Australia in February 2020 and Canada in September 2022.{{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}} 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.{{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}}{{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}}
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.{{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}}
In April 2020 it launched a Dark Web Monitoring service called ClearScore Protect.{{Cite web |title=ClearScore Protect | Dark web monitoring. For free, forever. |url=https://www.clearscore.com/protect/ |website=ClearScore}}
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.{{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}}
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.{{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}}
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.{{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}}
Products and services
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.{{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}}
ClearScore Protect provides dark web monitoring for users.{{Citation needed|date=June 2023}}
ClearScore offers an ‘Affordability Score’, characterized as guidance as to what a user can afford to borrow.{{Citation needed|date=June 2023}}