Your credit score should be completely free...now it is

Hello!

It’s now been just over a month since ClearScore launched in India. ClearScore was founded with a clear vision of putting you, the consumer, first, and helping you to achieve your financial goals. This intense focus has already created a beautiful and useful product in the UK. My job now, is to replicate this for you, in India.

People often ask me why I left CIBIL, a company I spent 10 years building up in order to join a smaller start-up. While I loved the time I spent at CIBIL, things have certainly changed. But what was it that pushed me to make the move?

The answer can be found in three defining realities:

  1. Data has become a commodity. There was a time when India had a dominant first mover, CIBIL, who had the most comprehensive credit data. This allowed CIBIL to create a credit score (a 3-digit summary of your credit report). The playing field was levelled in 2015, when the RBI directed all lenders to submit data to all credit bureaus. Given that the same data is available across all bureaus, everyone is now able to create an accurate credit score.
  2. Credit scores and reports have become completely free. 2017 was a defining year for credit reporting companies in India. Not only did the RBI make the progressive move of directing all credit bureaus to provide free credit scores and reports to consumers annually, but FinTech firms also started offering free credit scores and reports. This means you now have free access to your credit score and report, forever.
  3. Prices vary based on your credit score. Lenders have recently started offering better interest rates in exchange for good credit scores. Want to enjoy rewards for displaying financial discipline and maintaining a high credit score? Now you can. While already a common occurrence in western countries, this is a landmark event for India. Unfortunately, not many people are aware of these developments, but we hope to change this.

I moved to ClearScore because it’s clear they have embraced these changes.

We at ClearScore believe that you should never have to pay to view such important information; data that is used to determine whether or not you will be able to buy your first home, or a car, or pay for your child’s education or the medical expenses of your loved ones. The companies that you allow to access your data have a duty to help you make the most of this data. Be it in terms of helping you to improve your credit score, faster and easier approvals on credit applications or better terms on your loans and credit cards.

The moment I met the ClearScore team, I felt a deep sense of alignment with their mission to create an easy to use financial product that consumers can benefit from. I think it’s awesome that it is and always will be...totally free.

On 15th August 2018, we embarked on a journey to help you achieve complete financial freedom. We’re still new here and learning lots, so we would love to know what you like about us, what you don’t like so much, and what we could do better.

We can’t wait to share our journey with you.

Hrushikesh Mehta

Country Manager - ClearScore

ClearScore launches in India

When we founded ClearScore in the UK just a few short years ago, we dedicated ourselves to a vision:

People around the world will turn to us when they think about a financial decision. We make personal finance clearer, calmer and easier to understand, helping people make decisions that create greater financial well-being. And we are free, now and forever.

From the start, our dream was to be an international business but we knew that this was wildly ambitious and far from certain. There were a huge number of milestones to achieve on the way.

Now, as we eagerly prepare ClearScore for entry into the Indian market, I’m humbled to have the opportunity to serve millions more users who want to gain greater financial freedom. Our launch in South Africa last year equipped us with the knowledge and drive to continue our growth, and with more than 500,000 users there and approaching 7 million in the UK, we’re confident our product can help you too.

ClearScore is a pretty simple business. We offer our users their credit score and report every month for free, forever. Our sign-up experience is secure and makes it easy for you to get started. We support our users with financial education through our Coaching and Learn features, and we’re on hand to help if there are mistakes on your credit report. Most importantly, we will never charge you for our services.

In India, we have partnered with Experian – the biggest credit bureau in the world - to obtain your credit score and report data. How it works: banks and financial corporations give Experian their data to load onto your credit report, which Experian then provide to us. If there are issues with this data, we work with Experian and the financial institution to resolve this so that your credit report is accurate.

You might be wondering how we make our money? We’re completely open about this. We partner with financial institutions to present you with offers for credit, like credit cards and personal loans. We calculate which offers you are likely to qualify for given your credit profile, so you don’t waste your time applying for products you might be rejected for. You’ll see your offers ranked by which products are best for you, not by how much commission we get.

You’re under no obligation to take out (or even view) these offers. If you like the look of a product and decide to apply, we receive a fee from the provider. This commission allows us to offer you our service, and access to your credit report and score, for free.

I’m so excited to share ClearScore with India and I hope that you love our product. I’m hugely proud of our team and the long hours that have gone into localising our product for the market. I think the product looks great and we have tried to optimise it so that it loads quickly and gives you a fantastic, clear view of your credit report.

But this is only the start. As we see more and more users joining the ClearScore family, we’ll be adding more and more features for you to enjoy. From mobile apps, Timeline and Coaching plans, to a wider range of personalised offers to help save you money – watch this space.

Happy checking your credit score and report, for free, forever!

Justin Basini

CEO and Co-Founder, ClearScore

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