Good news for CIBC customers, they now have the chance to have their credit score updated quarterly for no cost at all, allowing them to have a much better perception into their ability on how they can be able to get a mortgage or other credit.
The lender also included the capability to its banking app for phones in a partnership with fintech firm Borrowell and Equifax Canada. It keeps an eye on CIBC’s research which indicated that 69 per cent of Canadians have no idea of their credit score and 45 per cent not knowing where they can find their credit score.
Aayaz Pira, the Senior Vice President of CIBC Digital, Retail and Business Banking said; “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. 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.” As the credit score facility provided is a ‘soft inquiry’, this means it won’t have any negative impact on the credit score.