For new customers, we’ll perform a soft credit check to help us assess your application for a Clearpay account. These checks help guide your starting spend limit.
A soft credit check, also known as a soft enquiry, is not visible to other lenders and will not impact your credit score, for more information see here.
Will a low credit score mean that I’ll receive a lower spend limit?
Not necessarily. A low credit score won’t automatically result in a lower spend limit and having a high credit score doesn’t guarantee a higher spend limit either. We consider your credit score along with several other factors when determining your spend limit.
Will Clearpay be sharing my information with credit reference agencies (CRA)?
We do not report your Clearpay account activity or repayment history to the CRAs. This means your Clearpay account will not be visible to other lenders on your credit report.
However in order to obtain your credit report data we do share your personal information with the credit reference agency. This is a standard practice to help us make responsible lending decisions and is outlined in our Privacy Policy.
What if the information on my credit report is incorrect?
It’s important to ensure that the information on your credit report is correct. You can request a free copy of your credit report every 90 days and correct any mistakes directly with the credit reference agency.
Understanding your credit report can help you make more informed financial decisions. To get started, visit the Contact us page on TransUnion's website.