Former Capital One marketing chief Justin Basini is coming good on his promise to challenge credit referencing giants Experian and Callcredit with the launch of a new free online service, ClearScore.com.
The scheme, first revealed by DecisionMarketing in March, begins beta testing today and will be available to the UK public later this month.
Although it claims to be the only freebie on the market, Callcredit launched a ‘free for life’ credit report service called Noddle in 2012; it recently reached the 1 million-mark in terms of consumer sign ups.
According to the ClearScore blurb, the service will become a critical tool for consumers to actively manage their financial profile and ensure they get the best access to the market for their personal financial position.
Some 5 million UK consumers try to check their reports each year. According to research, another 15 million have never accessed their report and remain in the dark about their financial position, and nearly 4 million of those say they are put off by having to pay.
Users of the service will not be required to enter any bank account or credit card details at any stage, providing reassurance that they cannot be charged. ClearScore also guarantees privacy – promising to never sell customer data.
The website will use a powerful data engine to present its customers – in realtime – with money-saving suggestions for credit cards, loans and other financial products, tailored to their unique financial situation.
This will add value and take the guesswork out of applications, whilst generating revenue for ClearScore through commissions, allowing the service to be completed free.
However, ClearScore is not entirely independent as it has partnered with Equifax to deliver the credit reports and score data. The product matching service is delivered in partnership with TotallyMoney.com.
The company is backed by significant investment from venture builders Brightbridge, Blenheim Chalcot and QED Investors.
Basini said: “It’s not fair that people have to pay for access to financial information about them that affects their lives. That’s why we’re launching ClearScore. We’re passionate about making the unclear world of finance easy to access and understand. It’s a task that requires a careful balance of science and art – exceptional technology and data matched with top quality design.
“We constantly challenge ourselves to know and empathise with the consumer. Our mission is to make complex information clear, accessible to all and craft a service that’s a genuine pleasure to use. The product we’ve built is like nothing else on the market – we can’t wait to hand it over to UK consumers.”
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