Experian CreditMatcher: Free Experian Credit Score for Life
Experian CreditMatcher was announced on the 7th September 2016. The UK’s largest credit reference agency has followed in the footsteps of CallCredit and Equifax in offering free lifetime data. This will supplement their comprehensive service (CreditExpert) that itself can be obtained at no cost on a 30 day trial, but from here on kicks in the £14.99 monthly fee. For those who haven’t yet taken advantage of the trial, we’d fully recommend doing this. One thing to address with CreditMatcher is that the Experian credit score may be made available, but this is only updated monthly whereas CreditExpert is updated daily. As well as this, you receive alerts, detailed reporting plus identity fraud insurance.
This insurance actually makes up £6.40 of the total £14.99 monthly charge. CreditMatcher’s service is promoted (and the login is served) on a subdomain of www.experian.co.uk rather than CreditExpert’s site. You will receive that all important score between 0 and 999 (as noted updated monthly rather than daily). The problem at hand is that you won’t be fed the information on just what could be scoring you down. The comprehensive service does just this, at the same time alerting you to any changes as they take place. It makes sense that they’d choose to keep CreditExpert as their primary focus. This has been the most successful credit report by far over the years.
Perhaps more bells and whistles will be added in time. It will be important to initially test the waters with this new product. As was noted, £6.40 of the £14.99 covers insurance and so they don’t make that much money per customer once the billing period arrives. CreditMatcher functions in the matching of products based on your scoring. If a user goes on to apply with any such recommendation and be accepted then Experian will earn a commission. For a credit card this would typically generate between £20 and £30. They could even earn £250 or possibly more for successfully referring a loan. As you can see, there is money to be made in the freebie approach.
CallCredit were the guys that got to the market first through Noddle that was introduced in 2011. Equifax have been represented by ClearScore since July 2015. ClearScore is an independent company, formed by ex-Googler Dan Cobley. This has been a hit success attracting a reported 10,000 new registrations daily. Both ClearScore/Noddle are again relying on affiliate commissions based on recommendations. CallCredit and Equifax have no doubt inspired Experian to develop their own project on www.experian.co.uk. Just remember that the data collected and shown across all 3 will differ and so it makes sense to sample each of them. However, for those serious about boosting their financial outlook a premium solution on trial would be the wise choice.