UK-based credit score and reports provider ClearScore has announced its partnership with StepChange to improve the way customers manage their finances. Following this collaboration, users of ClearScore will be given the possibility to access budgeting tips, as well as debt advice early in the repayment process.

This will allow customers to improve their financial management before the debt might become challenging. The company’s solutions will identify situations where clients experience problems with the repayment process or have general issues with their debt. The deal between the two companies also focuses on the large proportion of the UK population that is struggling to keep up with its debt problem, based on the latest research done by StepChange.

The numbers represent a concern, as inflation is still rising and there is a risk of more and more customers becoming susceptible to long-term debt issues. Throughout the procedure, ClearScore will direct users to StepChange’s `Money Health Check` service. This will give them the opportunity to find new ways to deal with their problems.

They also can benefit from its tools to be referred for budgeting and full debt advice, depending on the situation customers might be in at the moment. The provided advice will be free, and the customers will be able to access it online or via phone. Furthermore, clients of ClearScore will also be able to use StepChange’s range of content that was designed to give them information on debt, such as dealing with persistent debt, as well as how the advice or tips received can affect credit scores.

This aims to offer users a deeper understanding of their situation and how they can use the information in their process of becoming debt-free in a faster and more secure way. ClearScore’s strategy of development The UK-based financial marketplace gives individuals the needed services to access and save money on credit cards, car finance, and loans. Its application was designed with client-controlled data, as well as a technology stack that delivers retail financial products around the world.

In January of 2023, ClearScore launched a B2B business unit to offer UK lenders comprehensive Open Banking connectivity, as well as transaction categorisation intelligence. D•One was designed to allow ClearScore the possibility to give its wide range of financial partners (such as credit card providers and banks in the UK) a way to accelerate customers’ bank data into mainstream lending. The product was built on the Group’s acquisition of Money Dashboard, which was closed in early 2022.

Following the launch, lenders were able to leverage these key indicators to identify less risky potential borrowers. They were allowed to increase their addressable market by differentiating good borrowers from those that may otherwise have been declined, based on their credit score data and information alone. In 2022, the company partnered with UK-based digital bank Zopa to unveil a new cross-industry initiative in order to strengthen consumer finances.

It focused on four main areas, savings, credit building, debt consolidation, and utility marketplaces. .