Two years ago, Luke Bailey introduced a unique concept that sparked debate -- a dating app named Score, aimed at individuals with good to excellent credit ratings.
Debuting just ahead of Valentine's Day, the app mandated users to possess a credit score of no less than 675 for registration. Bailey envisioned this platform as a means to foster discussions about personal finances, a topic that many find challenging to address.
"Over fifty percent of individuals cite a partner's debt as a potential reason for divorce," Bailey remarked. "Financial compatibility is a crucial aspect of relationships, yet no dating service has tackled it head-on."
While the app faced criticism and was labeled as classist by some for its financial criteria, its popularity exceeded expectations. Initially intended to run for just 90 days, Score attracted 50,000 users and gained international media attention, prompting Bailey to extend its availability for six months.
However, the app was eventually discontinued, returning the dating landscape to its usual state -- until recently.
Bailey has announced the permanent return of Score, stating, "Our goal was to weave financial responsibility into the fabric of love. When we ceased operations, we anticipated the dialogue would continue, but it did not."
People expressed curiosity about the app's closure, with academics even reaching out to examine its societal impact. "It became evident that this was more than just a fleeting trend; it resonated with an ongoing issue in relationship dynamics," he explained.
This new iteration of Score will be accessible on the iOS App Store, unlike its predecessor which was solely a mobile app due to its rapid development. Bailey emphasized that the updated version would be more inclusive, incorporating feedback that the previous model was too exclusive. "Now, everyone can participate."
Score will feature two tiers: a basic level that requires no ID or credit verification, allowing anyone to browse and connect, and a verified tier where users must confirm their identity and credit score to access premium benefits. The app will utilize Equifax for verification purposes, ensuring that users consent to this process. Notably, it performs a soft credit pull, which does not affect credit scores.
"We don't retain complete credit reports or sensitive personal data. We only verify that individuals meet the Verified criteria," he clarified.
The verified plan offers functionalities that enable users to discover nearby members, see who has saved their profile, send video introductions to potential matches, and initiate conversations before receiving a response.
Bailey remains optimistic about the use of credit scores, viewing them as indicators of reliability rather than wealth. "Banks seek the same qualities in clients as we do in relationships -- consistency and dependability," he stated. "While dating apps track attrition, we focus on both attrition and accountability."
He assured that the app does not store sensitive information, does not sell personal data, and employs robust encryption for security.
The previous version of Score gathered valuable insights about its users, revealing how different generations are influenced by economic factors. For instance, it discovered that millennial men had credit scores approximately 11% higher than their female counterparts, while for Gen Z, the discrepancy was only 3%.
"We will monitor how this data evolves," he mentioned.
The initial Score was limited to the U.S., but this time, the company aims for global outreach, beginning with Canada. Bailey hinted at potential partnerships in the future.
"Financial behaviors are strong indicators of life stability," he concluded. "We believe that compatibility algorithms should reflect this reality."