In this Borrowell Review, I explain how to get your free credit score and credit report every month!
Borrowell is a Canadian financial company that provides credit scores and reports, as well as low-interest loans. They’re great for monitoring your credit, keeping up on your bills, consolidating debt, and more. If you’re looking to increase your credit score, they offer tips each month as well as credit coaching.
Is Borrowell safe?
Yes! Borrowell is a reputable Canadian fintech brand you can trust. They are a real company and your private information is protected when you use their services.
Borrowell is not a credit reporting agency, but they are handling a lot of your personal data! When you get your credit score and credit report from Borrowell, they have access to your SIN, home address, and financial information. They use this information to recommend you financial products, like personal loans.
Borrowell Review: getting your free credit score and credit report
Before Borrowell started offering free credit scores, you used to have to pay $30 to $50 and send in a paper form to get your credit score from one of the reporting agencies. It’s completely free of charge and as easy to get as clicking a link!
Is the Borrowell credit score accurate?
In Canada, two credit bureaus track your credit history and assign a numerical score: TransUnion and Equifax. Because these are two separate entities, sometimes your credit score can differ between them. Borrowell uses Equifax for your credit details.
Your Borrowell credit score and credit report are as accurate as your Equifax credit score and credit report are because they are the same thing! However, your credit report might contain errors, and your credit score could be impacted as a result.
What if my credit score and/or credit report contain errors?
If there are errors on your Borrowell credit report, you will need to fix them with Equifax. To fix any errors, or change information like your address, on your credit report, fill out the form and follow the instructions from Equifax here.
In this Borrowell review, we’re only looking at the company, not your credit score! If you need to review that, check the posts below:
- How to Hack Your Credit Score
- How I Ruined (& Fixed!) My Credit Score
- What I Wish I Knew About Credit Scores Before 25
Does using Borrowell affect your credit score?
No! Checking your credit score via Borrowell is considered a “soft hit” on your credit report and does not affect your credit score.
Your credit score is only impacted by “hard hits” to your credit report. These are typically applications for credit, such as applying for a new loan or a credit card. However, other inquiries such as a utility company checking your credit score when you apply for services can also be considered a hard hit to your credit.
Hard credit inquiries can lower your score anywhere from a few points to 10+, which is why you should avoid them if you can. You should only apply for credit if you need it and you’re sure that you’ll get approved. Knowing your credit score from Borrowell will help you decide if you’ll be approved for a loan or credit card before your apply.
How often does the Borrowell credit score update?
Your Borrowell credit score is updated monthly, but how often the information it is based on depends on your creditors. Lenders submit information to the credit bureaus for reporting. Some do this more frequently than others. Most lenders will report to the credit bureau every billing cycle, so once every 30 days. However, some will take up to 45 days.
Because 45 days is longer than the typical 30 days in a month, and Borrowell updates your credit score and report once per month, some of the information on your Borrowell can be up to 2 months behind. This is no cause for concern, and you will simply have to be patient for it to update again.
Understanding how frequently your credit score and credit report is important. If you’re applying for a large loan, like financing a car or getting a mortgage, make sure your credit report is pristine at least 60 days before you apply. This will ensure the highest possible credit score when you apply for credit.
Borrowell Review: Personal Loans
In addition to credit scores and credit reports, Borrowell also offers low-interest loans. These are great if you’re looking to consolidate high-interest debt, or need some short-term cash at a reasonable lending rate to accomplish a personal goal, like starting a business.
Borrowell offers personal loans from $1,000 up to $35,000 starting from as low as 5.99% APR. After you apply, you can receive your loan as quickly as 48 hours later!
Borrowell loans are great for consolidating high-interest debt. If you have a lot of credit cards at interest rates of 19.99% (or higher!), a loan from Borrowell can significantly reduce the carrying costs of your debt.
Once you sign up for Borrowell, you’ll immediately get your free credit score and credit report. Based on your score, they will recommend a Borrowell loan or another lender to you.
Final thoughts on Borrowell
I’ve been getting my free credit score and free credit report from Borrowell for more than 2 years! It’s helped me increase my credit score (from the low 700’s to over 800!) and given me more control over my finances. I always know what bills and debt I have, so I can stay on top of them.