CIBC customers can now check their credit scores for free without penalty

CIBC building

CIBC customers wanting to check their credit scores have a new resource at their disposal: the CIBC mobile app.

Canada’s fifth largest bank has announced a partnership with Canadian loan and credit score company Borrowell that will allow CIBC customers to perform a ‘soft’ credit inquiry — meaning that the inquiry won’t negatively influence a customer’s credit score.

“Knowing your credit score is important, particularly if you’re planning to purchase a new home or car, or if you are new to Canada and working to establish your credit,” said Bijal Patel, executive vice president of products, retail, and business banking for CIBC, in a press release.

The credit score check relies on data gathered by Equifax — a North American data analytics corporation.

According to the CIBC, 69 percent of Canadians don’t know their credit score, while 45 percent of Canadians have no idea where they can obtain their credit score.

“As we continue building a personalized digital banking experience for clients, we are also delivering technology that can help clients make informed financial decisions when, where, and how they want,” said Aayaz Pira, senior vice president of CIBC digital, retail, and business banking.

Free credit score checks are launching on mobile first, but CIBC says that they will be available online for all of its customers later this year.

The CIBC mobile banking app is available for free on Android and iOS.