Equifax Canada nears completion of transition to cloud with Borrowell

Equifax Canada says it is in the final stage of its transition to what will be more widely known the Equifax Cloud™ with its partner, Borrowell Inc., the total cost of which was tagged at $1.5 billion.

The company says that through Equifax Cloud, Canadian consumers subscribing to Borrowell’s services will receive scores that reflect the most up-to-date information available.

“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 in a statement.

“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.”

Equifax says that its new cloud-based platform is designed to ingest and analyze data at scale, convert streaming data into actionable insights while respecting governance and security standards. Keying and linking capabilities will allow creditors to access datasets in real-time, and Equifax believes this should help reduce wait times for consumer approvals and friction in 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 in a statement.