CIBC Leverages Borrowell Platform to Offer Free Mobile Credit Score

CIBC is  working with fintech startup Borrowell and Equifax Canada to provide Canadians free access to their educational credit score through mobile banking, a first for a major Canadian bank.

Available through the CIBC Mobile Banking App, clients can access their Equifax credit score, which will be updated quarterly. They will also have access to information on factors that affect a credit score and 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,” says Aayaz Pira, Senior Vice President, CIBC Digital, Retail and Business Banking. “With a simple tap on their mobile banking app, clients can easily access their credit score, allowing them to have a full-picture of their overall credit health, and better control of their finances.”

Recent CIBC research reveals that 69% of Canadians don’t know their credit score, while 45% don’t even know how to obtain it.

Using Borrowell’s online platform drawing on credit bureau data compiled by Equifax, CIBC’s safe and secure Free Credit Score service is considered a “soft” credit inquiry, meaning it won’t negatively impact a client’s overall score.

“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,” says Bijal Patel, Executive Vice President, Products, Retail & Business Banking, CIBC. “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.”

This is not the first time CIBC has leveraged Borrwell; last year, they partnered to offer one-click, next-day loans online.

Borrwell, launched in Toronto in 2015, has been offering Canadians free credit score access through their platform since last June.