Loqbox has announced its partnership with ClearScore in order to launch embedded support for declined credit applicants and improve their financial prospects.
Following this announcement, the initiative builds on the company’s existing partnership, and it will incorporate ClearScore’s recently launched Embedded Finance proposition, which was developed in order to provide personalised credit offers for credit cards and loans.
In addition, Loqbox is now linked to the credit marketplace, so when a user is declined for credit, they are immediately offered an alternative. This process aims to give them a practical way to build their credit profile, improve eligibility for future products, and strengthen long-term financial resilience. Both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on the Loqbox x ClearScore partnership
According to the official press release, the referral is expected to enable users to discover and start using Loqbox’s tools at the point they most need support. At the same time, this new launch builds on Loqbox’s collaboration with ClearScore, which was established through earlier credit-building initiatives, while also prioritising the process of laying the groundwork for future developments, including optimised data sharing and performance.
The launch comes at a time when the cost-of-living crisis is leaving several individuals excluded from the mainstream credit landscape. This process, alongside the rising household costs, higher interest rates, and tighter lending rules, means that even financially responsible users may struggle to meet lenders’ affordability checks, making access to credit increasingly challenging. With this in mind, through the process of providing a clear next step at the moment it’s needed, the initiative aims to give people practical and secure tools to build their credit score and improve their financial future.
