Credit, Collections & Insolvency News
ClearScore provides free access to credit reports and scores and introduces consumers to personal financial products and offers which are best suited to their individual circumstances. These include offers for credit cards, loans, mortgages, car loans and other services. To date, ClearScore has enrolled over 6 million members in the UK through its free membership model.
The UK market for introducing consumers to financial products is large and is growing rapidly. Spend is also shifting rapidly to online channels as a more accessible and effective way to present offers to people seeking credit. Experian is uniquely placed for this evolution, with its best-in-class data, scores and analytics, which are used to determine a consumer’s eligibility and ability to afford a loan.
The acquisition of ClearScore will combine two well-known, high growth UK consumer brands, both of which will be retained. It will also bring together two businesses with complementary assets and skills to improve outcomes for consumers. We expect ClearScore to benefit from Experian’s broad data assets, analytical capabilities and distribution, while Experian will benefit from ClearScore’s skill in developing services which are appealing and easy to use, as well as an agile culture accomplished at keeping its membership engaged. In addition, ClearScore will help to accelerate our ambitions to provide services to consumers internationally, having recently launched a service in South Africa.
The purchase price is £275m, with an additional earnout potential contingent on achieving future financial performance. The transaction is subject to regulatory approval by the Competition & Markets Authority and the Financial Conduct Authority,