A leading Canada-based financial institution has inaugurated a new extension to its banking platform that will allow consumers easy access to their credit scores anytime, anywhere.
CIBC, in collaboration with fintech Borrowell and Equifax Canada, announced that users who have the CIBC Mobile Banking App can now securely access their Equifax credit scores, which will be updated quarterly.
The app will use Borrowell’s online platform and cull the relevant information from credit bureau data compiled by Equifax. Initially available exclusively on mobile, the service will be available online for all CIBC clients later this year.
The platform was created in response to recent numbers collected by CIBC, which found that over two-thirds (69 per cent) of Canadians do not know their credit scores and 45 per cent do not have knowledge of where to acquire their credit scores.
CIBC officials stated that the platform’s strength lies in the thoroughness of the information it provides, as it outlines the factors that affect a particular credit score (along with advice on how to improve it).
“As we continue building a personalized digital banking experience for clients, we are also delivering technology that can help clients make informed financial decisions when, where and how they want,” CIBC Digital, Retail and Business Banking senior vice president Aayaz Pira said.
The platform’s creators assured that the Free Credit Score service is considered a “soft” credit inquiry that will not negatively impact a client’s overall score. CIBC data indicated that around 49 per cent of Canadian consumers believe that checking their scores will result in negative implications on their credit.
“Knowing your credit score is important, particularly if you’re planning to purchase a new home or car, or if you are new to Canada and working to establish your credit,” CIBC vice president (retail and business banking) Bijal Patel said. “Clients can better plan for the future by having an up-to-date view of their credit score and then start a conversation with an advisor to help them achieve their goals.”