LOQBOX & CLEARSCORE LAUNCH FIRST APP INTEGRATION FOR FINANCIALLY EXCLUDED
Jul 20, 2021
Financial exclusion impacts billions of people around the world, including younger people
who are thin file* or new to credit. As the UK economy works hard to bounce back from the
pandemic, British lenders are now expecting a rise in unsecured lending. As more people
apply for credit, inevitably, more people will be declined.
LOQBOX and ClearScore have partnered to help UK consumers build a credit history,
support them in getting a head start on credit and secure a responsible financial future.
The integration of the multi award winning service, LOQBOX into ClearScore Build is a world
first and will help hundreds of thousands of UK consumers. ClearScore x LOQBOX will allow
customers to view their credit-building progress, learn how to build a healthy credit score
and receive updates all in one place.
Co-Founder and Co-CEO of LOQBOX, Gregor Mowat commented: "This world-first
partnership and integration is a huge step towards ending financial exclusion. Certainly,
since the pandemic, we have seen more and more young people who have suffered from a
poor or non-existent credit score, preventing them from participating fairly in the financial
world. We believe ClearScore x LOQBOX will help thousands of people who want to get a
head start on building a credit history and to eventually become financially included”.
Co-Founder and CEO of ClearScore UK, Justin Basini said: "We are very excited about
ClearScore x LOQBOX which is designed to help everyone, no matter what their
circumstances, achieve greater financial wellbeing. We!ve always helped our users to
improve their credit report and score but we wanted to go further. The reality for millions of
people is that they are locked out of mainstream credit products, either because they don!t
have any credit history or have made some mistakes in the past”.
For LOQBOX members who successfully completed a 6 month period, their credit scores
went up by 34 points on average. Members then go on to perform better than their peers
with traditional credit products and in turn are rewarded by saving thousands of pounds over
their financial lives.
Co-Founder and Co-CEO of LOQBOX, Tom Eyre commented: "We wanted to work with
ClearScore to provide a way that a person could simply and easily, without traditional
borrowing, actually prove in a relatively short period of time that they were credit worthy and
build a better future. We are proud to partner with ClearScore on Build and look forward to
helping thousands more people to become financially included”.
Find out more about ClearScore x LOQBOX at ClearScore’s annual showcase of new
innovations, streaming live on Vimeo at 3:30pm BST, Wednesday 21st July 2021:
*A "thin file” refers to the credit report of someone with little or no credit history. Consumers who are just starting out and may never have taken out a loan or had a credit card are said to have thin files.
Get in touch
Katy Ringsdore - Head of Media Relations