Global financial marketplace ClearScore has unveiled a new platform, ‘Credit Health’, which combines credit reports and Open Banking data to provide its 23 million users with more comprehensive insights into their own “credit situation”.
ClearScore has positioned the update as its most significant since it launched in 2015.
Since then, ClearScore’s online marketplace, which is available in the UK, South Africa, Canada, Australia and New Zealand, leverages partnerships with more than 160 institutions.
According to ClearScore, its technology upgrade ‘Credit Health’ will provide users with insights into how they look from a lender’s perspective, as well as greater certainty over the products for which they are eligible, the credit available, plus rates they would pay before they have applied.
One of the key features of ‘Credit Health’ is a credit score and report, showing credit score, repayments history and outstanding balances across all credit products, including credit cards, loans, mortgages, bank accounts, utility and telecom accounts.
To give users an idea of how they look to lenders, ‘Credit Health’ presents insights into essential expenditure, disposable income and debt-to-income ratio, all powered by Open Banking data.
In addition, the new platform will host video content which aims to deliver financial education, and all of which feature ClearScore employees.
Justin Basini, co-founder and chief executive officer of ClearScore, said: “There is far more to credit than credit bureau data, and a good credit score does not guarantee access to good credit.
“That’s why we have launched Credit Health, to give a comprehensive insight into an individual’s whole credit situation, showing borrowers the factors that lenders care about, such as affordability and financial stability.”
He added: “Credit Health is a game changer in terms of our technology offer, giving our users a far more comprehensive insight into their own credit situation, which in turn should create better outcomes for both our users and our product partners.”
Basini said that ClearScore had “learnt so much over the last nine years”, adding that, “with this new version of ClearScore we are taking all this understanding to give our users even more insight and confidence in mastering their borrowing”.
Last month, the ClearScore Group’s Open Banking business unit D•One announced a partnership with Inicio AI, a specialist income and expenditure (I&E) trained virtual agent, to provide more accurate and user-friendly affordability assessments.
