Personal Finance

CIBC free credit score with app update

  • Last Updated:
  • Oct 13th, 2017 11:06 pm
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[OP]
Sr. Member
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Nov 6, 2013
844 posts
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Toronto

CIBC free credit score with app update

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

mobilesyrup

From play store app description:
In this update:
· A new button in the sidebar menu lets you check your Equifax credit score for free.
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39 replies
Verified Rep
Jun 19, 2016
135 posts
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JaiKor wrote:
Jun 2nd, 2017 3:00 pm
CIBC customers can now check their credit scores for free without penalty

mobilesyrup

From play store app description:
In this update:
· A new button in the sidebar menu lets you check your Equifax credit score for free.
Thanks for sharing. This is a partnership between Borrowell, Equifax, and CIBC. You can learn more here: CIBC introduces free mobile credit score for clients - a first for a major Canadian Bank.
To help clients build a better understanding of their overall financial well-being, CIBC is working with leading fintech Borrowell and Equifax Canada to provide Canadians unlimited free access to their educational credit score through CIBC mobile banking, anywhere, anytime.
For non-CIBC clients, you can also check your free credit score through Borrowell directly (or open an account with CIBC! ) Smiling Face With Open Mouth
Deal Addict
Dec 12, 2009
2338 posts
718 upvotes
Toronto
The news releases have no mention of privacy though.
For those that have used it - did you notice any privacy info?
I'm thinking your "soft check" will also give CIBC and Borrowell your scores.

CIBC has been making me a lot of offers lately, all requiring a credit check. Is this just a back door in for them?
Deal Addict
Oct 4, 2009
1876 posts
664 upvotes
Montreal
ROYinTO wrote:
Jun 2nd, 2017 6:52 pm
The news releases have no mention of privacy though.
For those that have used it - did you notice any privacy info?
I'm thinking your "soft check" will also give CIBC and Borrowell your scores.

CIBC has been making me a lot of offers lately, all requiring a credit check. Is this just a back door in for them?
Extended terms which must be agreed to, including accepting all types of phone solicitations from CIBC and partners.

Score seems to only update every 90 days.

I didn't bite.
Deal Addict
Feb 24, 2008
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Thanks OP!
Sr. Member
Oct 22, 2015
598 posts
143 upvotes
Hamilton, ON
Nothing is free. They must be using your data/info for future opportunities.
Deal Addict
Dec 12, 2009
2338 posts
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S5 wrote:
Jun 2nd, 2017 7:03 pm
Extended terms which must be agreed to, including accepting all types of phone solicitations from CIBC and partners.

Score seems to only update every 90 days.

I didn't bite.
Free is not worth the phone solicitations. Not accepting them from anybody makes identifying the Scammers a breeze. Been a number of them claiming to be from Robbers and Bhell in the last week.

Even if one is rebuilding their credit score, I don't see the need in checking your score more than once a year. There is enough info out there on how to better your score.

Some here on RFD might consider this blasphemous, but I'd rather pay once a year to get my score direct from the source. No sharing with 3rd parties and no solicitations.
Deal Addict
Oct 4, 2009
1876 posts
664 upvotes
Montreal
ROYinTO wrote:
Jun 2nd, 2017 6:52 pm
The news releases have no mention of privacy though.
For those that have used it - did you notice any privacy info?
I'm thinking your "soft check" will also give CIBC and Borrowell your scores.

CIBC has been making me a lot of offers lately, all requiring a credit check. Is this just a back door in for them?
Here are the full terms for your and everyone else's benefit.
By selecting “I Agree” below, you also consent to CIBC obtaining a credit score for you from Equifax Canada (5700 Yonge Street, Suite 1700, Toronto, Ontario, Canada, M2M 4K2) and to CIBC obtaining a credit score for you on a regular basis as described in CIBC’s Terms of Use for the CIBC Free Credit Score Service for the purposes of: (i) confirming your identity, (ii) providing the CIBC Free Credit Score Service, and (iii) telling you about other products and services of the CIBC Group or promoting any applicable CIBC partner program including marketing any services or products of program partners or other third parties. You also agree that CIBC may communicate with you for any of these purposes by phone, fax, text, or other electronic means, and automatic dialing-announcing device, at the numbers you have provided CIBC, or by ATM, Internet, mail, or any other method. If you wish to withdraw your consent to (iii), you may contact CIBC at 1-800-465-CIBC (2422) at any time. You will not be refused products or services just because you withdraw your consent to the use of your information for marketing purposes.

The CIBC Group includes CIBC and its Canadian affiliates that offer deposits, loans, mutual funds, securities trading, portfolio management, investment counseling, mortgages, credit cards, trust services, insurance, and other products and services.

***

Terms of Use for the CIBC Free Credit Score Service ("Terms of Use")

1. General. These Terms of Use apply when you access and use the CIBC Free Credit Score Service and are in addition to the terms and conditions in the CIBC EAA, which are incorporated into these Terms of Use by reference. If there is any conflict or discrepancy between the terms and conditions set out below and the CIBC EAA as incorporated into these Terms of Use, the terms and conditions set out below will govern.



2. Consent and Privacy. You consent to the collection, use and disclosure of your personal information from time to time as described in CIBC’s Privacy Policy Your Privacy is Protected. This policy may be amended, replaced, or supplemented from time to time.



3. Description of Service. CIBC will obtain a credit score for you from Equifax Canada approximately once every 90 days, commencing on a day that is no later than seven (7) days from the day a credit score is obtained for you through the CIBC Free Credit Score Service, for as long as you have access to Online Banking, unless these Terms of Use are terminated in accordance with Section 8 below. We will only obtain your credit score for you. You agree that you will not use your credit score in an unlawful manner and you will not forward or share your credit score with any other third party for commercial purposes or any other purpose other than as described in these Terms of Use.



4. Web Site Hosted by Borrowell. In order to access and use the CIBC Free Credit Score Service, you will be redirected to a web site hosted by Borrowell, but you will remain signed on to Online Banking, as applicable, and will return to CIBC’s web site once you exit the CIBC Free Credit Score Service page. By accessing and using the CIBC Free Credit Score Service, you are authorizing us to temporarily transfer you to Borrowell’s web site for the purpose of accessing and using the CIBC Free Credit Score Service.



5. Limits of Service. The credit scores obtained for you through the CIBC Free Credit Score Service are refreshed approximately once every 90 days. You should always obtain the most updated credit information and scores from Equifax Canada to ensure accuracy before making a major financial decision. The Equifax Canada credit score is based on Equifax Canada’s proprietary model and may not be the same score used by third parties or by us in certain instances to assess your creditworthiness. The provision of each score to you is intended for your own educational use. We and third parties will take into consideration other information in addition to a credit score when evaluating your creditworthiness. The credit score provided to you is the Equifax Risk Score, which is also known as ERS 2.0. None of us, Borrowell or Equifax Canada guarantee the predictive value of the CIBC Free Credit Score Service with respect to an application for credit, insurance or other benefit. 



6. Disclaimers. The CIBC Free Credit Score Services is provided "as is" without any warranty or condition of any kind, whether express or implied, at law or in equity. You acknowledge that we are solely an intermediary between you and Equifax Canada or any other credit reporting agency or other information providers actually supplying your credit score and other information. We expressly disclaim any liability for any errors or omissions in the content of the CIBC Free Credit Score Service, including the inaccuracy or incompleteness of your credit score or other information. However, nothing in this section will affect warranties which are incapable of exclusion or restriction under applicable laws.



7. Limitation of Liability. Except as provided in Section 65 of the CIBC EAA or as required by applicable law, none of us, Borrowell or Equifax Canada will be liable to you for any Losses arising out of your use of the CIBC Free Credit Score Service, which include: (a)failure of the CIBC Free Credit Score Service to accurately predict your apparent worthiness or loss potential, (b) errors or omissions in the information in your credit file, your credit report or the credit scores provided to you as part of the CIBC Free Credit Score Service, (c) any failure to provide any credit scores to you, or (d) your use or inability to use the CIBC Free Credit Score Service or its information, regardless of the cause of action, including negligence, even if we are advised of the possibility of such damages.



8. Unsubscribing from, and Termination of, the CIBC Free Credit Score Service. You may unsubscribe from the CIBC Free Credit Score Service at any time by selecting the "Unsubscribe" link once you have accessed the CIBC Free Credit Score Service. You will be removed from the CIBC Free Credit Score Service within 5 business days of unsubscribing. You will automatically be unsubscribed from the CIBC Free Credit Score Service if you do not access or use the CIBC Free Credit Score Service for a period of approximately 180 days. These Terms of Use are effective until you have been unsubscribed from the CIBC Free Credit Score Service in accordance with this Section 8 or we end the CIBC Free Credit Score Service or the CIBC EAA has been terminated or we withdraw access to Online Banking in accordance with Section 68 of the CIBC EAA. We may terminate these Terms of Use or withdraw your access to the CIBC Free Credit Score Service without notice to you at any time and for any reason including, but not limited to, if you breach any term of these Terms of Use. These Terms of Use, the CIBC EAA, and CIBC’s Privacy Policy will continue to apply in respect of your past access.



9. Definitions. Terms not defined above have the meanings given to them in the CIBC EAA as incorporated into these Terms of Use. In addition:



"Borrowell" means Borrowell Inc.



"CIBC EAA" means the CIBC Electronic Access Agreement.



"CIBC Free Credit Score Service" means the feature in Online Banking which allows you to subscribe to obtain your credit score from Equifax Canada through Borrowell, our third party service provider.



"CIBC Group" means CIBC and its Canadian affiliates that offer deposits, loans, mutual funds, securities trading, portfolio management, investment counseling, mortgages, credit cards, trust services, insurance, and other products and services.



"Terms of Use" means these Terms of Use for the CIBC Free Credit Score Service.
Deal Addict
Jan 21, 2014
2260 posts
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I only have a no-fee dividend VISA and I could also check my credit score. last time I checked was from Home Depot free subscription (more than a year now) and it was ~765. It's now 810. Is this score the same as the one you get from EQ subscription?
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Aug 24, 2016
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mkl38s wrote:
Jun 2nd, 2017 7:57 pm
I only have a no-fee dividend VISA and I could also check my credit score. last time I checked was from Home Depot free subscription (more than a year now) and it was ~765. It's now 810. Is this score the same as the one you get from EQ subscription?
No it's not, it's the same score you get from Mogo, Borrowell and Ratehub. ERS 2.0
The score given with the monitoring service is ERS 1.0, an outdated score.
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coolintheshade wrote:
Jun 2nd, 2017 8:56 pm
No it's not, it's the same score you get from Mogo, Borrowell and Ratehub. ERS 2.0
The score given with the monitoring service is ERS 1.0, an outdated score.
I thought the one I was getting was even worse than that because they don't actually call it "ERS 1.0, an oudated score", they call it "Equifax Credit Score ... for educational use" :)

This is what I'm getting on my 1-yr free "Equifax Complete Premier Plan" now:
2 The credit score provided under the offers described herein use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties may use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

Either way. These are all crap. Some just slightly less crappy than others. The 'real deal' are the FICO-based ones like BEACON family of scores.

EDIT: Ya, they seem different.
"Equifax Risk Score" or "ERS" in the marketing materials, vs. "Equifax Credit Score" or "EFX" on the site icons.

http://store.equifax.ca/business/scores-and-models
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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ace604 wrote:
Jun 2nd, 2017 9:29 pm
I thought the one I was getting was even worse than that because they don't actually call it "ERS 1.0, an oudated score", they call it "Equifax Credit Score ... for educational use" :)

This is what I'm getting on my 1-yr free "Equifax Complete Premier Plan" now:
2 The credit score provided under the offers described herein use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties may use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

Either way. These are all crap. Some just slightly less crappy than others. The 'real deal' are the FICO-based ones like BEACON family of scores.

EDIT: Ya, they seem different.
"Equifax Risk Score" or "ERS" in the marketing materials, vs. "Equifax Credit Score" or "EFX" on the site icons.

http://store.equifax.ca/business/scores-and-models
They're not different, they're one and the same.
ERS scores ARE an Equifax credit score.
They're marketed to the consumer as Equifax Credit Score, and to the industry as ERS (Equifax Risk Score), but they are the same.
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coolintheshade wrote:
Jun 2nd, 2017 9:52 pm
They're not different, they're one and the same.
ERS scores ARE an Equifax credit score.
They're marketed to the consumer as Equifax Credit Score, and to the industry as ERS (Equifax Risk Score), but they are the same.
"an Equifax credit score" is not the same as "the Equifax Credit Score".

If you cite a source that describes them as being the same that would be great.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)

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