Patrick Pambo (not real name) came to Canada in the spring of 2018 with his family. By fall of that year, he was barely surviving and had used all his savings to finance the down payment for their new home. Prior to that, things were not so bad as his family of four was housed in a one-bedroom apartment. This was a small space but advantageous because of the cheap rent it offered. He knew he had to move his family to a house and he did unaware of the financial swamp he was getting into.
He wanted a home in a quiet but friendly neighborhood that matched his budget and savings. By the time the realtor called him about his latest discovery, he was only too willing to compromise his financial plan and budget. Yes, the house was a bit pricey, but some credit couldn’t hurt, or could it? Before long, he got into a vulnerable situation – a loan here, unpaid bills there, rising mortgage debt and the unforgiving student loan, piled up, making him question the wisdom of his decision to relocate to Canada. The problem was not with the move. The problem lied in his ignorant and imprudent financial decision.
Borrowell gives you access to your credit score and history on a weekly basis without impacting your credit score in a negative way.
His life has taken a financial corrective path, thanks to Borrowell. Though he isn’t out of the woods yet, he is however, being helped by Borrowell to make informed credit decisions and reduce his debt profile.
Borrowell helps you learn about where your credit profile stands which can help save any new immigrant fall into the financial crisis due to lack of information about their credit score. Credit is a very important part of the financial system in Canada if you are looking to get mortgage, and any other lending product. Get better educated about credit and make informed decision through the services that it offers by making it transparent.
In this episode of Immigrant Life Podcast, the host Dapo Bankole talks to Simon Wyse, the VP of Revenue at Borrowell who is an immigrant himself and understands the pitfalls that a new immigrant can fall into. “Any immigrant credit and financial landscape are confusing and complicated and source of great stress. Using Borrowell and understanding your credit record is a good way to start,” he says. Borrowell gives you access to your credit score and history on a weekly basis without impacting your credit score in a negative way.
For help, get in touch with Borrowell. Visit https://borrowell.com/