ClearScore Trust: Empowering consumers to make better lending decisions
Key points:
- ClearScore is launching a new feature for its Australian users: ClearScore Trust.
- ClearScore Trust helps users understand their chances of approval on their loan applications.
- The feature is currently available for personal loans and will soon include car loans, followed later by credit cards.
- ClearScore Trust is accessible through OurMoneyMarket, NOW Finance, Fair Go Finance and Money3, with more lenders to be announced soon.
ClearScore Trust is the latest innovative feature to emerge from ClearScore, which is transforming the way Australians search for loans.
The free feature provides consumers with an indication of the likelihood of their loan being approved, taking the stress out of potential rejected applications that can negatively impact their credit score.
ClearScore Australia Managing Director Lloyd Smith said: “We are delighted to announce the launch of ClearScore Trust. In line with our mission to empower Australians to make better credit decisions, this game-changing feature will give our users confidence when it comes to applying for credit.”
ClearScore Trust works through a combination of sophisticated algorithms and credit report data to indicate a user’s likelihood of approval on their loan application.
The estimate rating is demonstrated on a confidence indicator design, indicating ‘fair’, ‘good’ and ‘very good’ ratings for loan approval.
Although the ratings are not a guarantee of approval, they are intended to estimate the chances of a user’s loan application being approved.
By minimizing the risk of rejection, ClearScore helps people avoid any negative impact on their credit scores when applying for a loan.
ClearScore launched this feature to give the Australian consumer reassurance when applying for a loan.
“Gone are the days of having to apply for a loan and hope you might be approved – with the confidence of ClearScore, you’ll be able to know your likelihood of approval in advance without negatively impacting your credit score.” Our system uses data from your credit report, so it’s as easy as signing up and logging into your dashboard to see your chances of approval,” Smith said.
“As the only completely free personal lender in Australia, NOW Finance is proud to be part of ClearScore’s journey, helping to increase transparency and simplicity in the personal lending industry,” said David Norman, Chief Operating Officer at NOW Finance.
OurMoneyMarket CEO Adam Sutherland said:ClearScore is at the forefront of financial wellness in Australia and OurMoneyMarket is proud to be part of the journey”
Currently, ClearScore Trust is available to Australian consumers seeking personal loans on Our Money Market, NOW Finance, Fair Go Finance and Silver3.
However, ClearScore is adding more lenders in the coming months and plans to integrate functionality for auto loans within the next week.
With over 600,000 Australian users, ClearScore expects its latest feature to have far-reaching reach when it comes to empowering consumers seeking loans.
The launch of ClearScore Trust is just one of many exciting features set to roll out this year, as ClearScore aims to empower its Australian users to take control of their financial well-being.
“This is one of many steps we are taking at ClearScore to provide more transparency and financial control for Australians,” Mr Smith said.
About ClearScore
ClearScore’s goal is to empower consumers to take control of their financial well-being by providing free access to their credit report, score and open banking data.
With 15 million users worldwide and 600,000 of them in Australia, ClearScore has established a trusted brand, driven by an accessible platform that puts the power in the hands of the consumer.
For all media inquiries, please contact Lloyd Smith at [email protected] or +61 433 801 641.
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