Global analytics software firm FICO announced this week that goPeer, a peer-to-peer lending platform in Canada, will provide FICO Scores to its customers for free through the Score Open Access program.
Becoming the first peer-to-peer lending platform in Canada to leverage the this new program from FICO, goPeer aims to educate consumers by increasing transparency through its borrowing process.
“This collaboration with FICO allows us to empower our borrowers to improve their financial wellbeing with even more insights into their credit with their FICO Score, key factors, and educational content,” stated Marc-Antoine Caya, CEO of goPeer.
GoPeer is a Toronto-based financial technology company that connects modern investors with credit-worthy Canadians looking for a loan through a marketplace that aims to “eliminate inefficiencies in the consumer lending process, resulting in better rates for borrowers, while offering investors access to a high-yield asset class,” according to a statement from the firm.
Allowing Canadian consumers to access their FICO Score now provides greater insight to help them understand it and determine how lenders may view credit risk, resulting in “increased confidence in financial decision making and greater overall financial literacy.”
“FICO Score Open Access program empowers consumers to take charge of their financial future,” believes Kevin Deveau, vice president and general manager of FICO US and Canada Sales. “With FICO Scores being used by 90% of the top Canadian lenders and credit unions, our partnership with goPeer helps Canadian consumers have the opportunity to access their score and understand the role of credit in daily life.”
Canadians are well aware of the importance of good credit, especially as local fintechs such as goPeer launch tech solutions to help solve financial problems.
“As a company that champions financial wellness, we are continually innovating to offer consumers the best experience,” Caya said.
To accelerate this innovation, GoPeer recently joined Intuit’s Prosperity program for fintechs.
The company was founded in 2019 with the aim of “creating something new for Canadians, bringing investment vehicles for everyday investors that were typically only accessible by Institutions,” according to Caya.
He believes personal finance is critical for everyone and wants to help people
become more financially literate so that they can evaluate options when borrowing and investing.