CIBC Announces Free Equifax Credit Scores within Mobile Banking App

CIBC has announced it has partnered with fintech Borrowell and Equifax Canada to offer free credit scores for customers, in what they are calling a first for a major Canadian bank. The free credit score check will be available within the CIBC Mobile Banking app first, and will be available online later this year for all clients.

The Equifax credit score can be accessed anytime and will be updated quarterly. These are “soft” credit checks so they do not affect your overall credit score, versus “hard” checks.

CIBC research says nearly 50 per cent of Canadians don’t know their credit scores, but staying on top of scores is one way to be vigilant against fraud, while also important to know ahead of making major financial decisions such as getting a loan or mortgage.

Cibc credit score equifax

“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, in a statement to iPhone in Canada. “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.”

Pira added, “Increasingly, clients also want a mobile banking experience that offers deeper insights into their overall finances keeping them connected to the big picture, and new services like free credit score make that a reality.”

We earlier reported CIBC Mobile Banking iOS app was updated on Monday, which stated Equifax credit scores had launched. But the update was soon pulled, which led to some confusion. The current iOS description now states Equifax is there, so let us know if you see the credit score button in the sidebar. CIBC has confirmed it is now live.

Click here to download CIBC Mobile Banking for iOS in the App Store.

Founder and Editor-in-Chief of iPhoneinCanada.ca. Follow me on Twitter, and @iPhoneinCanada, and on Google+.

  • cayaguy

    Creditkarma.ca is way better. It provides updates weekly, the actual equifax report and score. Cibc is only providing the score.

  • einsteinbqat

    Unless you’re in Quebec or the Territories.

  • Yep it’s live!

  • IAN

    Wow, I tried to get this the other day, NO GO… wasn’t there… 🙁

    Now I download the updated versions, and AGREE to the conditions for a Free Credit Check, and the following page says that they are experiencing maintenance issue… Lol

    They should let us know when it works properly (before launching it).

  • CIBC’s built-in implementation is ‘easy’ for existing customers.

    Credit Karma looks good though!

  • @CykfCyyz

    Worked for me but it gave me score that was 42 points lower than I one I got directly from Equifax just a minute later. Sent a message to CIBC about the discrepancy but they haven’t responded back yet.

  • sukisszoze

    Looks like it just got turned on today..wasn’t there yesterday.

  • Borrowell uses a different method of calculating your credit score. Same with Equifax, Mogo, Transunion, CreditKarma and more.

  • Salinger

    The app says it is providing your “Equifax Credit Score” so that should be a consistent number regardless if you get it from Borrowell or direct from Equifax. Borrowell should be just the conduit.

    If they are providing a different score based on different methodology, then they should not say they are providing your Equifax Credit Score.

  • Salinger

    CreditKarma gives you your TransUnion score and details, which far fewer FI’s in Canada use compared to Equifax.

    This is what you check to agree to their terms of service: “I understand that I am instructing Credit Karma or its affiliated companies to request and receive copies of consumer reports, scores and related information about me from TransUnion (PO Box 338 LDC1, Hamilton, ON L8L 7W2). “

  • Brew

    works for me … note: Credit Karma has my security radar on alert ..like recent TOS relevations @ Ancestry & ur DNA info selling

  • Darryl

    Although both my Credit Karma score and the CIBC score are in the excellent range the Credit Karma score is 80 points higher.