Canadian Royal Imperial Bank (CIBC) is broadening its mobile banking services, partnering with Borrowell and Equifax Canada to offer free access to educational credit scores.
CIBC said the credit score access will be available through the bank’s mobile banking app and will allow clients to see their quarterly Equifax score, according to an announcement. Users can also get financial information and advice on what influences their score.
“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,” Bijal Patel, CIBC’s executive vice president of products, retail and business banking, said in the statement.
CIBC also said in the announcement that the credit information will be drawn from credit bureau data compiled by Equifax and is considered a “soft credit inquiry,” which will not affect a person’s overall credit score.
“With a simple tap on their mobile banking app, clients can easily access their credit score, allowing them to have a full-picture of their overall credit health and better control of their finances,” Aayaz Pira, CIBC digital, retail and business banking senior vice president, said.
CIBC’s recent research shows over two-thirds of Canadians do not know their credit score and two-in-five do not know where to get their credit score.