ClearScore has launched a new pre-approval feature in Canada aimed at reducing uncertainty for consumers applying for credit.
The global credit marketplace said the new offering allows users to see which loans or credit cards they have been pre-approved for before submitting a formal application, helping avoid unnecessary declines and potential damage to credit scores.
The launch comes as many Canadians struggle to access credit. A TransUnion study cited by ClearScore found that 87 per cent of Canadians believe access to credit is essential to achieving financial goals, yet 52 per cent feel they do not have adequate access. The application process itself can also be daunting, with lengthy forms, approval delays, and the risk that a declined application will negatively affect future borrowing.
ClearScore’s pre-approved marketplace is built on direct integrations with lenders, allowing users to view guaranteed rates, credit limits, and loan amounts without triggering a hard credit check. As long as applicants pass standard fraud and affordability checks and provide accurate information, they will receive the credit they were pre-approved for.
“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.”
Lenders including Fig and Karoo are among the first to partner with ClearScore on the new feature. The company says the move reflects a broader shift toward more transparent, consumer-centric credit products in Canada’s financial services market.
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