Clearscore has surpassed 10 million users thanks to its ever-widening product suite

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UK-based Clearscore has surpassed 10 million customers since launching its business four years ago, according to AltFi. For comparison, this gives Clearscore twice as many customers as money transfer company TransferWise, and five times more users than neobank Monzo.

Clearscore aims to help consumers better manage their finances, and it enables them to access their credit score and reports for free. Additionally, it provides users with guidelines on how to choose the right credit card, mortgage, or loan. Clearscore has 250 staff members and, besides London, it has offices in South Africa and Mumbai.

Here's what it means: Clearscore's ever widening product suite will help it stay relevant, and the latest announcement is a testament to Clearscore's success after a failed acquisition.

• Clearscore's been busy adding new services to its product suite. The company teamed up with savings marketplace Raisin earlier this year, which allows Clearscore's users to set up an account with Raisin to access the high-interest savings products of its partner banks, all within ClearScore's app or website. Clearscore's also planning to launch a new product, dubbed Resolve, in October, which will warn users when they're about to go into debt. Additionally, it wants to introduce OneScore, which will help users who want to buy a home understand how they should change and improve their financial position.
• In 2018, one of the biggest credit data firms globally, Experian, announced that it wanted to acquire Clearscore for £275 million. However, the UK's Competition and Markets Authority (CMA) voiced concerns about the plan, as it could've hampered competition and potentially the development of digital products that help customers understand personal finances. Hence, Experian abandoned the acquisition in March 2019. Clearscore's continued user growth - for context, it had 7 million customers in October 2018 - shows that it's still successful without being acquired by a high-profile company like Experian.

The bigger picture: UK consumers are still unclear about their credit scores, but firms like Clearscore can help solve this issue.

Fifty-five percent of UK consumers don't check their eligibility when applying for a credit card, loan, or mortgage, per Experian. Applying directly for a financial product results in a hard search, which can negatively impact someone's credit score if the application is rejected due to ineligibility. However, conducting an eligibility check prior to the application only results in a soft search, which doesn't affect the consumer's score but still provides guidance as to whether they would qualify for a specific financial product.

Solutions like Clearscore can help consumers check their credit score and ensure they don't worsen it by making uneducated applications. Additionally, Clearscore is web- and app-based, which will likely help it attract younger customers, who are more willing to check their credit score compared with older consumers: 75% of those over 55 have never checked their credit score, compared with 25% of those between 25-34, according to the same research.

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