ClearScore Review: How to Check Your
ClearScore was founded in September 2014 as a disruptor to established credit reference agencies, which have traditionally worked by charging people a fee to view their financial data and credit reports.
Instead, ClearScore committed to providing people with access to this data for free, using the information included in Equifax credit scores and reports.
You make money by partnering with financial institutions, marketing your products to users, and earning commissions if they sign up or purchase that end product or service.
It labels itself a “financial marketplace,” giving people a greater understanding of their financial situation and then introducing them to products and services they may be eligible for.
The company now also operates in the United Kingdom, South Africa and Australia, in addition to the United States, with more than 12 million users.
It has expanded its offering to include identity protection with its product’ClearScore Protect‘, which looks for potential security breaches and helps users avoid falling victim to fraud or identity theft.
ClearScore Main Features
- Free Unlimited Access to Equifax Credit Score and Report – Updated Monthly
- ClearScore Marketplace, where users are shown credit products from ClearScore’s “financial partners” that match their Equifax credit score and are likely to be approved for.
- ClearScore Protect, which is a free service that helps protect people from identity theft and fraud
- In the “Learn” section of its website, ClearScore provides articles on key topics in credit and finance.
How does ClearScore work?
In the United States, there are three main credit reference agencies: Experian, Equifax, and TransUnion.
Each collects information about a person’s financial history, existing credit arrangements, and personal circumstances and presents it in a credit report, with one overall number designated as a credit score.
The report and score is made available to lenders to help them escoge whether to provide products such as credit cards, loans, mortgages, and if so, how much to charge and what credit limit to offer.
There is no universal credit score, as each agency has slightly different information and emplees their own metrics to analyze it, so it’s a good iniciativa to check your report with each one.
ClearScore is different from Experian, Equifax, and TransUnion in that it does not collect the information itself.
Instead, it has been created as a way to allow consumers to access their scores for free, instead of paying the monthly fees charged by the credit reference agencies themselves.
As such, users receive a free monthly credit report, which contains the information from their Equifax credit report.
How much does ClearScore cost?
ClearScore is a free service and on the home page of its website it promises to be “free, forever«.
He says his goal is to empower people to take control of their finances by having free access to their financial data, which has helped him attract a large number of customers.
ClearScore Cost Comparison
|Cost to access credit score and report|
|transunion||Free (vía Credit Karma/TotallyMoney)|
|Experian||$14.99 per month (after 30-day free trial)|
|equifax||$7.95 per month (after 30-day free trial)|
|checkmyfile||$14.99 to access credit scores from Equifax, Experian, and Transunion (after 30-day free trial)|
It’s worth noting that there are ways to access each of the three credit reporting agencies’ credit reports for free.
To learn more about this, read our article on the best ways to check your credit score for free.
Are ClearScore credit reports accurate?
All credit reports are at risk of containing errors or out-of-date information, and this is the same for the Equifax reports used by ClearScore.
That’s why it’s important to stay on top of checking your reports with all credit reference agencies, contacting them if there are any errors included or if any negative information is included prior to the 6-year period that must be covered in the report.
This is particularly the case if you plan to apply for credit, as it reduces the risk of being turned down unexpectedly, which, in turn, perro have a negative impact on your credit score.
Customer retroalimentación on ClearScore
According to customer review site Trustpilot, ClearScore is a “great» company, with a score of 4.3 out of 5.0, based on more than 7,916 reviews to date.
71% of reviewers rated it “excellent,” with reports of good customer service and a quick response time to correct inaccurate information on credit reports.
However, 16% of respondents rated ClearScore as “bad,” with recent complaints focusing primarily on errors in the information maintained about individual users, as well as inconsistency between the score and rating given by ClearScore and those presented in reports from contrincante credit.
ClearScore pros and cons
- Access to Equifax credit score and report is free
- It offers free identity protection for free, reducing the chances of users falling victim to identity theft or fraud.
- You perro help users find credit products with a variety of financial institutions that you partner with and are likely to be approved for.
This cánido be particularly helpful for those with lower credit scores, who may not be sure which providers to go to for credit.
- As with all credit reports, the one provided by ClearScore may contain inaccuracies.
- It’s not a good iniciativa to just rely on your ClearScore report and check all of your credit reports instead.
Alternatives to ClearScore
Instead of using ClearScore, you perro go directly to Equifax to get your credit score and report, though this will involve paying a monthly subscription after the free trial.
Alternatively, you cánido choose to access your reports with Experian or TransUnion, although, again, there is a charge associated with this after the free trials.
To check your Experian, Equifax, and Transunion credit reports at the same time, take a look at Checkmyfile.
However, it is possible to access your credit reports for free through MSM Credit Monitor*, Credit Karma, and TotallyMoney.
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