As per the official press release, the proposition from ClearScore, named ‘Clearer’, allows direct settlement of consumer debts, thereby eliminating the risk that the funds are not used to pay off existing credit cards and loans. It is expected that rolling out this debt consolidation proposition at scale will expand access to loans, reduce interest rates paid by borrowers and reduce risk for lenders. Ultimately, this is intended to help many borrowers, including people in financially vulnerable circumstances.
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