Consumer Granted Access To Credit Scores Via New App

A latest extension has been introduced by a top financial lender that is located in Canada, the addition was made to its banking sector and it will give consumers an opportunity to have smooth access to their credit scores, whenever and however they want.

Equifax Canada and fintech Borrowell will be teaming up with CIBC as announced, mentioning that the customers who have the CIBC Mobile Banking App can now have access to their Equifax credit scores in a secure manner. The apps will be updated every quarter.

The virtual platform of Borrowell would be used by the app and also get rid of any unimportant information from credit bureau data combined by Equifax. At first, it would only be available on mobile, it will eventually be available online for all customers of CIBC to have access , towards the end of this year. The introduction of this platform came about when a survey made by CIBC came back in response of 69 per cent of Canadians having no idea of their credit scores and 45 per cent who have no idea of how to get their credit scores.

The officials from CIBC noted that the platform’s forte is in the meticulousness of the data it provides to user as it highlights the issues that has an impact on specific credit score, together with instructions on how to make it better.

Senior Vice President Aayaz Pira 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.”

CIBC’s vice president, Bijal Patel of the retail and business banking said; “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. 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 adviser to help them achieve their goals.”

The manufacture of the platform guaranteed that the Free Credit Score services is thought to be a “soft” credit analysis that will affect the total score credit of a client in a negative way. The info from CIBC showed that about 49 per cent of consumers in Canada assumed that having their scores looked at will result to negative consequences on their credit.