ClearScore teams up with Oakbrook for debt consolidation loans

Since 2016, Oakbrook’s debt consolidation loans have been available to eligible borrowers through ClearScore’s marketplace. By expanding their collaboration and integrating ClearScore’s Clearer technology, the two companies aim to allow loans to come with a direct settlement option, where outstanding debts are paid to creditors on the borrower's behalf.

ClearScore’s Clearer technology

ClearScore’s newly introduced Clearer technology was developed with the support of funding received from Fair4All Finance from 2024, and, compared to traditional offerings, it enables direct settlement of consumer debts, thus mitigating the risk that the funds will not be leveraged to pay off existing credit cards and loans.

Currently, the technology is utilised on the ClearScore marketplace, with it being expected to be white labelled for third-party online marketplaces and rolled out in lenders’ direct channels later in 2025. By including Oakbrook, ClearScore seeks to scale the volume of debt consolidation loans available to its users.

Furthermore, commenting on the move, representatives from ClearScore emphasised that Oakbrook is set to support their company in scaling debt consolidation loan options and minimise interest rates paid by customers. In turn, this will help borrowers, including individuals in financially vulnerable circumstances. According to ClearScore, initial results from the pilot phase of Clearer have proved encouraging, with the technology yielding lower annualised default rates than expected based on traditional credit scores. At the same time, it showcased that lenders could issue more loans by optimising affordability and could deliver improved interest rates across debt consolidation loans. Total loss rates can be diminished, plus direct settlement of debt supports lenders in complying with Consumer Duty regulations.

ClearScore is committed to simplifying how lenders integrate with its platform through a single API, allowing them to deliver Clearer efficiently within weeks. Additionally, the technology encrypts data at the point of collection with an automated solution, utilising bureau data to surface existing debts, which reduces user input and error.