The UK’s first ever service giving consumers completely free access to their credit report and credit score begins beta testing today, and will be available to the UK public later this month.
According to recent research 15 million people have never accessed their report and remain in the dark about their financial position, whilst nearly 4 million of those say they are put off by having to pay.
ClearScore addresses this issue by letting its users to access their report and score for free, as often as they like.
The company says this will put consumers in control of their financial wellbeing. By monitoring their data on a regular basis they can improve or use their credit score to save money and remedy any errors that may be on their report.
In order to reassure consumers, ClearScore will not ask users of its service to enter any bank account or credit card details at any stage.
The website will use a powerful data engine to present its customers with money-saving suggestions for credit cards, loans and other financial products, tailored to their unique financial situation, all in real-time.
The company has partnered with credit reference agency and insights provider Equifax to deliver the credit reports and score data. The product matching service is delivered in partnership with TotallyMoney.com.
“It’s not fair that people have to pay for access to financial information about them that affects their lives. We’re passionate about making the unclear world of finance easy to access and understand,” said Justin Basini, CEO and co-founder of ClearScore.
The company is backed by significant investment from venture builders Brightbridge, Blenheim Chalcot and QED Investors.
ClearScore was co-founded by Justin Basini, Dan Cobley and Nigel Morris in September 2014.
CEO Basini previously founded innovative data protection company Allow, and held senior roles at Zapp Mobile Payments, Capital One, Deutsche Bank and Procter & Gamble.
It seems laptops are about to catch the biometric fever as PayPal, Intel, Lenovo and Synaptics are collaborating to introduce FIDO-enabled embedded fingerprint solution to PCs.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Lloyds has launched biometric finger print authentication for mobile banking.
Barclaycard has partnered with Case Station, a company that makes personalised phone cases, to embed contactless technology in the latter's smartphone cases.