It used to be somewhat expensive to obtain your credit score in Canada. It would cost citizens around $20 to purchase their credit report, and since your credit report is always changing that could mean multiple purchases in one year. In June of 2016, Borrowell changed the way that Canadians access their credit scores. The company partnered with Equifax and for the first time ever allowed Canadians to obtain their credit scores without any fees.
In 2018, Borrowell went one step forward and allowed Canadians to access their full credit reports for free. While this is likely where you recognize the name, Borrowell is an industry leader in the fintech industry and also offers unsecured loans of up to $35,000.
Meet Borrowell: A Premier Online Lending Agency
Borrowell is an online lending agency that offers personal loans with low-interest rates to Canadians. The lending agency also offers debt consolidation options.
Founded in 2014, the banking agent is made up of a highly experienced management team and is partnered with EQ Bank, Scotia Bank, CIBC, BMO, National Bank of Canada, Wealthsimple, MBNA, and Capital One. To date over a million Canadians have received their credit scores via Borrowell free of charge.
While Borrowell is known for its personal loans they also offer other products. All personal loans are unsecured loans with low-interest rates that are easily accessible to their customers. They also offer credit card services and debt consolidation loans.
Of course, as noted earlier they are best known for offering free credit scores to Canadians starting in 2016. Since that time they have continued to innovate and now offer free credit reports. This makes it easier for people to obtain both their credit score and report so they can make educated financial decisions.
The free credit score offered by the Borrowell company is based on the Equifax risk score 2.0 version. It has a range of 300 to 900. The credit report is also published from Equifax.
Borrowell also allows its users to monitor their credit profile so they can remain vigilant against fraudulent activity or any errors on their report. Every month Borrowell is able to access the updated version of your Equifax credit report and score. As a result, regular users can keep an eye on their financial health and save money since there are no fees for the service. Other credit companies like TransUnion charge for this type of service, but all Equifax reports are free via Borrowell at all times.
How Can You Get Your Free Credit Score and Credit Report?
Obtaining your free credit score and credit report from Borrowell is a very simple task. Simply open up an account on the Borrowell website by filling out on the online form. You will need to verify your identity by answering a few questions that only you should know. You do not need to enter your social insurance number to access your report or score. In addition, a credit card number is not required. Once you verify your identity, you are granted instant access to your credit score and credit report.
FAQs About Using Borrowell To Check Your Credit Score
Will Checking My Credit Score Repeatedly Lower It?
While it is true that your credit will lower if multiple banking institutes run your credit, checking it on Borrowell will not affect your credit score. At the same time, checking it frequently will not increase your credit score.
How Long Does it Take to Obtain My Credit Score?
Some people do not try to obtain their free credit score and report on Borrowell because they think it is a lengthy process, but in reality, it is a very simple task. On average most users are able to open an account and obtain their credit report and score within three to five minutes.
Is It Safe to Obtain My Credit Score and Report Online?
Borrowell utilizes the same layers of security as any standard Canadian bank ensuring that every transaction is safe.
What Does My Credit Score Mean?
It helps to understand that a credit score can be between 300 to 900. The higher the number the more creditworthy a person appears to a bank. In general, a customer is considered either poor, medium, good, or excellent based on their credit score. A credit score that falls into the category of good or excellent will allow you to get a higher loan amount at a lower interest rate.
What Type of Information Is In My Credit Report?
Your credit report will showcase your entire credit report over its designated period of time. Items that are included in it include credit inquiries, credit accounts, collections, consumer statements, and loans.
Is My Borrowell Credit Score Accurate?
The free credit score offered by Borrowell is from Equifax. All indications used by Equifax are considered making it an extremely reliable credit score. While some third parties may offer you a different number depending on which of the three key credit agencies they access, your Equifax score should be the same.
Reliable Financial Services from Borrowell
Borrowell is great to work with because they are not heavy on spam emails. They send out one monthly email reminding you to check the updated version of your credit score and report. On occasion they will send emails about personal loan offers or credit card offers specifically tailored to your needs. However, you do not need to reply and there is no pressure to view them. Borrowell does not call or text its users.
Therefore, Borrowell is able to offer consumers reliable and spam-free services that can enrich their financial portfolio. From free credit scores to unsecured personal loans with low-interest rates, Borrowell makes the process of managing your financial portfolio simple.