ClearScore uses Open Banking for financial health
Written by Peter Walker
Credit checking company ClearScore is to use Open Banking to give consumers detailed insight into their financial situation to prompt mortgages and credit card switching.
Set for a Spring 2019 launch, the OneScore service will combine credit scores with information pulled from current accounts, savings and insurance to give a financial ‘healthscore’, with analysis of spending patterns and recommendations on how to save money.
Clearscore - which has been acquired by Experian subject to regulatory approval - already partners with Habito, L&C mortgages and Shawbrook Bank. The company is also preparing to launch in India and Australia, after already expanding into South Africa.
Justin Basini, chief executive and co-founder of ClearScore, said that his ambition is to go further than just credit scores.
“OneScore brings together your financial past and present in one place to give you the opportunity to create a better financial future,” he commented. “This will be transformative for millions of people, helping them gain control of their money and access credit products more cost effectively.”