ClearScore

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ClearScore is a British financial technology business founded in July 2015,^[1] by Justin Basini (b. June 1974), Nigel Morris and Dan Cobley (b. June 1967).^[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, the firm launched the dark web monitoring service ClearScore Protect.^[3]

The company employs more than 200 people in the UK. It launched 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[]

Most ClearScore’s services are free to consumers.^[17] This includes 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. ClearScore Protect provides dark web monitoring for the users.

ClearScore also presents tailored financial offers based on users’ individual credit file. 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[]