Capital One Canada launches free credit score tool
Canadians are suffering from ostrich syndrome, according to a new survey from Capital One which shows that more than half have never attempted to get their credit score.
In response, the bank is launching Credit Keeper, a credit tracking tool that provides customers with free access to their score.
According to an Ipsos poll of 2000 Canadians, 57% have never tried to obtain their credit score. Among those that have, most get it from a banker, mortgage professional or financial services provider.
This, Capital One suggests, is because many are waiting until they are already applying for credit to assess their creditworthiness, rather than tracking it proactively.
The new tool is being rolled out in phases to customers within the Capital One online platform. The scores are calculated by TransUnion and based on information from consumers’ credit reports and are automatically updated every week.
Shane Holdaway, president, Capital One Canada, says: “We believe that personalized digital tools, like Credit Keeper, will help Canadians on their journey to build a successful financial future.”