Last year in January, I wrote about our good friends over at Borrowell being the first company to give members access to their full Equifax credit reports. Borrowell has always been on the cutting edge and it’s at it once again with the exciting release of the Credit Coach, Canada’s first FREE automated credit coaching tool.

I’m the first to admit, credit isn’t always the easiest thing to understand. The lack of financial education in this country isn’t helping either! Let’s face it, credit scores and credit reports are a little complicated. It’s made more challenging when you don’t know the underlying formula. Sometimes it makes you want to bury your head in the sand, but your credit is far too important to ignore.

Good credit opens doors for you. When you’re shopping for a mortgage, it helps you gain access to more lenders and better mortgage rates. Good credit literally pays off. It can help you save thousands of dollar in interest over the life of your mortgage.

Bad credit, not so much. If you have bad credit, you could be forced to pay higher mortgage rates or worse, your mortgage application could be turned down by A lenders (banks, credit unions and monoline lenders), forcing you to seek out alternative or private financing at higher mortgage rates. Wouldn’t you rather avoid this unpleasant situation in the first place? I know I would! This is where the Credit Coach comes in handy.

It helps to think of the Credit Coach like a personal trainer for your credit. The Credit Coach does all the heavy lifting for you to help you better understand the unique factors that make up your credit score, so you don’t have to. The Credit Coach breaks down your credit report and lets you know exactly what you need to do to in order improve your score. It eliminates the guesswork. Amen to that!

The Credit Coach provides the following:

Credit score comparison

You can see how your credit score compares to the rest of Canada, so you know where you stand.

Important credit updates

You can see quick updates and alerts that describe what’s changed on your credit report compared the previous month. These updates include new credit inquiry alerts, missed payment warnings, and recognition messages for when you’re doing all the right things. (Think of it like your personal trainer giving you a high five for a well-done workout.)

Tips to improve credit score

You can see the main factors that are impacting your credit score paired with tips to improve it. You’ll also see product recommendations that can help you address these areas of improvement.

So, what are you waiting for? Sign up for the FREE Credit Coach today and flex your financial muscles on your way to a healthier and strong credit score this year!

Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.