Toronto-based Borrowell today announced the launch of Credit Coach, a new tool to break down customers’ credit reports and let them know what is needed to improve their score. The company says this tool is the first of its kind in Canada.
The Credit Coach provides three key features. The first is credit score comparison, which allows users to see where their own scores fall with the rest of Canada. The second notification feature offers important credit updates like new credit inquiry alerts and missed payment warnings, as well as messages to inform users when they are making good financial decisions. Finally, the Credit Coach tool provides helpful tips for Canadians to improve their credit scores. Users will also be able to see product recommendations that can help them address areas of improvement.
“The Credit Coach does all the hard work to understand the unique factors that make up a credit score, so Borrowell’s members don’t have to,” said Borrowell co-founder and CEO Andrew Graham.
Borrowell says that more than 800,000 Canadians have received their credit score through its service. The company, in addition to its personal loans, also offers free credit score and report monitoring, automated credit coaching tools, and AI-powered financial product recommendations.
“Credit scores and credit reports are complicated, and calculating important factors that influence credit scores is impossible if customers don’t know the underlying formula.”
In June 2016, Borrowell announced it would provide free Equifax credit scores, and in January 2018, Borrowell became the first company to give members access to its full Equifax credit reports, without negatively impacting credit scores.
Aside from assessing and advising members on their credit, Borrowell’s online platform has partnered with 40 different financial services companies to recommend products such as loans and savings accounts, based on users’ unique credit profiles and financial goals.
“Credit can be difficult to understand,” Graham said. “Credit scores and credit reports are complicated, and calculating important factors that influence credit scores is impossible if customers don’t know the underlying formula.”
The Credit Coach is only available to new and existing members of Borrowell, and is available as part of its free credit monitoring service.
Image courtesy Borrowell.