Credit Score Basics > Is ClearScore safe?

Is ClearScore safe?

Wollit Team2 minute read · Updated 1st July 2024

Yes, using ClearScore is safe – for many reasons:

It is authorised and regulated by the Financial Conduct Authority (FCA), UK’s finance watchdog.
It uses a strong 256-bit encryption to protect your personal information.
ClearScore also complies with the Data Protection Act and GDPR. This means it could face fines of up to £17.5 million if they mishandle your data. ClearScore does not sell your personal information to third parties, either.
It also uses two-factor authentication (2FA). If you activate 2FA on ClearScore, you'll need both your password and mobile phone to log in.
You might be concerned when ClearScore asks you to link your bank account with your ClearScore account. Don't worry, they use a safe technology called open banking.

What is open banking?

Open banking is a technology that lets you link your bank accounts and share financial information with various apps and websites.

Open banking is very safe—there have been no incidents so far. The access is also "read-only,"," meaning an open banking app won't be able to use this link and take money from your account. It's meant to save you from having to answer tons of questions or send over paper bank statements.

In fact, many banks and finance apps use this technology to help you manage your money better. Even Wollit uses Open Banking to see your regular rent payments, which we then report to Experian to add to your credit report.

How does ClearScore use open banking?

ClearScore offers free access to your Equifax credit report and score. In return, it earns a commission if you sign up for any of the products on its marketplace, such as a credit card from one of its partners.

This is where open banking comes in. By letting ClearScore take a peek at your salary, bills, and overall spending habits, they can get a better picture of your financial situation.

This can help ClearScore do a couple of things;

Match you with products that you can afford.
Offer you a lower interest rate.
Pre-approve you for things like a credit card or car finance deal.
Give you tips on how to improve your credit score.

Do I need to give ClearScore access to my bank account?

No, the beauty of open banking is that you can unlink your account whenever you want to. ClearScore also needs your permission to link your bank account in the first place, too.

But if you're still concerned, remember that you're also not forced to use ClearScore at all – you can get access to your Equifax credit score and report in other ways:

Directly at Equifax: it costs £14.95 a month, but they do have a 30-day free trial.
You can also ask Equifax for your Equifax Statutory Credit Report. It's free, although it does not show your credit score.
Through CheckMyFile – it's £14.99 a month, offers access to all of your credit scores and reports (not only from Equifax, but also from Experian and TransUnion), and also comes with a 30-day free trial.

Whichever option you use, don't ignore checking your credit score and credit report. That's because even small errors can have a big impact. Check both regularly, and if you spot anything odd, contact the relevant credit reference agency.