Since the dawn of time, Canadians have have to pay just to view their credit scores. Annoying, huh? No longer—a local financial technology startup has given Canadians the ability to view their scores for free.
Borrowell’s latest service gives Canadians access to their Equifax credit score for free using a simple online form. The no-obligation service allows consumers to learn about their financial well being without having to apply for credit. Borrowell will also provide consumers with an updated score every three months, allowing them to track their progress.
“In talking to consumers every day, we came to realize that many Canadians don’t know their current credit score, or how to improve it,” said Andrew Graham, CEO, Borrowell. “The reality is that lenders across the country use credit scores to decide who qualifies for loans and at what price. By providing Canadians with their scores and educational resources on how to improve them, Canadians will have better options when it comes to accessing credit.”
According to a 2015 recent survey published by BMO Bank of Montreal, approximately 56 percent of Canadians said they have never checked their credit score, and only 14 percent check at least once a year.
“We’re excited to partner with Borrowell to bring this game-changing financial service to Canadians,” said Chris Briggs, Chief Marketing Officer, Equifax Canada. “Accessing a credit score can be an important first step for a consumer on his or her financial journey – in helping them better understand their personal financial situation.”
Borrowell launched in Toronto in March 2015. The company has raised a total of $12 million CAD.