New Feature To Help Consumers Monitor Payment Deferrals
May 19, 2020 • 2 min read
TORONTO, Canada - May 19, 2020 - Borrowell, the first company to provide Canadians with access to their credit score for free, has launched a new feature that shows whether payment deferrals are properly recorded on their Equifax credit report. Aimed at providing greater visibility and added peace of mind, Borrowell is the first to launch this service in Canada.
Since March, banks and lenders have received an unprecedented volume of requests for deferrals on mortgages, car loans and credit cards. If approved, the lender agrees that they will not report payments as missed or late to the credit bureaus; this has caused concern for consumers worried that incorrectly reported programs could hurt their credit, as late payments typically account for 35% of credit scoring models.
Leveraging information from Equifax, the new feature incorporates deferrals and repayment plans reported by lenders and displays them on the Borrowell payment calendar. Through the company’s web and the mobile app, consumers can now quickly check whether their payment deferrals were effectively logged, without having 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,” said Andrew Graham, Borrowell’s co-founder and CEO. “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.”
“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,” said Carrie Russell, President of Equifax Canada. “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.”
Borrowell is also set to launch a number of new tools and features in the coming months that help people get ahead of their bills. The company has also expanded educational resources to help Canadians tackle some of the biggest challenges posed by COVID-19 and its impact on their personal finances.
Borrowell is dedicated to making financial stability possible for everyone. Borrowell offers free credit scores, education and weekly monitoring, as well as innovative digital tools like AI-powered credit coaching and personalized financial product recommendations. Borrowell’s latest feature helps Canadians predicts bills and balances to avoid missed payments.
With over one million members, Borrowell is one of the largest fintech companies in Canada. Borrowell has won numerous awards, including being named one of the top 100 fintech companies in the world by KPMG, ranking 4th on the Deloitte Technology Fast 50™ list of fastest-growing companies in Canada, and making App Annie's list of Breakout Finance Apps for 2019.
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Borrowell is dedicated to making financial stability possible for everyone. With over 1.5 million members, the company offers free credit scores in Canada, education, weekly credit monitoring, credit building solutions, as well as digital tools like AI-powered credit coaching and personalized financial product recommendations. For more information, visit borrowell.com or download the mobile app for Android or iOS.