goPeer will give access to credit information and score through the FICO® Score Open Access program.
The company will become the first peer-to-peer lending platform to leverage the FICO® Score Open Access program. The measure will help educate consumers on their credit scores by increasing the transparency of its borrowing process.
Canadian consumers will be able to access their FICO® scores and better understand how lenders may view their credit risk. This, in turn, will increase their confidence in financial decision-making and expand their overall financial literacy.
goPeer CEO Marc-Antoine Caya welcomed the partnership with FICO®.
“As a company that champions financial wellness, we are continually innovating to offer consumers the best experience”, he said.
“This collaboration with FICO allows us to empower our borrowers to improve their financial well-being with even more insights into their credit with their FICO Score, key factors, and educational content”, he continued.
Recent global economic turmoil has seen financial companies scrambling to educate and support their customers through various initiatives.
On 3 March, budgeting app Buddy partnered with BNPL provider Klarna to help Gen Z clients track their expenditures. Rising inflation has disproportionately impacted young professionals, who often struggle to make ends meet on starting salaries.
The users can easily track their expenses, better know their spending habits and have greater control over their money.
According to the Canadian Bankers Association, over 70% of Canadians pay their credit card balance in full each month.
goPeer is a Toronto-based fintech company that provides a meeting platform for investors and Canadian consumers looking for a loan.