The Canadian Imperial Bank of Commerce (CIBC) is a Canadian bank that offers various financial services to Canadians. Included in their full spectrum of banking services are loans and other credit products. They offer clients access to a free credit score report. Not only do you get to see your credit score for free but you also get valuable insights how you spend, how you pay back debt, and who is checking on you.
The free credit score you get at CIBC is a soft credit check, which doesn't negatively impact your score. You also see what kinds of loans and credit cards you have access to with your free credit report. Gain tips and tricks on how to quickly improve your credit score. You just have to bank at CIBC and download the app to see your free credit score instantly.
CIBC mobile banking app
As a CIBC client, you can instantly access your credit score for free through the CIBC mobile banking app. It’s fast and easy and they automatically update credit scores quarterly. The credit score offered is through Equifax, one of Canada's two reporting agencies.
It’s important to know your credit score for successful financial management and planning. You might not realize how important your credit score is to your financial life. A good score is around 680 to 700. Anything below that impacts the interest rates that you pay for loans and mortgages, your insurance premiums, where you can rent, and if you are a good hire for certain jobs.
Where does CIBC get your credit score?
CIBC has partnered with Equifax to give you a free credit score. Equifax will update your score in the app quarterly. This allows you to track the status of your financial standing throughout the year. You also get access to important information on what affects your credit score as well as tips on how to improve it.
What the CIBC free credit score offers
When you sign up for the CIBC app, there’s a special section in your account called “Free Credit Score.” Not only is your credit score readily available when you go into the section, there are other features that help you improve your credit. All of these services are free of charge for CIBC customers. Here are the features CIBC offers:
Instant credit score
Just by going into the app and clicking on “Free Credit Score,” your score will be available to you. It’s updated every three months so you can see how your financial standings have changed. The credit score is easy-to-understand and color coded to indicate whether your score is considered good or bad.
Credit bureaus are going to store and maintain your information from the moment you start your credit history in Canada. They have information on your borrowing and repayment habits, which are detailed in your credit report. CIBC offers you insights through the app that allow you to view your history so you can see what is affecting your credit score.
Insights on how to improve your credit score
In the CIBC mobile banking app, you’re offered advice on how you can improve your credit score. It makes sense that a bank would suggest ways to improve your score. Some of the best ways to improve your credit score is to open a credit card and use it wisely, paying off the balance on time each month. If you qualify for a mortgage, how you manage your mortgage payments will also impact your score. That said, CIBC may offer you certain credit products that you’re eligible for that will raise your score when used well.
How to get your free credit score at CIBC
CIBC makes it easy to access your free credit score. All you have to do is download the app and your credit score will be waiting for you.
- You need to hold an account at CIBC and download the CIBC mobile banking app.
- You can download it at the Apple store for iOS devices or the Google Play Store for Android devices.
- Once you’ve got the app, you sign in and use the main menu to get to “Free Credit Score.”
- You’ll have instant access to your credit score with no extra steps for the service.
- Monitor and track your credit score for free
- Learn about credit easily on the blog
- Get access to the credit builder*