ClearScore has strengthened its partnership with Oakbrook to expand access to debt consolidation loans that directly settle consumer debts with creditors.
Oakbrook’s personal loans have been featured on the ClearScore marketplace since 2016. Under the extended collaboration, the companies will integrate ClearScore’s proprietary Clearer technology, allowing loans to be issued with a ‘direct settlement’ feature.
The Clearer technology was developed with support from Fair4All Finance, which provided funding to ClearScore in 2024. Unlike traditional debt consolidation loans, Clearer removes the risk of misuse by automating the repayment process, sending funds directly to the borrower’s outstanding credit cards or loans. This feature also helps lenders improve affordability calculations, which can broaden access to credit and offer better interest rates to borrowers.
ClearScore’s COO Andy Sleigh said: “Oakbrook is a longstanding partner to ClearScore and we are excited to extend that partnership to include debt consolidation loans via Clearer, our direct settlement technology. Oakbrook will help us significantly expand debt consolidation loan options and reduce interest rates paid by our users. Ultimately, this will help thousands of borrowers, including people in financially vulnerable circumstances.”
Oakbrook head of marketing Claire Smith added: “We are delighted to help ClearScore scale debt consolidation loans which could save people a significant amount in their monthly repayments. ClearScore’s cutting edge technology for directly settling consumer debts allows us to offer loans to people who might otherwise be excluded from mainstream lending products. We plan to scale our lending in this space as a result.”
During its pilot phase, Clearer delivered stronger than expected results, with lower annualised default rates compared to conventional credit scoring methods, it claimed.
ClearScore, founded in 2015, has grown into a major FinTech platform, now serving more than 24 million users across the UK, South Africa, Australia, Canada, and New Zealand. The company works with over 200 financial institutions globally, matching users with suitable financial products through its data-driven marketplace.
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