Take charge of your credit story and learn how to avail yourself of access to a free credit score and credit report with the Borrowell credit score tools.
Borrowell teamed up with Equifax, Canada’s largest credit bureau, to provide Canadians with their credit score and report for free.
Staying on top of your credit score and reports is a vital part of financial well-being and Borrowell offers the opportunity to download your credit report whenever you require it.
Apart from free credit scores and reports, Borrowell also provides up to $35,000 in unsecured loans at competitive rates and financial product recommendations.
What is Borrowell Credit Score?
Borrowell Credit Score is provided by Borrowell, the first company in Canada to offer free credit scores and reports.
When you sign up for a free account with Borrowell, you’ll get access to free credit score and report monitoring plus tips that could help improve your credit.
It takes only a few minutes to sign up for your free account and no credit card is required.
6 Borrowell Advantages
1. Monitors & Tracks
After sign up, Borrowell monitors and tracks your credit, alerts you if there is any unusual activity going on with your credit.
You can scan your credit report for errors or any signs that your credit is being tampered with.
2. Free Credit Coach
Borrowell created, Molly, Canada’s first AI-powered Credit Coach. Molly shares personalized tips, as well as useful tools and articles that could help you improve your credit.
3. Over 50 Partners
Borrowell has partnered with over 50 partners that you will get automatically matched with depending on your credit needs.
You’ll be able to assess the possibility of approval and apply with only a few clicks.
4. Trusted by Canadians
Over 1.5 million Canadians have checked their free credit scores through Borrowell since the company launched.
5. Credit Score & Report Updated Regularly
Your credit score and report are tracked and updated on a weekly basis with Borrowell and you can check it anytime for free.
This service usually comes at an additional expense when utilized via a credit bureau.
6. Competitive Financial Products
In addition to the free credit score and report, there are several other financial services you can avail of on Borrowell.
Namely, borrow money, up to $35,000, and find the best financial products for your needs.
How to Check Your Credit Score on Borrowell
Checking your credit score on Borrowell is a simple and straightforward process.
- Step 1 – Sign up for a free account HERE.
- Step 2 – Enter your email address and password to create an account.
- Step 3 – Once your account is created, complete the online form requesting additional details and verify your identity.
- Step 4 – Once your identity is verified, you can access and download your free credit score.
Your SIN details or a credit card number are not required. Get started with Borrowell Credit Score HERE.
Does Borrowell Affect Credit Score?
Checking your credit score on Borrowell will not have any effect on your credit score.
Checking a credit score is referred to as a “soft inquiry.’ Soft inquiries do not have any impact on your credit score.
However, if you apply for a credit card, a loan, a mortgage, or other types of credit products, the inquiry will be a hard inquiry and this does impact your score.
This type of inquiry is triggered when a lender requests to review your credit report before approving your credit application.
You can download your Equifax credit report for free and check your credit score at any time without issues.
Is Borrowell Credit Score Accurate?
The credit score you download from Borrowell is generated directly from Equifax and is known as the Equifax Risk Score (ERS 2.0).
Equifax Risk Score (ERS 2.0) is a credit score model used by lenders and institutions when making lending decisions.
Though the credit score from other bureaus or your bank may be slightly different from the one shown on Borrowell, it doesn’t mean it’s not accurate.
Credit bureaus use different methods to calculate your credit score so don’t be alarmed if the figures are slightly higher or lower.
Is Borrowell Credit Score Legit?
Borrowell partnered with Equifax to generate your credit scores and credit report.
Equifax is one of the biggest credit bureaus in Canada and the results provided via Borrowell are indeed legit.
How Often Does Borrowell Update Credit Score?
Borrowell credit score is updated every week. As new information is received about your credit usage, your score is updated.
You can track all changes on your Borrowell credit dashboard.
What is Considered a Good Credit Score?
A good credit score in Canada usually falls between 650 and 900.
Your credit score falls into a range from poor to excellent. For more on this, read my earlier article on How to Build Credit Fast.
How Often Should I Check My Credit Score?
How often you check your credit score is up to you but anytime is a good time to check your credit.
As a general rule, you should check it at least every quarter to make sure everything is OK.
Same for your credit report plus if there is any unusual activity on your credit, the monitoring service will send you an alert.
Where is Borrowell Located?
Borrowell is located in Toronto, Canada at 33 Yonge St Suite 1301, Toronto, ON M5E 1G4.
You can reach them via email at info@borrowell.com or their customer support online.
If you’re located in the US, you can check your free credit score via Credit Karma instead.
Abi has lived and worked abroad for over 13 years. She loves traveling, reading, and writing. She is a big believer in following your dreams and has been marching to the beat of her unconventional drums for a long time. She funds her adventures by making smart financial decisions and investing wisely. Her top personal finance tools include trading with Questrade, investing change on MOKA, and no-fee banking with Tangerine and Neo Financial. Learn more about Abi HERE.
This post may contain affiliate links which means I will make a small commission if you purchase through those links. Read full disclosure HERE.