ClearScore, a leading global credit marketplace, announced its pre-approval feature in Canada. The new offering shows users which loans or credit cards they’ve been pre-approved for before they apply, helping them avoid unnecessary declines and uncertainty.
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“By giving Canadians pre-approved offer details upfront, we’re putting control back in the hands of the consumer. Our Pre-Approved Marketplace delivers more transparency, more certainty, and a better, less stressful way to borrow.”
According to a TransUnion study, 87 per cent of Canadians believe access to credit is crucial for achieving their financial goals, but over half (52%) feel they don’t have sufficient access to these products. For many Canadians, the credit application process can feel overwhelming due to detailed forms, lengthy approval timelines, and the possibility of a declined application, as each application leaves a mark on credit reports. Through direct integrations with lenders, ClearScore’s marketplace features pre-approved credit offers, giving users certainty with guaranteed rates, credit limits and loan amounts, without harming credit scores. As long as the individual passes standard fraud and affordability checks, and the details they provided match, they’ll receive the loan or credit card.
“When you’re applying for credit, the fear of rejection can be overwhelming, especially when one application could affect your ability to borrow again,” said Justin Basini, Co-Founder and CEO of ClearScore. “By giving Canadians pre-approved offer details upfront, we’re putting control back in the hands of the consumer. Our Pre-Approved Marketplace delivers more transparency, more certainty, and a better, less stressful way to borrow.”
Lenders such as Fig and Karoo are taking the lead by partnering with ClearScore to offer these pre-approved products. This innovation sets a new industry standard that competitors are beginning to follow and reinforces ClearScore’s commitment to building a financial ecosystem that prioritizes user needs.
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