Financial Literacy Month is Back, and Fairstone is Encouraging Canadians to Strengthen Their Financial Knowledge

An Exciting Start to Financial Literacy Month with Fairstone's Second National "Check Your Credit Score Day"!

MONTREAL, Nov. 1, 2024 /CNW/ - As November marks the beginning of Financial Literacy Month, Fairstone Bank of Canada and its wholly-owned subsidiary, Fairstone Financial Inc. (hereinafter collectively "Fairstone"), are proud to reaffirm their commitment to the financial well-being of Canadians. Once again, as we dive into Financial Literacy Month, Fairstone is promoting the second national "Check Your Credit Score Day" on November 2. This dedicated day aims to encourage all Canadians to perform regular checkups on their credit report and credit score, to gain or enhance familiarity with their current financial health.

"Contrary to the common misconception, soft checking your credit score leaves no effect on your overall credit rating," says Vivek Kumar, Chief Risk Officer at Fairstone. "In fact, regularly reviewing your credit report is essential, particularly in times of economic uncertainty. Understanding and improving your credit score can open doors to significant financial advantages, including lower interest rates on loans, credit cards, and mortgages over time. A strong credit score is vital for accessing financial opportunities when they matter most, and it all begins with awareness and informed decision-making."

Partnering for a Stronger Financial Future

As we raise awareness about the critical importance of checking credit reports for Check Your Credit Score Day, Fairstone is proud to partner with leading organizations such as Equifax® Canada, Borrowell, ClearScore, Credit Karma and Fig to share insights on credit scores and encourage Canadians to access their credit reports in full.

By designating November 2 as Check Your Credit Score Day, Fairstone and its partners are encouraging Canadians to take the time to review their credit report in full at least once per year, and ideally on a more frequent basis. This will unlock benefits that directly impact financial well-being, including:

• Early detection of identity theft and fraud: Regularly checking credit reports allows early identification of suspicious or unauthorized activity, enabling consumers to take swift action against identity theft and fraud.

• Ensure accuracy of credit history: It is important to check your credit report. Annual reviews enable Canadians to promptly identify and rectify inaccuracies, ensuring credit histories reflect true financial behaviour.

• Manage and Improve Credit Scores: Credit scores are key to obtaining favourable financial opportunities. Monitoring the impact of financial behaviours on credit standing empowers borrowers to make informed decisions as they manage their credit score over time.

• Credit Approvals and Better Interest Rates: Healthy credit scores open doors to better loan terms, lower interest rates and higher chances of approvals. By monitoring their credit, borrowers will observe that making regular, on time payments can improve financial standing over time.

• Boost Financial Awareness: Becoming familiar with one's credit report fosters greater financial awareness, supports smart financial choices and improves financial literacy.

Canadians can access their credit score through a credit bureau or credit monitoring services' online platform or their personal financial institution. Get started by requesting a credit report through one of Fairstone's partners, Equifax® Canada, Borrowell, ClearScore or Credit Karma. For more information about Financial Literacy Month, Check Your Credit Score Day, and to discover tools, tips, and resources to help navigate real-life financial challenges, visit  Faistone.ca. 

About Fairstone

Fairstone Bank of Canada ("Fairstone Bank") and its subsidiary, Fairstone Financial Inc. ("Fairstone"), provide a wide range of innovative financial services that enable Canadian consumers and businesses to achieve their goals. Collectively, Fairstone Bank and its subsidiaries offer credit cards and rewards programs, point-of-sale financing, automobile financing and fully digital personal loans through partners, in addition to unsecured and secured personal loans and mortgages online and at more than 255 branches coast to coast. With a long-established Canadian history, Fairstone Bank and Fairstone are committed to being Canada's most accessible and responsible consumer lending bank. More at FairstoneBank.ca.

SOURCE Fairstone Financial Inc.