Insight

Equifax Canada Launches Final Stage of Cloud Transformation with Borrowell

June 28, 2022

Canadian consumers subscribing to Borrowell’s services can receive credit scores that reflect the most up-to-date and comprehensive information available when applying for credit. Borrowell Inc. is Canada’s leading financial marketplace and credit education company, and one of Equifax Canada’s largest data contributors and partners.

Equifax Canada’s launch of the final stage of its cloud transformation with the migration of partner Borrowell’s products and services to the new Equifax Cloud will help consumers reach their financial goals and live their financial best.

To date on the Equifax Cloud, Equifax has processed millions of transactions that enable delivery of free Equifax credit scores to Borrowell’s members.

“Borrowell provides access to credit education, innovative digital tools and personalized experiences designed to help all Canadians feel in control and optimistic about their future,” said Andrew Graham, Borrowell co-founder and CEO. “While there are many benefits to being on the cloud, we’re most excited about the new products and features this technology will enable us to provide to our members."

 

Innovation through the Equifax Cloud

The Equifax Cloud is built using cutting-edge cloud technology to strengthen performance, security, and speed of innovation. The new Equifax data fabric will help customers make faster, smarter decisions by enabling more nimble analytics and insights in real time. The Equifax Cloud is designed to ingest and analyze data at scale, with an enhanced ability to convert streaming data into actionable insights, all in accordance with strict governance and security standards. Further, advanced keying and linking capabilities will allow creditors to access a variety of datasets in real-time, dramatically decreasing the wait time for consumer approvals and removing friction from the lending process.

“We are a New Equifax — enabled by the Equifax Cloud to drive new innovation and solutions that can help consumers live their financial best,” said Sue Hutchison, Equifax Canada President. “Our work with Borrowell has been a true partnership, with a shared goal of leveraging Equifax cloud capabilities and data fabric to deliver new products - with assets from multiple data sources — to Borrowell customers in ways that we could only imagine before.”

Migration to the Equifax Cloud has provided Borrowell members with faster, and even more efficient experiences when applying for credit. Borrowell transactions are processed lightning fast in milliseconds via the cloud-enabled Equifax data fabric for secure, real-time access to information critical to credit decisioning. Through accessing more data points along with advanced keying and linking, search matching has also been increased by 50 basis points, meaning 5 million more Canadian credit applications will receive a consumer’s credit file.

For more information on the Equifax Cloud visit Equifax.com.