Is ClearScore Accurate? Here’s What You Should Know

There are a lot of myths about checking your credit score. No, checking your credit score doesn’t hurt it. But, you know what is true about checking your credit score? It’s never as easy as it should be. If you’ve been looking for an easy way to check your credit score, you might have come across ClearScore.

ClearScore is a company that helps its users access their credit scores and reports. They draw this data from Equifax, one of the country's three major credit reference agencies (the others being Experian and TransUnion).

But, while checking your score on ClearScore is easy, it makes you wonder: is ClearScore accurate? Here, we’ll explain how accurate ClearScore is, what you should know about the data it uses, and how you can get a more certain understanding of your current creditworthiness.

How Does ClearScore Work?

ClearScore works as an intermediary between Equifax and the consumers, providing credit score data and reports in a way that’s user-friendly and easy to digest. However, the reliability of ClearScore’s data is entirely dependent on Equifax’s records.

Accessing your credit score and reports through ClearScore is straightforward. All you need to do is create a ClearScore account and verify it with basic personal details. Once your account is set up, you can access reports related to your credit history.

What does ClearScore Show?

Your ClearScore report gives you direct access to data from your Equifax credit file. Some of the main details you can find include:

Your credit history: Details about any loans, credit cards, or mortgages that you have.
Account statuses: You can take a look at whether your various accounts are currently open, closed, or settled.
Your payment history: ClearScore shows a record of how you’ve handled past payments, including any late or missed payments.
Financial associations: If you have any joint accounts, cards, loans, or mortgages you share with others, you’ll be able to see them in ClearScore.
Public records: Finally, any details of any County Court Judgments (CCJs), bankruptcies, or IVAs you have as a result of delinquent payments are typically visible in ClearScore.

What doesn’t ClearScore show?

The key thing to keep in mind is that ClearScore doesn’t transmit data from Experian and TransUnion. While the information used by each credit scoring agency is broadly similar, each agency may use data differently and calculate credit scores differently.

Why your credit score might differ across services

As we just mentioned, Equifax, Experian, and TransUnion use data from different sources. Plus, each agency has a different scoring model with different ranges for what they consider to be a bad credit score, a good credit score, and everything in between.

This is important to keep in mind because ClearScore always uses Equifax data, so your score may be different when measured by a different credit reference agency. So, if you apply for credit through a lender who uses a credit scoring model other than Equifax, your eligibility could vary. Additionally, some lenders use internal scoring systems. Put simply, your ClearScore credit score might not align with the score a lender uses to evaluate your creditworthiness.

It’s important to remember that any credit score discrepancies between lenders are the result of diversity in data rather than inaccuracy.

How accurate is ClearScore compared to what lenders use?

Lenders don’t use ClearScore’s reports directly. However, they might check Equifax data when they’re deciding whether you should get a loan. So, if the lender uses Equifax as their credit reference agency, they’ll be accessing the same data that ClearScore uses.

Remember, Equifax, Experian, and TransUnion each have proprietary scoring models and risk assessment criteria that they use in addition to traditional scoring data points like your payment history, debt, and ages of account. Therefore, each agency may weigh particular factors more heavily or consider information that you won’t find listed in your ClearScore report.

In some cases, your ClearScore rating can be high, but a lender might deny your application due to their specific lending policies or even your individual circumstances beyond just your credit score. The best thing you can do to ensure your chances of approval is to check your score from a variety of credit reference agencies to get a better understanding of your credit health.

Limitations of ClearScore’s data

ClearScore can be useful, but it does have a few limitations that you need to know about before using it.

Timeliness: ClearScore aims to update its data weekly. However, there can be delays in reporting certain transactions or payments. The problem here is that there might be discrepancies between your ClearScore report and your actual financial situation.

Data discrepancies: As we’ve mentioned throughout this article, there are typically data discrepancies between the UK’s main credit reference agencies. These differences might mean that your ClearScore rating doesn’t necessarily reflect your Experian or TransUnion rating.

Oversimplification: ClearScore is a very user-friendly platform, representing credit data visually with charts and graphs. What’s more, it mimics credit reference agencies and breaks down your score into ranges like "Excellent," "Good," or "Fair." However, while simplifying data like this makes it more accessible, it can lack the full nuance of credit reporting.

Is ClearScore a Reliable Tool for Monitoring Credit Health?

While ClearScore might not be the perfect credit reporting tool, it’s more than useful for keeping an eye on your credit health.

Overall, ClearScore is a free, convenient, and user-friendly way to see long-term trends in your credit score.

If you want to see the bigger picture of your credit score, you could consider an app like Pave. Here’s how Pave is different

See Equifax and TransUnion credit scoring data in the app (Pave is the only place to see two scores at once).
Pave’s bills monitoring feature goes beyond monitoring and protects your credit score
If your score isn’t where you want it to be, Pave’s credit-builder accounts can help you improve your score.

If you’re ready to take your credit score to the next level, download the Pave app to monitor, protect, and build your credit score!