ClearScore look to Open Banking to offer prompt mortgage switching

The credit checking firm’s OneScore will combine credit scores with information pulled from current accounts, along with data from assets, savings and protection in an effort to help people better understand their finances.

It is the first time people will be able to combine their credit report with data from their current account, according to Clearscore.

Users are given a financial healthscore with analysis of their spending patterns and behaviour.

OneScore then provides recommendations such as switching to a better mortgage, loan or credit card deal to help save a user money.

Clearscore, which is to be bought by Experian subject to regulatory approval, already partners with Habito, L&C mortgages and Shawbrook Bank.

The service is set to launch in Spring 2019.

It comes as Clearscore prepares to launch in India and Australia, after expanding into South Africa.

Justin Basini, chief executive and co-founder of ClearScore, said: “Credit scores are really useful but only reflect a small part of your financial life.

“Our ambition has always been to go so much further.

“OneScore brings together your financial past and present in one place to give you the opportunity to create a better financial future.

“This will be transformative for millions of people, helping them gain control of their money and access credit products more cost effectively.”

OneScore is presented to the user as a flower with petals represent different aspects of their financial life.

Basini added: “Months of testing, with hundreds of users, has produced an easier, calmer, more beautiful experience unlike anything anyone has ever used before.

“This matters – the more engaged users are, the more likely they are to learn more about their finances, the more in control they feel, the better the decisions they can make.”

Imran Gulamhuseinwala, trustee of the government’s Open Banking Implementation Entity, said: “I applaud all applications of Open Banking which put the user in control of their data, making it easier to make more of your money.

“I very much hope the excellent work on OneScore will inspire other fin techs to also innovate and make Open Banking an industry success.”

Source: ClearScore Press Release