A major financial body based in Canada has kick started a new branch to its banking platform that will provide users easy access to their credit scores at any moment and anywhere.
CIBC, in partnership with Fintech Borrowell and Equifax Canada, released information, stating that users who possess the CIBC Mobile Banking App are now able to safely access their Equifax credit scores, which will be updated regularly.
The app will utilize Borrowell’s online platform and select the important information from credit bureau data gathered by Equifax. First accessible only on mobile, the service will be accessible online for all CIBC users towards the end of the year.
The platform was made following the new numbers gathered by CIBC, which discovered that about two-thirds (69 per cent) of Canadians have no knowledge about their credit scores and 45 per cent have no idea where to take their credit scores.
CIBC envoys stated that the platform’s aptitude lies in the accuracy of the information it makes available, as it highlights the factors that upset a peculiar credit score along with information on how to make it better.
“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.
“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 adviser to help them achieve their goals.”