Lender launches new credit score app

CIBC customers can now get a free quarterly-updated credit score, giving them a better insight into their ability to obtain a mortgage or other credit.

The lender has added the capability to its mobile banking app in a collaboration with Equifax Canada and fintech firm Borrowell. It follows research from CIBC which shows that 69 per cent of Canadians don’t know their credit score and 45 per cent don’t know where to find it.

"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," says Aayaz Pira, Senior Vice President, CIBC Digital, Retail and Business Banking. "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."

The credit score service is a ‘soft inquiry’ meaning it won’t negatively impact the credit score.


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