Borrowell Review 2022: Best Free Credit Monitoring Service in Canada?

This post may contain affiliate links. Please read this disclosure for more info.

This Borrowell review provides a detailed overview of the services of the credit monitoring service for Canadians.

Most Canadians know that our credit scores are important, but if you’re like most, you probably don’t monitor your credit score and credit report on a regular basis. Credit scores determine whether or not we’re approved for a loan, the interest rate we’re given on a loan and even our insurance rates in some provinces. 

That’s why it’s important to monitor your credit score and credit report regularly. But before now, it cost an average of $20 to check your credit score in Canada. 

Luckily Canadians now have several credit score apps and credit monitoring services that provide this service for free. And Borrowell is one of the best services out there for doing just that. 

In this blog post, we will provide a detailed Borrowell review covering its services, benefits and explain why it is so important to keep an eye on your credit score!


Borrowell Overview

Borrowell is a Canadian financial technology company that was founded in 2014 to provide Canadians with access to their credit score and credit report. 

The company offers a free credit score and report monitoring service, as well as a wide range of other financial products and services.

As the first company to provide credit score and credit report access to Canadians for free, Borrowell has quickly become a trusted source of information for Canadian consumers with more than 2 million members.

The company’s goal is to help Canadians make informed financial decisions and improve their overall financial health. 

And one of the ways it’s doing this is through its free credit improvement tips and education, which provides Canadians with information on how to improve their credit score and use credit responsibly.

Borrowell

Rating 4.7/5

Free credit score and credit report

Interest-free cash advance to prevent NSF

Financial products recommendations

AI-powered credit coach

COST Free CREDIT BUREAU Equifax


How Does Borrowell Work?

Borrowell acts as the middleman who does all of the heavy liftings on your behalf. After you sign up for free, you can start checking your credit score weekly.

All you have to do is respond to a few questions concerning your financial and personal details. Your answers are used to pull your credit file. If your answers match the records on your credit file, you’re good to go and can start monitoring your credit score for free.

Borrowell gets your credit data from Equifax Canada, one of Canada’s two major credit bureaus. It provides its services for free and makes money off partnerships with major financial institutions.

Once you have your report, Borrowell will provide you with an in-depth analysis of where you stand credit-wise, as well as tips on how to improve your score through its AI-powered credit coach, Molly.

It helps you see how factors like payment history, credit utilization, and types of credit affect your score. 

Borrowell also provides a summary of your credit report so that you can check for any errors or red flags.


Borrowell Products and Services

Borrowell offers several products and services to help you build your financial health. 

1. Free Credit Score and Report

Borrowell started with a straightforward mission: to help people improve their financial well-being. 

To do this, Borrowell partnered with Equifax Canada to offer free credit scores and reports. Its free credit score and report are fully accessible online, anytime.

When you sign up, it’ll check your Equifax credit report and then tell you your credit score.

Whether you have a new credit history or just want to improve your credit score, Borrowell’s free credit score and report services help you stay on top of your finances.

2. Free Bill Tracking

Need to keep track of your bills? Are you tired of paying substantial late fees and having trouble staying on top of your accounts until they are paid?

Bills can pile up, and it can be hard to keep track of them, especially if you’re busy or they come by mail. Borrowell Boost takes the guesswork and stress out of managing your bills.

Borrowell’s bill tracker will let you know when a payment is due. That way, you can stay on top of your debts and spending. And with an automatic reminder, you’ll never have to worry about missing a bill again.

3. Credit Cards

The best credit cards in Canada all have different strengths, so it’s essential to find a card that’s the best fit for you.

Whether you’re looking for a travel card or want to earn cashback on your purchases, Borrowell can recommend credit cards that suit your situation.

The company works with the most popular banks to find you the best credit cards. Borrowell can assist you in determining the best credit card for your requirements and circumstances, such as:

  • Travel cards
  • Cashback cards
  • Low-interest cards
  • Rewards cards
  • Credit builder cards

4. Personal Loans

Want to find the best personal loan for you? Borrowell offers free personalized loan recommendations so you can find a loan that matches your financial needs.

The Borrowell personal loan marketplace lets you compare Canadian online loans from multiple lenders to get the best deal for your credit score.

Whether you need help covering your bills or just looking to consolidate some debt, Borrowell can help you get the perfect deal from multiple Canadian lenders.

Borrowell offers a variety of personal lending options, including:

  • Business loan
  • Credit card consolidation
  • Debt consolidation
  • Vehicle Financing
  • Major purchase
  • Home improvement

5. Mortgage Interest Rates

Getting a mortgage is a bit complicated, especially for first-time homeowners. Borrowell helps you get mortgage recommendations based on your credit profile and preferences.

You can choose from up to 50 lending partners and compare the terms they offer. 

It only takes a few minutes to get the information you need to find the best mortgage interest rate for you. 

Use Borrowell’s free mortgage and loan comparison tool to find the best fit for your needs, whatever they may be.

6. Banking

A bank account is one of the most powerful tools to manage your finances. With a reliable and transparent institution, you’ll be well on your way to keeping your money safe.

However, choosing the best bank for your needs can be time-consuming and confusing. That is why Borrowell has partnered with some of Canada’s leading financial institutions to help you find a bank account that works for you.

Through Borrowell, you can compare different bank accounts available in Canada and choose the one that suits your needs.

7. Insurance

Life is uncertain. That’s why it’s essential to protect your loved ones and properties with insurance. 

Insurance can save you hundreds of dollars in the event of theft or damage. Get the coverage you need with Borrowell’s insurance product. 

Through Borrowell, you can access a range of insurance products from the country’s highest-rated companies. You can instantly compare the rates and conditions from multiple providers to make the best decision.


What are the Benefits and Drawbacks of Borrowell?

There are many benefits to using Borrowell. However, Borrowell also has a few drawbacks you should know about.

Understanding the benefits and drawbacks can help you decide if Borrowell is right for you.

Benefits of Borrowell

Here are the benefits of Borrowell:

  • An easy-to-use platform  
  • There are several products and services to choose from
  • You can check your credit score for free. 
  • Customized products and services to meet your specific needs
  • Multiple loan options from different lenders in Canada.

Drawbacks of Borrowell

Below are the drawbacks of Borrowell:

  • No instant alert for credit inquiries or new credits. So if something happens to your credit, you won’t find out until the next time you log in to Borrowell. In their defense, this service is only available with the paid options from TransUnion or Equifax.
  • Some of the loans recommendation on Borrowell are high-interest loans

How to Sign up for Borrowell

Borrowell’s signup process is simple and will only take you a couple of minutes. 

  1. First, go to Borrowell’s website and click on the Sign-Up button. Fill in your name, email and password, then submit your request. 
  2. Next, it will ask you for some simple personal information including some information from your credit file. 
  3. Borrowell pulls your credit file from Equifax
  4. Start monitoring your credit score and credit report.

Once you complete the sign-up, you can start accessing free weekly reports provided by Equifax.


Is Borrowell’s Credit Score Accurate?

The credit score you get from Borrowell is based on an Equifax proprietary credit scoring model and calculated using the information in your credit file. Borrowell’s credit score is therefore just as accurate as any other credit score provided by Equifax.

But you should know that Equifax has other scoring models, so lenders may use a different credit score and other factors when considering your creditworthiness.

And as you may know, Equifax is not the only credit bureau in Canada. That means your TransUnion credit score may be much different from your Equifax credit score gotten through Borrowell.

Bottom line is that Borrowell is a great credit monitoring service that can help you stay informed about your credit score and credit report. 

While the actual credit score is important, the regular monitoring of your credit report is more valuable as it can help you identify any potential errors or red flags and show you the areas you need to work on to improve your credit score.


Is Borrowell Safe?

Borrowell uses bank level security measures, including 256-bit SSL encryption and firewalls, to protect your data. Your personal information is also protected by the Personal Information Protection and Electronic Documents Act (PIPEDA).

Borrowell is a safe and secure way to monitor your credit score and credit report. The company takes its security obligations very seriously and uses state-of-the-art measures to protect your data.

Plus, Borrowell is partnered with Equifax, one of the credit reporting agencies in Canada. This means that your credit file will be securely stored and monitored by two trusted companies.


Borrowell Alternatives

This Borrowell review will not be complete without comparing the service to other credit monitoring services in Canada.

Here I compare Borrowell with Mogo and Credit Karma, two other top free credit score services in Canada, to help you see how they differ.

Borrowell vs Mogo

One of the most popular finance technology companies in Canada is Mogo. It has been around for a lot longer than Borrowell and offers more than just credit score monitoring. 

Mogo has a similar setup to Borrowell. It also offers free credit scores and access to loan products through its platform. Mogo also powers its free credit monitoring services with Equifax.

Your score also refreshes monthly, unlike Borrowell which offers more frequent updates. Therefore, Borrowell is a better option if you need to check your weekly score.

Nevertheless, Mogo offers a broader range of financial services, such as Bitcoin investing and identity fraud monitoring.

Credit Karma

Credit Karma is an excellent site for anyone who wants to track their credit score, especially those who want to keep tabs on their credit history. 

They also provide personalized recommendations and offer a host of other services that can make tracking your credit score straightforward.

Unlike Borrowell, Credit Karma pulls its credit score information from TransUnion. But like Borrowell, Credit Karma provides you with your credit reports and score weekly, giving you the ability to stay on top of your credit. 

Learn More: Borrowell vs Credit Karma


Why is it Important to Monitor Your Credit Score?

Your credit score is one of the most important pieces of your financial puzzle. It is a number that lenders use to determine your creditworthiness and it can have a major impact on your ability to get approved for loans, lines of credit, and even rental applications.

Therefore, it is important to regularly monitor your credit score and credit report to ensure that everything is in order. This is where credit monitoring services like Borrowell come in handy.

By regularly monitoring your credit score and credit report, you can catch any errors or fraudulent activity early on and take steps to fix them. This can help you avoid major financial setbacks down the road.

It’ll also help you know how your financial habits are impacting your credit score so you can make changes to improve it.

Learn more: 7 Ways to Improve your Credit Score fast!

What is a good credit score in Canada?

Credit scores range from 300 to 900 in Canada. Many Canadians have a score between 650 and 750, but what is a good credit score?

A good credit score in Canada is between 713 and 740. This means that you have a high chance of being approved for loans and lines of credit, and you’ll likely get the best interest rates.

If your score falls below this but above 660, it’s still considered fair but you may not be approved for some products or may have to pay a higher interest rate.


FAQs on Borrowell Review

What is a good Borrowell credit score?

You have a good credit score if it is between 713 and 740. With this score, you can get better loan rates.

Which credit bureau does Borrowell use?

Borrowell uses Equifax to generate your credit scores and report. So, the credit score you get from Borrowell is based on the information on your credit file with Equifax.

How does Borrowell make money?

Borrowell makes money from the products and services it recommends to you based on your personal credit history and finances. Borrowell receives a referral fee if you use a product it suggests – at no cost to you.

What type of borrowers does Borrowell accept?

While being a Borrowell member is simple, getting accepted for the best rates may be challenging if your finances aren’t ideal. You should have a strong credit score and a clean credit history for the best outcomes.

Is Borrowell any good?

The free credit score check and monitoring service provided by Borrowell is a good choice for Canadians.


Final Thoughts on Borrowell Review

With the introduction of free credit scores by Borrowell and other fintech companies, tracking your credit score has never been easier and more affordable. 

Overall, My Borrowell review is positive and my experience using their services has been great. The company is very transparent about how they operate and what services they offer. I would definitely recommend Borrowell to anyone looking for a credit monitoring service.

Borrowell is a great option for Canadians who want to stay on top of their credit score and credit report. With its free service, easy-to-use website, and helpful education resources, Borrowell is a valuable tool for anyone looking to improve their financial health.

I hope this Borrowell review has been helpful to you. If you have any questions, just leave a comment, and I’d be happy to answer you.

If you’re interested in learning more about Borrowell or other credit monitoring services, we’ve put together a list of the best free credit score and report monitoring services.

Borrowell Review
4.7

Summary

Borrowell offers a free credit score and credit report monitoring service, as well as a wide range of other financial products and services

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

Leave a Comment