Borrowell and Equifax Canada Partner To Provide Canadians Free Access to Credit Scores

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Borrowell and Equifax Canada Release | Andrew Graham | June 20, 2016

Borrowell and Equifax Canada partner

Fintech company becomes first in Canada to provide credit scores for free without applying for credit

TORONTO, Canada (June 20, 2016) - Borrowell, a leading Canadian fintech lender, today announced a new service that gives Canadians access to their Equifax credit score for free. From the privacy and security of their own homes, Canadians can access their Equifax credit score through Borrowell’s easy-to-use website. Available for the first time in Canada, the no-obligation service allows consumers to learn about their financial wellbeing, without having to apply for credit.

In addition to allowing consumers access to their Equifax credit score, Borrowell’s simple-to-use service also provides information about the factors that may impact credit scores and recommendations on how to improve an individual’s credit worthiness.  Furthermore, Borrowell will provide consumers with an updated score every three months, allowing them to track their progress.

“In talking to consumers everyday, 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.”

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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. In an April 2016 survey conducted by Equifax of more than 1,000 U.S. consumers nationwide, only 27 percent of consumers check their credit score – with the majority of those consumers receiving their score for free from a third-party website.

“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.

Our decision to work with Borrowell is based on our mutually similar desire to work with consumers to provide them with the information they need to get started on the path toward financial wellness.”

As well as providing resources that help Canadians better understand their credit scores, Borrowell also plans to present consumers with personalized offers for third-party financial products in addition to its own loan products.

For more information, go to www.borrowell.com

About Borrowell

Borrowell is a Canadian fintech lender that offers fast, fair, and friendly personal loans. Its affordable, fixed-interest loans give Canadians a smarter way to access credit. A wholly online application process instantly provides personalized loan options to Canadians with good credit who want better alternatives to expensive credit card debt. Borrowell is backed by a number of investors including Equitable Bank, Power Corporation, David Chilton (The Wealthy Barber, Dragons’ Den), John Bitove (Sirius XM Canada, Mobilicity) and Joe Canavan (Assante Wealth Management).  Find out more at www.borrowell.com.

About Equifax Canada

Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyzes data on more than 800 million consumers and more than 88 million businesses worldwide, and its databases include employee data contributed from more than 5,000 employers.  For more information, visit www.equifax.com

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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support and networking opportunities to over 1300+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more at www.ncfacanada.org.

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