Experian, a consumer credit reporting agency based in Ireland, has signed an agreement to buy ClearScore for £275m.
The provision of deal also includes unspecified earnout based on future performance of the acquired business.
UK-based ClearScore offers free credit reports, scores and personal financial education, both online and through mobile devices.
The acquired firm helps consumers avail personal financial products and offers such as credit cards, loans, mortgages, car loans and other services. It serves more than 6 million members in the UK through its free membership model.
Experian CEO Brian Cassin said: “In acquiring ClearScore, we will take another important step in our strategy to extend the services we provide to UK consumers.
“Our goal is to provide more choice and greater convenience to individuals who want access to personal financial products at the best prices, while also making it easier for credit providers to offer better, more tailored offers to consumers. We look forward to welcoming the ClearScore team to Experian and to including the ClearScore brand as part of our broader offer.”
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Experian noted that the acquisition of ClearScore will integrate two UK consumer brands while bringing together two businesses with complementary assets and skills to improve outcomes for consumers.
Pending receipt of approval by the Competition & Markets Authority and the Financial Conduct Authority, the transaction is slated to conclude later in 2018.
Upon completion of transaction, ClearScore will be included within Experian’s UK Consumer Services.