Toronto-based Borrowell is now allowing Canadians to access their full credit reports for free.
Borrowell first partnered with Equifax in June 2016, which allowed it to start giving Canadians access to their credit scores for free. By June 2017, the company then announced a partnership with CIBC, allowing its clients to access credit scores through the CIBC mobile banking app. The company has since been focusing on providing financial tools to customers, and raised $57 million in July to expand its free credit and loan offerings.
“Now more than ever, Canadians should keep a close eye on their credit and personal finances,” said Andrew Graham, Borrowell’s co-founder and CEO. “We were proud to be the first company in Canada to offer consumers free access to their credit scores. This is a logical next step for us, and gives our users a much deeper look into their overall credit profile, the same data used by many lenders, banks, cell phone providers and landlords.”
New and existing Borrowell members can access data from their Equifax credit file through Borrowell.com, and checking their score and report through Borrowell does not negatively impact their credit scores. To date, Borrowell says it has provided credit information to nearly 500,000 Canadians.
“It has never been more important for Canadian consumers to be educated about their financial position,” said Chris Briggs, Equifax Canada’s chief marketing officer. “Equifax has long supported consumer credit education, and by deepening our partnership with Borrowell, we aim to make it easier for Canadians to learn more about the information contained in their credit report.”