Experian to buy Clearscore

[Deleted User]
[Deleted User] Posts: 0 Newbie
in Credit file & ratings
Could this mean no more free credit reports from them?

It's also strange that it's not Equifax, whom Clearscore poll their data from?

https://clearscore.com/blog/clearscore-to-be-acquired-by-experian
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Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    It's still be free - but the move suggests they will use Experian data rather than Equifax, which would make them a direct competitor to the MSE Credit Club.

    Equifax have not had a good year...
  • RG2015
    RG2015 Posts: 5,904 Forumite
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    edited 15 March 2018 at 1:00PM
    Very interesting although the wording is curious.

    "Earlier today we announced that we intend to be acquired by Experian."

    Here's some more information

    https://www.reuters.com/article/us-clearscore-m-a-experian/credit-data-firm-experian-to-buy-fintech-clearscore-for-275-million-pounds-idUSKCN1GR17M

    https://www.ft.com/content/0aadd96e-2839-11e8-b27e-cc62a39d57a0
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Indeed - interesting.

    So no more free reports from Equifax presumably?

    Unless MSE fancies a change of provider - or taking on an additional :)

    More info: https://www.ft.com/content/0aadd96e-2839-11e8-b27e-cc62a39d57a0

    "Experian, the credit data company, is snapping up the millennial-focused fintech group ClearScore for £275m in a move to capitalise on the start-up!!!8217;s success in matching members lured by its free membership model with financial products providers that pay it a fee."
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    It looks like they're keeping the brands split as well:

    http://www.experianplc.com/media/news/2018/experian-agrees-to-acquire-clearscore/

    "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!!!8217;s broad data assets, analytical capabilities and distribution, while Experian will benefit from ClearScore!!!8217;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."
  • RG2015
    RG2015 Posts: 5,904 Forumite
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    !!! wrote: »
    Indeed - interesting.

    So no more free reports from Equifax presumably?

    Unless MSE fancies a change of provider - or taking on an additional :)

    More info: https://www.ft.com/content/0aadd96e-2839-11e8-b27e-cc62a39d57a0

    "Experian, the credit data company, is snapping up the millennial-focused fintech group ClearScore for £275m in a move to capitalise on the start-up!!!8217;s success in matching members lured by its free membership model with financial products providers that pay it a fee."
    I was one of the hacked so I have free access to Equifax reports which can be updated daily if I want. One of the silver linings in the Equifax cloud and I didn't need to submit any new personal data to get it.

    Therefore I wouldn't miss Clearscore for Equifax in the short term (at least one. maybe two years).

    It is surprising though that the content differs so much between Equifax and Experian.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    RG2015 wrote: »
    It is surprising though that the content differs so much between Equifax and Experian.

    Which content are you referring to?
  • RG2015
    RG2015 Posts: 5,904 Forumite
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    !!! wrote: »
    Which content are you referring to?
    I was really just thinking about third party searches. I would have expected hard searches to appear on both but in the main they just appear on Experian.

    The data on my credit accounts and personal information such as electoral roll is consistent across all three CRAs.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Experian is still the most used CRAs amongst lenders, although they all go in and out of fashion.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    It depends which CRA the creditor reports to.
  • Superscrooge
    Superscrooge Posts: 1,171 Forumite
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    I've also got the email today.

    I notice they are vague about which credit file you will be able to access in the future, just stating You will always be able to see your credit report and score for free, forever with ClearScore .

    Presumably they will be switching to giving access to Experian credit files rather than Equifax?
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