Borrowell Review : How to Get Your Free Credit Score and Report

The Borrowell Canada credit score is just one of the perks involved with this leading digital finance service for Canadians. It used to be that you’d have to pay for credit checks but since Borrowell teamed up with Equifax, they’ve made access to credit scores free for Canadian residents. I regularly check my credit score on Borrowell and I signed up to receive weekly email alerts informing me of any update.

Borrowell products and services

There is a lot to love about Borrowell. It makes borrowing less stressful. You can get a variety of loan options through Borrowell including personal loans, mortgages, credit cards, insurance, banking products, as well as participate in their Credit builder and Rent advantage programs. It strives to be a one-stop-shop.

They only ask a few questions to create your profile. As soon as I had filled out all the information they asked for, the credit score was given to me instantly. With Borrowell’s advice, you’ll know what you have to work on in order to get a better credit rating.

Free credit score and credit report

The Borrowell credit score provided comes from Equifax. It ranges from 300 to 900 and you get the added bonus of a free Equifax credit report.?On top of that, Borrowell updates your credit score and report weekly.

You can monitor your credit to make sure there are no errors or fraudulent activity. This service is usually something you pay for from the TransUnion or Equifax credit bureaus. You can also download and print off your credit report without being charged anything.?

Loans and mortgages offered by Borrowell Canada

The interest rate attached to the loans by Borrowell are anywhere from 4% to 30%, depending on the type of loan and provider. Their rates are much less than most credit cards, but higher than a loan you could get from a traditional lender. If you have good credit and have paid a good part of your mortgage down, you can compare mortgages and choose to borrow from someone other than Borrowell.?

Borrowell Rent Advantage

This program is designed to help get on-time rent payments reported to Equifax Canada on a monthly basis and improve your credit score. Rent Advantage is only available to some members. You have to sign up to check your eligibility. There is a monthly subscription fee. To complete your subscription, you will need to provide your lease details and connect the?bank account?or credit card used to pay your rent. Rent Advantage is currently not available in Québec.

Borrowell Credit Builder

Available only to certain Borrowell members, this product is designed to help Canadians build a strong credit history. It costs between $10 and $50 per month but you get most of your savings back at the end of the term (36 months). All payments, including any you might miss, are reported to Equifax. On-time loan payments typically have a positive impact on your credit score.

How to get your free Borrowell credit score and credit report

It’s easy and quick to find the free Borrowell credit score and your credit report. This process takes less than five minutes. Here are the steps:

1. Sign up to Borrowell
2. Fill in the form, including your name and password.
3. Confirm you’re not a robot and click “Create Account.”
4. The next page will let you know what information you’ll need to supply them. Once you’ve read it, click “Get Started.”
5. Fill out the forms starting with your name, address in Canada, when you were born, phone number, how much you make annually, and financial goals for the year.?
6. Then, Borrowell will send you a code. Enter the code. Once you’ve done this, your credit score will appear.

Is it reliable?

Borrowell is going to give you the chance to look at the loans you qualify for after you’ve gotten your credit score for free. Borrowell is 100% accurate with their credit scores but there are others out there as well. Some companies offer credit scores coming from other credit bureaus that weigh different factors that contribute to your credit score.?

While Equifax is based on a proprietary model, it won’t be the same score that other third parties use to define how much credit you can get. The Borrowell credit score is mainly used for your information. I checked my credit score on Borrowell, Credit Karma and in my bank mobile app and they are all more or less the same (with a 10 points difference). You can also view in detail the factors that impact your score.

This article is the shortened version of an article originally published on Hardbacon.ca by Maude Gauthier under the title "Borrowell Review : How to Get Your Free Credit Score and Report".