Just 12 months ago, ClearScore launched the UK’s first ever service giving people completely free access to their credit report and credit score as often as they like, together with a guarantee that the service will remain free for life. UK consumers have flocked to the service, and it is currently growing at an average rate of 10,000 new sign-ups every day. 

Credit reports help determine which financial product deals someone is eligible for, whether they can buy or rent a property, get a mobile phone contract or even a job. Yet before ClearScore launched in July 2015, almost 32 million UK adults had never checked their credit score. 

As well as giving people free access to their credit report, ClearScore is providing tools to help them make sense of the information. For example, Timeline - a unique new tool giving people a ‘big picture’ view of their money - is being used by tens of thousands of people daily, and 250,000 are keeping on top of their finances via ClearScore’s smartphone and Apple Watch apps. 

ClearScore is also committed to helping people build their credit score, so they can access credit more cost effectively. This is particularly critical for those with so-called ‘thin files’ – meaning they have a lack of credit history. This week ClearScore launches a beta of the first programme in its new “Coaching” series. “Build” uses the latest bot-based technology and popular ‘chat’ format to help younger users with less financial history to take control of their financial future. 

Since the launch of ClearScore, the credit scoring industry has radically changed. Now both Experian and Noddle (part of Callcredit) provide free scores, either through their own services or partners. Injecting more competition into the industry has given consumers a greater understanding of their credit score and ultimately more financial control.

Justin Basini CEO and founder, “When we launched, we knew people were fed up with having to pay to access their own financial information. So we made it free, we made it simpler to understand and we built a beautiful product that is easy to use across devices. I’m delighted we proved that people will engage with their finances if it’s made simple and free. There is so much more we are going to do, and with the UK economy facing a potentially rocky road ahead, it will become more important than ever for people to actively manage their finances to keep down the cost of credit. The new tools we’re launching today and in the coming months will help them to do that.”

Editor's note

Noddle disputes the claim that ClearScore was the first to market for both the report and score, saying that it was.