In a time when the UK relies on key workers to keep the country running, many of these professionals have seen the credit offerings available to them reduced, which is something ClearScore hopes to change with its new initiative.
The credit score and credit marketplace has announced the launch of its Credit For Key Workers initiative. The project is designed to support the financial needs of Britain’s key workers.
ClearScore said it has been hard at work with its lending partners to develop exclusive and discounted-rate products that will be available on ClearScore’s credit marketplace for people who can verify that they are employed in key worker sectors.
The company added that this move comes on the back of many credit lenders withdrawing products from the market. The result of this has been that the average person in the UK now has access to 59% fewer credit products than before the start of the crisis.
“Since the 15th March, we have seen credit being withdrawn from the market by lenders without taking into account the differences between key workers and the rest of the population,” said Justin Basini, CEO and co-founder of ClearScore. “These key workers are supporting us all through the COVID-19 crisis, and yet our data shows that credit is being withheld at a time when the demand has increased.
“With the additional data about employment status, we have seen a number of lenders develop specific products for key workers and we expect many more to come to the table in the coming weeks. This will make a real difference to some of the heroes on the frontline of the nation’s fight against COVID-19.”
Jaidev Janardana, CEO of challenger bank Zopa, added, “We at Zopa are delighted to be able to support key workers as part of this new initiative from ClearScore. Whilst we will of course still be making credit decisions using the data available on people’s credit reports, the additional information we are receiving from ClearScore on individuals’ employment status will help us lend to more key workers in the coming weeks. This will inevitably relieve the financial burden experienced by many key workers at this time, and we’re proud to play a role in helping society’s most valuable workers with their finances.”
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