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Borrowell & Equifax partner to launch service to verify and monitor payment deferrals

Canadian Borrowell, a FinTech company, improving financial well-being with free credit score/report monitoring, credit coaching tools & AI-driven product recommendations has announced that the company has introduced a new feature that shows whether payment deferrals are appropriately recorded on their Equifax credit report.

Borrowell, being the first company to launch this service in Canada, aims in providing greater visibility and added peace of mind.

Banks and lenders are seeing an unprecedented volume of requests for deferrals on mortgages, car loans and credit cards since March. If approved, the lender agrees not to report payments as missed or late to the credit bureaus. This has created concern for consumers as incorrectly reported programs could affect their credit, as late payments typically account for 35% of credit scoring models.

Borrowell has collaborated with Equifax and is leveraging its information to display deferrals and repayment plans reported by lenders on the Borrowell payment calendar. Consumers are provided with the capability to check whether their payment deferrals were effectively logged through the company’s web and the mobile app, thereby removing the need to contact their loan provider.

“Canadians need reassurance that the temporary measures they’ve taken won’t have long term consequences on their credit health. As a company dedicated to making financial stability possible for everyone, we believe, now more than ever, in driving innovation and providing solutions that help people manage their finances,” said Andrew Graham, Borrowell’s co-founder and CEO.

“During this time of uncertainty, we’re proud to partner with Borrowell to help bring clarity and assurance to Canadians as they navigate their financial decisions. The credit reporting agencies defined a deferred payment framework which helps protect the credit standing of Canadians while maintaining fair and accurate credit reporting practices,” said Carrie Russell, President of Equifax Canada.

Borrowell in their product roadmap is set to launch several new tools and features in the coming months, including Borrowell Boost, a new mobile tool that helps people get ahead of their bills. The company has also expanded educational resources to help Canadians tackle the challenges posed by COVID-19 and its impact on their personal finances.

Founded in 2014, by Andrew Graham and Eva Wong, Borrowell is built with the mission to help people make great decisions about credit. The company offers free credit scores, education and monitoring, innovative digital tools like AI-powered credit coaching and personalised financial product recommendations. It has partnerships with CapitalOne, BMO, Scotiabank, EQ Bank, National Bank, Stnce, and American Express.

Established since 1899, Headquartered in Atlanta, Equifax is a global data, analytics, and technology company.  It operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region.

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