Financial exclusion impacts billions of people around the world, including younger people new to credit. As the economy works hard to starts to recover from the pandemic, British lenders are expecting a rise in unsecured lending. Still, with more people applying for credit, inevitably, more people will be declined. Now Bristol-based fintech LOQBOX and ClearScore have partnered to help UK consumers who may have poor credit. They’ll build their history, get support in getting a step up with their credit and secure a responsible financial future.
The integration of LOQBOX into ClearScore Build is a world first. It will help hundreds of thousands of UK consumers who may have poor credit. ClearScore x LOQBOX will allow customers to see 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 poor or non-existent credit scores. It prevents 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”.
Improving Credit History
For LOQBOX members who successfully completed six months, their credit scores went up by 34 points on average. Members then perform better than their peers with traditional credit products and are rewarded by saving thousands of pounds in fees 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 creditworthy 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”.