Is Borrowell legit?
This is a common question, particularly as Borrowell Canada was the first to offer credit scores for free.
Knowing your credit score is crucial as it can qualify you for the best rates. Checking your credit report is also necessary to detect inaccuracies or incomplete information.
Learn more about Borrowell, its safety and trustworthiness, and how to obtain your free credit score and credit report.
Key Takeaways
- Borrowell is a safe and legit company offering free credit scores and credit reports from Equifax to Canadians who sign up.
- It is an online lender that provides credit scores at no cost to encourage people to sign up and receive financial product recommendations that fit their needs.
- Sign up at Borrowell and complete the online form to get your free credit score and download your credit report.
Is Borrowell Safe and Legit?
Borrowell Inc. is a legitimate Canadian financial technology company based in Toronto, Ontario. It was founded by Andrew Graham and Eva Wong in 2014. The company partnered with Equifax to provide Canadians with access to their credit score at no cost.
The fintech company also has partnered with top financial institutions like American Express, BMO, Capital One, EQ Bank, National Bank, and Scotiabank. It is also accredited by the Better Business Bureau.
As for safety, Borrowell uses advanced 256-bit SSL data encryption, one of the most secure encryption methods and virtually impossible to crack. It is the same level of security that banks and financial institutions use to protect customer data.
Company Profile:
Address: 1301-33 Yonge St Toronto, ON, M5E 1G4 Canada
Email: [email protected]
Website: www.borrowell.com
What is Borrowell?
Borrowell Canada is a Toronto-based fintech company that works as a financial product and services marketplace. Borrowell is composed of a diverse group of financial and technology professionals and is globally recognized as a leading Canadian fintech company.
The company also holds the recognition of being the first in Canada to offer free credit scores in partnership with credit bureau Equifax Canada. In 2016, Borrowell partnered with the credit bureau to provide users with their free credit score at no cost without having to apply for credit.
Borrowell also recommends personalized financial products to members to help improve their credit scores and financial health. The products, which include personal loans, mortgages, and credit cards, are tailored to the member’s credit profile and financial goals.
While Borrowell offers its own prime personal loan, it also works with financial partners to provide financial products. It generates revenue by recommending financial products based on a user’s information. It earns a referral fee for connecting lenders and borrowers.
Is Borrowell Free?
Borrowell is free to Canadians who sign up for an account and want to receive their credit score and credit report.
It also provides free educational resources, digital tools, weekly credit monitoring and personalized product recommendations to assist users in improving their financial well-being.
How To Get a Borrowell Credit Report
Here are the steps to get your free Borrowell credit report:
- Sign up for an account at Borrowell.
- Complete the online form by providing your email address and password.
- Confirm you are not a robot and click “Create Account.”
- Continue with the application process and provide the required information, such as your name, address in Canada, birth date, phone number, annual salary, and financial goals.
- Once completed, wait to receive a code from Borrowell.
- Enter the code to receive your free credit score.
Using your desktop, you can view and download your free credit report from the Borrowell platform. To download your full credit report:
- Use your Borrowell login to access your account.
- Go to your Borrowell dashboard and open your credit report.
- On the upper right corner of your screen, click “Download Your Credit Report.”
- Once downloaded, you can print your Borrowell credit report or send a copy to your email address.
You can get your verified and up-to-date Equifax credit score and report every week. The credit report will include your personal information, credit information, public records, collections, and credit inquiries.
Credit scores typically range between 300 and 900, but the Borrowell credit score range for most Canadians is between 600 and 750. A score between 713 and 740 is regarded as good, while that between 741 and 900 is considered an excellent score.
Is Borrowell Accurate?
Borrowell works directly with Equifax to provide verified credit scores and credit reports weekly. The credit score you obtain through Borrowell is generated by the credit bureau and referred to as your Equifax Risk Score 2.0.
There may be instances when your Borrowell credit score differs from the Equifax credit report. The difference lies in the time Equifax sends your updated information to Borrowell and the date Borrowell pulls your updated credit score.
Does Borrowell Affect Your Credit Score?
Signing up for Borrowell and downloading your credit report using the Borrowell platform does not negatively affect your credit score. It is considered a soft inquiry, which means it does not impact your credit score.
A hard inquiry, on the other hand, will impact your credit score. Hard inquiries are formal evaluations of your credit report. They are usually done by lenders or vendors requesting to look at your credit score or obtain your credit report before approving a loan application.
Pros and Cons of Borrowell Canada
Pros of Borrowell
- Free weekly credit score and credit report from Equifax Canada
- Access to the credit builder (for select members only)
- Loan and mortgage offers
- Free credit monitoring Borrowell app
- Easy access to personal loans
- Features that help improve your credit score and credit profile
- Highly secure encryption technology
Cons of Borrowel
- Credit scores and credit reports are limited to only one credit bureau
- Some features are available to select members only
- High interest rates for loans
- Third-party product suggestions on the app can be excessive
- No physical branches
- Does not offer live phone support
Borrowell Alternatives
Aside from Borrowell, there are other companies that offer services similar to what Borrowell offers. Read on to find out their similarities and differences.
Borrowell vs Equifax
The credit score and credit report Borrowell sends you are generated directly from Equifax Canada. It is called the Equifax Risk Score 2.0, an Equifax credit score model that lenders and financial institutions use to come up with lending decisions.
Although Borrowell obtains your credit score and report from Equifax, your Borrowell credit score may differ because it depends on when Equifax updates your information and the date when Borrowell pulls your credit score.
Borrowell vs Transunion
Unlike Borrowell, TransUnion is a credit bureau that uses its own credit scoring model and factors (different from what Equifax uses). It is possible your Equifax score (which Borrowell pulls) is different from TransUnion.
TransUnion uses its CreditVision risk scoring model, which means that it evaluates elements differently from Equifax. Elements include your payment history, credit utilization, credit history, credit mix and inquiries into your credit file.
Borrowell vs ClearScore
Borrowell and ClearScore have a lot of similarities. They both offer to provide you with your credit score and report for free, which they obtain from a credit bureau. The difference is that ClearScore gets the information from TransUnion, while Borrowell gets it from Equifax, as mentioned.
As with Borrowell, ClearScore uses bank-level security 256-bit encryption, offers education on improving your credit score, and provides access to credit cards, loans, and mortgages. A ClearScore advantage is that it lets you earn cash-back and credit card rewards.
Borrowell vs Loans Canada
Loans Canada is a loan comparison platform that helps Canadians find the best lending product for their needs and empowers them to make better financial decisions.
Like Borrowell, it provides financial education, connects lenders and borrowers, and offers personal loans and credit score checks. It also has partner banks that provide various financial products, from loans to mortgages, credit cards and others.
Borrowell Customer Service
Borrowell has no Customer Service hotline and offers no live phone support. If you have inquiries, check the following options:
- Go to the Credit Monitoring Help Centre for FAQs about credit monitoring.
- For the Credit Builder FAQs, go to the Borrower Credit Builder FAQ page.
- If your concern is not in any of the articles provided in the Help Centre, email Borrower with your inquiries at [email protected].
- You can also use the Contact Form and submit a request for information. A customer service representative will send a response within 1-2 business days.
FAQs
Checking and downloading your credit score using Borrowell is a soft credit inquiry and will not impact your credit score. With Borrowell, you can check your credit score and download your credit report every month without affecting your credit score.
Borrowell, an online lender offering loans to Canadians with good credit, views providing free credit scores as cost-effective marketing. As a lender, it uses your credit score, with other information, to determine the interest rate you will have if you get a loan from them. If you choose not to, it will recommend another loan from another bank, for which they will receive a referral fee if you apply for it.
Credit Karma offers free access to your credit score and report from TransUnion, while Borrowell pulls the information from Equifax. There is no clear winner on which is more accurate because Equifax and TransUnion use different credit scoring models and methods in calculating your credit score.
According to the Borrowell website, it has 2 million members. During Financial Literacy Month in Canada in 2021, the company announced that over 2 million members had signed up for their services. Members have access to free weekly credit score and report monitoring, personalized recommendations, and free credit improvement tips.
