Start-up company lets Canadians check credit score for free

A tech start-up company is letting Canadians check their credit scores for free.

"We think that by being helpful to people, it will lead to more customers for us down the road," Andrew Graham with Borrowell told CBC Radio's Saskatoon Morning on Wednesday.

Graham explained that his company teamed up with Equifax, which calculates the score. Anyone who logs onto Borrowell's website can access their own score within a few minutes.

Graham said it's an important time to offer a service like this as consumer debt levels are on the rise across the country. The service lets anyone get a sense of their financial situation.

"And an important part of that is your credit score a three-digit number that is sort of like your financial reputation."

A slowing economy, unemployment and low interest rates have all contributed to increased consumer debt levels in both Saskatchewan and Alberta, in particular.

"Saskatchewan is the second highest after Alberta in the increase in the percentage of people who are experiencing delinquency who are missing payments on debt," Graham said.

Having a bad credit score not only leaves it difficult for people to get loans, Graham said it can even create a challenge when it comes to renting an apartment.

Along with allowing people to access their credit score for free, Graham's website gives people tips about how they can improve their credit score.

Information can be found at www.borrowell.com.