Fairstone Takes Proactive Steps to Strengthen Financial Knowledge during November's Financial Literacy Month

An Exciting Start to Financial Literacy Month as Fairstone Launches the Inaugural National "Check Your Credit Score Day"!

MONTREAL, Nov. 1, 2023 /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. This year, as we dive into Financial Literacy Month, Fairstone introduces the inaugural national "Check Your Credit Score Day" on November 2^nd! 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 credit information.

"We believe that knowledge is power when it comes to personal finances," said Grant Wyard-Scott, Chief Operating Officer at Fairstone. "Periodically checking your credit score and credit report is a fundamental step towards understanding one's financial situation and early fraud detection. By initiating a national 'Check Your Credit Score Day', we hope to instill a valuable habit that will benefit Canadians for years to come."

In support of the first national "Check Your Credit Score Day", Fairstone is proud to partner with leading organizations such as JA Canada, Equifax Canada, Borrowell, ClearScore and Credit Karma to raise awareness about the critical importance of checking credit reports, sharing insights on credit scores, and encouraging Canadians to access their credit reports in full, on at least an annual basis.

Scott Hillier, President and CEO of JA Canada, expressed commitment to this initiative, stating, "As a trusted partner of Fairstone, we are excited to join forces in promoting financial literacy. Checking credit scores is not just about numbers; it's about securing a better financial future. This aligns with JA's vision to inspire and prepare young people to succeed in a global economy and give them the skillset and mindset to build thriving communities."

By designating November 2^nd as Check Your Credit Score Day, Fairstone wants to encourage individuals to take the time to review their complete credit reports at least once a year and ideally on a more frequent basis. This will unlock a world of benefits that directly impact their financial well-being, such as:

• Early Detection of Identity Theft and Fraud: Regularly checking credit reports allows early spotting of suspicious or unauthorized activity, helping take swift action against identity theft and fraud.
• Ensure Accuracy of Credit History: Mistakes on credit reports can be detrimental to financial health. 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. Keeping a close eye on credit reports and the impact of financial behaviours empowers borrowers to make informed decisions as they manage their credit score over time.
• Secure Better Loan Terms and Approvals: Healthy credit scores open doors to better loan terms, lower interest rates, and higher chances of loan approvals. Regular credit report checks put individuals in control of their financial destiny.
• Boost Financial Awareness: Financial literacy starts with understanding financial standing. Reviewing credit reports fosters greater financial awareness, supporting smart financial choices.

There are many methods to check your credit report and credit score. Individuals can request a full copy of their report through one of two Canadian credit bureaus, Equifax Canada and TransUnion Canada, or they can access credit information through a third-party provider, including Borrowell, ClearScore, and Credit Karma.

Recognizing that financial literacy is the cornerstone of financial health, Fairstone offers a range of resources to enhance Canadians' financial knowledge and support informed decision-making. Financial literacy holds a special place in our corporate social responsibility initiatives, and we continue to collaborate with esteemed partners like JA Canada to empower our employees, customers, and communities to build stronger financial futures.

For more information about Financial Literacy Month activities, national " Check Your Credit Score Day," and to discover tools, tricks, and tips to help navigate real-life financial challenges, please visit Fairstone.ca.

Fairstone Bank of Canada ("Fairstone Bank") and its subsidiary, Fairstone Financial Inc. ("Fairstone"), form a leading consumer lending group. Fairstone Bank and Fairstone provide 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 through merchant partners, automobile financing via dealerships, and unsecured and secured personal loans and mortgages online and in 250 Fairstone branches coast to coast. With a long-established Canadian history, Fairstone Bank and Fairstone are committed to improving the lives of Canadians with value-driven and accessible financial solutions. More at: www.Fairstone.ca and www.FairstoneBank.ca

SOURCE Fairstone Financial Inc.