In Canada, it’s expensive to check your credit score and report. For example, the credit bureau Equifax charges between $12 and $20/month for credit report monitoring.
Well, if you want a FREE alternative, register with Borrowell to get your Equifax credit score and report on a weekly basis!
Who is Borrowell?
This proudly Canadian financial services company was founded in 2014 and they have over 1 million members. They are one of the first companies to provide Canadians with their FREE credit score and report. Borrowell believes “it should be easier for Canadians to understand the value of their credit, so they can be confident and in control of their finances.”
Signing up for Borrowell
Borrowell makes it easy to check your credit report and score either by Internet browser or via their smartphone app for Android and iOS.
In fact, it’s quite simple to sign up for Borrowell in a matter of minutes!
Simply provide your personal contact information including name, address, phone number, annual income and personal accounts.
Then, verify your identity by answering some questions about your personal credit history (e.g what year you previously applied for a credit card or loan, etc). You might have to go through additional steps if your information does not match what Equifax has on file.
Once registered, you’ll be able to start using some of Borrowell’s many features covered in this review.
Can I trust Borrowell with my personal info?
Yes! Borrowell is a reputable Canadian financial services company. They’ve appeared in many Canadian media outlets and they’ve partnered with many financial brands like CIBC, Amex and Sonnet. More importantly, they protect customers data with the use of 256-bit encryption security. Plus, Borrowell states that “this data will never be sold to a third party without the customer’s explicit consent.” So, you can be assured that Borrowell will do its utmost to protect and safeguard your personal information.
Also, when you register for Borrowell, they’ll perform a soft credit inquiry. This usually involves verifying your information on your credit report (more on that in the next section). But not to worry, this inquiry won’t affect your credit report or score!
What is my credit report?
Your credit report is a record of your history with debt including any credit card, loan or mortgage inquiries and accounts. It lists the date you applied for credit and which accounts are open and closed.
Typically, your credit report will contain the following:
- Personal Information
- Credit Inquiries
- Accounts and Trades
- Collections
- Legal Items
- Bankruptcy
In Canada, Equifax and TransUnion are the 2 credit bureaus that provide your credit report and credit score. Borrowell provides your Equifax consumer credit report for FREE!
Overall, Borrowell will show you the status of all your credit accounts (open or closed), what date they were opened and their payment history. Plus, it will indicate the date that your credit report was last retrieved.
This feature is great because you can review your credit report with Borrowell at anytime to see if your account information is accurate and check if there are any irregularities. This can protect you against credit fraud and identity theft.
Also, it’s quite important that the information on your credit report is correct and accurate as this will affect your credit score.
The importance of your credit score
Knowing your credit score is really important when you’re looking to apply for a credit card, personal loan or a mortgage to finance your house. Plus, some employers even check your score in order to hire you!
So what exactly is your credit score?
Your credit score is a mathematical formula that translates the information in your credit report into a number between 300 and 900 (the average in Canada is 749). The higher the number the better where a score between 650 and 750 is good and anything above 750 is an excellent.
This number determines your credit worthiness so when you apply for a credit card or a mortgage, banks will check your score. This check is called a “hard credit inquiry” and will show up on your credit report regardless of the outcome of your application. Thus, having a high credit score may improve your chances of approval!
Therefore, before you apply for a credit card or mortgage, register with Borrowell and check your Equifax credit score for FREE!!
Credit Education & Product Recommendations
Also, when you register with Borrowell you get access to Molly, an intuitive AI credit coach. Unique to Borrowell, Molly can help answer your credit questions and offer personalized tips that may help improve your credit score!
Borrowell also offers various recommendations for different financial products including loans, credit cards, mortgages, bank accounts, insurance and investing.
Personally, I don’t really use their recommendations but I know it can be useful for some people looking for a new mortgage, loan or bank account.
Summary
I’ve personally been using Borrowell for about 3 years now and I’m quite happy with their service. I use Borrowell monthly to check my credit score and report and to ensure my credit activity is accurate and safe.
So, if you also want to check your check your credit score and report for FREE, register in minutes with Borrowell today!
Have you signed up with Borrowell yet? Let me know your thoughts in the comments below!
Affiliate disclaimer: This review is based on my own personal experience with Borrowell and is not sponsored by them. My blog contains referral or affiliate links. I receive a small commission at no additional cost to you. Thank you for your continued support.
Borrowell is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, please visit the Borrowell website.