What is Cleo's credit score feature?
It’s a way to check your credit score and get your full credit report directly on the Cleo App. Your full report comes with reasons explaining your score and next steps for managing your money in a way that can help improve it. And it’s written for everyday humans, so you won't need to Google loads of financial terms to make it make sense.
Is that it?
Actually, there’s more! Cleo will show you a score simulator, which explains exactly what your score means in terms of interest rates, mortgages etc. She'll also give you regular tracking updates on your credit score, so you can see what exactly is hurting or helping your score. Cleo can also help suggest habits worth changing to help bring you (and your credit score) up.
How do I get it?
You can access the credit score feature if you have either a Plus or Builder subscription. Type “credit score” in Cleo, and go through Equifax’s identity verification process. It’s pretty simple and should only take 10 minutes. You should make sure to have your financial documents handy while you do this (Cleo will remind you of this)
Cleo and Equifax ask a bunch of questions about things like what loans you have and other financial stuff. After that, you get your credit report, which outlines the reasons for your score and next steps in non-jargon speak.
How are you able to do this?
Through a partnership with Equifax.
Why should I care about my score?
‘Cause this is your (financial) future! And keeping an eye on your score is the first step to reaching some big ticket dreams that a lot of us have: credit cards, houses, car loans… the list goes on.
Does checking hurt my score?
Nope. Cleo does a soft check, which won’t cost points. The other kind (called a “hard check”) is typically only done when you’ve applied for a loan with lenders, like banks.
Why check with Cleo?
A few reasons. Cleo doesn’t sell your data, unlike ~other~ credit checking companies. Plus, Cleo is already pretty well-equipped to help you with things that can affect your score — stuff like managing timely bill payments, which can be a huge factor for credit scores.
Does this affect whether or not I can get a cash advance?
Nope. Cash advance eligibility looks at different factors.
So can all Cleo users do this?
The credit score feature is available for US users.