Breaking the Mold: What is Quantifi Lending doing different

The Old School: Legacy Credit System and Its Gaps

What is Credit:

The traditional credit scoring method, ranging typically from 300 to 900, is like a financial report card. It looks at your credit cards, loans, and repayment history. Lenders report your payment history monthly to bureaus the consolidate the information into your Credit Report. There are two common credit bureaus in Canada: Equifax and TransUnion.

Mind the Gaps:

Sounds comprehensive, right? Well, not quite. This method often turns a blind eye to some of the most consistent payments you make. We're talking about your rent, your utility bills, and yes, even those timely paid insurance and Auto Insurance premiums. Sadly, these don't make the cut in the conventional credit score dance.

The Game-Changer - How Quantifi Lending does things differently:

Now, enter Quantifi Lending (“QLI”) – the breath of fresh air in Canada's Auto finance landscape. QLI isn’t just challenging the status quo; it’s flipping the script on how credit worthiness is assessed. QLI’s view “Let’s take a holistic view of what financial responsibility really looks like.”

QLI operates on a simple yet powerful principle: every payment counts. Whether it's your monthly rent or the utility bill you never miss, QLI believes these are the unsung heroes of your financial story. By allowing applicants to connect their banking history, QLI brings these overlooked payments into the spotlight. This not only provides a fuller picture of an individual's financial health but also cuts down the paper work and time required to get driving.

Why It Matters: The Bigger Picture

This approach is more than just a cool feature. It’s a beacon of hope for many who felt left out by the traditional system. By acknowledging a wider range of financial responsibilities, QLI helps individuals build and improve their credit scores within the conventional system. This can be a game-changer, especially for those who are new to credit or have been underrepresented in the past.

QLI reports its customer credit to the two major Credit Bureaus in Canada, helping Canadian’s who are new to the country or new to credit, build and establish conventional credit history.