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Borrowell now serves over 2m Canadians, as financial wellness remains crucial for Canadians during the pandemic

By Edlyn Cardoza

November 19, 2021

  • Borrowell
  • Canada
  • Credit Management
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Borrowell, Canada, Financial Literacy Month, Equifax CanadaBorrowell, Canada’s leading financial marketplace and credit education company, recently announced that more than two million Canadians are now members of its platform. This announcement comes during Financial Literacy Month in Canada, as Borrowell continues its mission to educate and empower consumers to take control of their financial health.

“At the heart of Borrowell’s mission is making financial prosperity possible for all Canadians,” said Andrew Graham, Borrowell’s co-founder and CEO. “This has never been more important as consumers grapple with the economic shocks and personal impacts of the global pandemic. Our members value the simplicity with which we help them improve their financial well-being. As Borrowell continues to grow, we will launch more proprietary products and features to meet our members’ financial needs. We plan on expanding our credit building solutions, including secured cards and credit building loans, to help credit-challenged individuals establish credit history and improve their long-term financial health. We will also continue to grow our marketplace of financial products from trusted lenders to help Canadians from all backgrounds gain access to affordable credit.”

In 2016, Borrowell became the first company in Canada to offer credit scores for free through a partnership with Equifax Canada and has since introduced additional free services such as weekly credit monitoring, personalized financial product recommendations, and digital tools like Molly, Canada’s first AI-powered personal credit coach. To help Canadians reduce their levels of financial stress, Borrowell has invested heavily in machine learning to help its members make smart financial decisions related to their credit profile and specific goals.

Financial stress has been top-of-mind for many Canadians since the start of the pandemic, and the pandemic has highlighted disparities between different groups of Canadians. One study from Borrowell found that consumers with poor credit scores have at least one missed payment on their credit report and are over 432 times more likely to miss a bill payment than consumers with excellent credit scores. A more recent study found that non-homeowners are over two times more likely to miss a bill payment than homeowners, despite having 20 times more debt than non-homeowners.

Consumer demand for financial tools that reduce stress has never been more tremendous. Borrowell’s partnership with Equifax Canada has helped many Canadians actively monitor and improve their credit health during a turbulent period.

“Almost two years into the COVID-19 pandemic, Canadians continue to assess the health of their finances. As a trusted Borrowell partner, we want to help Canadians live their financial best,” says Sue Hutchison, President and General Manager of Equifax Canada. “In a recent consumer survey conducted by Equifax for Financial Literacy Month, we noted 64% of consumers have checked their credit reports in the past year and 26% have checked their credit reports within the past month. Although personal finances are still a concern for many Canadians, it’s encouraging to see people are taking the time to better understand that credit is an important part of their financial well-being.”

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