Credit check and monitoring services are becoming increasingly popular. Mintel’s research shows that people are now more likely to check their credit score than not. Consumers, especially Millennials, are increasingly interested in using their personal data to help make positive decisions. Looking ahead, open banking has the scope to make credit score services an integral part of day-to-day finances, rather than being regarded as a stand-alone service.
New brands, including Noddle and ClearScore, have had a dramatic impact on the market in recent years. ClearScore, in particular, has caused significant disruption after gaining more than 7 million users in three and a half years. These free online services have shifted consumer expectations about paying to access credit score data. Traditional subscriptions models are under pressure as companies focus on raising revenues through credit matching, lead generation, and partnerships.
Providers are also looking at possible mergers and acquisitions. Experian attempted to purchase ClearScore in 2018. The firms have since been forced to abandon these plans after signals that they would not receive regulatory approval, due to concerns about competition.
This Report examines consumer use of credit check services. It looks at wider issues such as the demand for credit, and data security. The main providers are considered in terms of consumer use, as well as examining their broader strategies and innovation in the market. Mintel’s exclusive consumer research explores the prompts and barriers to using credit check services, what could convince people to pay for premium subscription services, and broader attitudes towards credit monitoring.
Products covered in this Report
For the purposes of this Report, the terms “credit scoring” and “credit monitoring” are used interchangeably to describe the services people use to access information about their credit score and credit history.
This Report focuses on consumer use of credit monitoring services, rather than B2B (Business-to-Business) services. It does not look at the role of credit references agencies in detail but instead focuses on consumer-facing brands and providers.
