Credit Score Basics > What is ClearScore?

What is ClearScore?

Wollit Team2 minute read · Updated 11th October 2024

ClearScore is a British financial technology business that gives you free access to your Equifax credit score and credit report plus a marketplace for credit cards, loans, and car finance.

ClearScore doesn't operate just in the UK; it also operates in Australia, Canada, and South Africa, and it claims to have over 19 million users worldwide.

How does ClearScore work?

If you plan to apply for a mortgage, loan, or credit card, you'll need to understand your credit report and score. The challenge is that the credit reference agencies in the UK don't give you direct access to this information easily: some charge for it (like Experian and Equifax), and others don't provide it (like TransUnion).

This is where companies like ClearScore come in—they provide free access to your Equifax credit report and score.

When you sign up for a ClearScore account, you'll be able to do several things:

Check your Equifax credit score.
See your Equifax credit report.
Receive personalised offers for financial products (credit cards, etc).
Receive tips on improving your credit score.
Track how your credit score changes over time, and understand why changes happened.
Check your eligibility before applying for financial products.
Check if your personal information has been leaked on the "dark web" once every three months.

You can do all of these things on your computer and in the ClearScore app (available both on the Android Play Store and in the iOS App Store).

Does ClearScore cost money?

It depends. Most of Clearscore's essential services are free, like:

Viewing your Equifax credit score and credit report.
Checking your eligibility for loans and credit cards (although ClearScore does earn a small commission every time you sign up for one of them).
Checking the dark web for leaked personal information (once a quarter).

However, ClearScore also offers a premium service called ClearScore Protect Plus. For £4.99 a month, this service scans the web daily for even more signs of leaked personal information and even offers insurance against losses from identity fraud.

Do lenders use ClearScore?

No, lenders don't use ClearScore when deciding whether to accept your loan application. However, lenders do look at your Equifax report – which is what ClearScore actually shows you. So, the information you and the lenders see should be pretty much the same.

Should I link my bank to ClearScore?

ClearScore also asks you to link your bank account to your ClearScore account. This is optional, but it does come with some benefits:

more offers,
an affordability score and report,
a better eligibility check,
and tips on how to increase your loan approval chances.

If you're concerned about linking your bank account to ClearScore, don't worry—it uses a safe technology called Open Banking, which is now the UK standard. All the main banks use it, and there have been no incidents so far.

What can I do with a ClearScore account?

There are three main reasons to use a ClearScore account:

To check your eligibility before applying for credit so you don't make too many loan applications (which can hurt your credit score).
To check your Equifax credit report so you can correct any errors in there that might be hurting your credit rating (or even to get help if you spot signs of fraud).
To see your Equifax credit score and understand what you can do to improve it.

This last reason is possibly the most important – most people don't have significant errors to correct on their credit report. And there are many other eligibility checkers out there as well.

But understanding why your credit score is a specific number and why is crucial if you want to improve it – and with it your chances of getting the loan or mortgage you want.