Borrowell now serves over 2m Canadians, as financial wellness remains crucial for Canadians during the pandemic
Borrowell now serves over 2 million Canadians as financial health continues to be of paramount importance to Canadians during the pandemic
By Edlyn Cardoza
November 19, 2021
- Credit management
Borrowell, Canada’s leading financial marketplace and credit education company, recently announced that more than two million Canadians are now members of its platform. The announcement comes during Financial Literacy Month in Canada as Borrowell continues its mission of educating and empowering consumers to take control of their financial health.
“At the heart of Borrowell’s mission is to bring financial prosperity to all Canadians,” said Andrew Graham, Co-Founder and CEO of Borrowell. “This has never been more important as consumers grapple with the economic shocks and personal effects of the global pandemic. Our members appreciate the ease with which we help them improve their financial well-being. As Borrowell continues to grow, we will introduce more proprietary products and features to meet the financial needs of our members. We plan to expand our credit building solutions, including secured cards and credit building loans, to help those with credit problems build their creditworthiness and improve their long-term financial health. We will also continue to expand our marketplace for financial products from trusted lenders to help Canadians of all backgrounds gain access to affordable credit. “
In 2016, Borrowell became the first company in Canada to partner with Equifax Canada to offer free credit ratings and has since rolled out additional free services like 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 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 pressures have been a major concern for many Canadians since the pandemic began, and the pandemic has highlighted the differences between different groups of Canadians. A study by Borrowell found that consumers with poor credit ratings had at least one missed payment on their credit report and were 432 times more likely to miss a bill than consumers with excellent credit ratings. A recent study found that non-homeowners were more than twice as likely to pay a bill than homeowners despite having 20 times more debt than non-homeowners.
Consumer demand for financial instruments that reduce stress has never been greater. Borrowell’s partnership with Equifax Canada has helped many Canadians actively monitor and improve their creditworthiness during a turbulent time.
“Almost two years after the COVID-19 pandemic, Canadians continue to evaluate the health of their finances. As a trusted Borrowell partner, we want to help Canadians perform their best financially, ”said Sue Hutchison, President and General Manager of Equifax Canada. “In a recent consumer survey conducted by Equifax for Financial Literacy Month, we found that 64% of consumers reviewed their credit reports within the past year and 26% within the past month. While personal finances are still an issue for many Canadians, it is encouraging to see that people are taking the time to better understand that credit is an important part of their financial well-being. “
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