Financial Services

Check Your Credit Report | Borrowell

Building and maintaining check  credit  report is one of the best things you can do for your financial health throughout your lifetime. Having good credit  score ensures access to the lowest possible interest rates when you borrow &  can improve your standard of living by making it easier to get a mortgage, car loan, or rent an home .

 

What is Borrowell?

Borrowell exists with a “single goal in mind: to help people make great decisions about credit Score .” To help achieve this goal, they offer customers a free monthly credit score and report via Equifax to help Canadians stay on top of their credit report . They also act as a lending platform by connecting borrowers to credit products, making it easy to apply for credit cards , Home loan & personal loans.

Summary of Borrowell Features

  • Free weekly credit score & monitoring
  • Personalized product recommendations from over 49+ partners
  • Credit Education via AI-powered Credit Coach
  • Tips to help you improve your credit report
  • 256-bit, bank-level encryption keeps your information safe

Getting Started with Borrowell

Borrowell is 100% free signing up only takes a few minutes. To get started, you will  need to provide your email and create a password. From there, Borrowell will gather some  basic information to help them verify your identity.

You will not be required to provide your SIN number, but they will ask questions that will help them connect you to the right Equifax credit report. As soon as the signup process is complete, you  will receive your first free credit score & report

Get Your Free Credit Score &  Report with Borrowell

Borrowell will send you a free credit score &  credit report every week & monthly , and in my opinion, it is the most valuable service they offer. The best part is that they email it to you, saving you from having to remember to log in &  check it on your own.

Will Borrowell’s Credit Inquiries Lower My Credit Score?

There are two major different types of credit report that happen on your credit report : hard credit inquiries & soft credit inquiries. Hard inquiries are used by lenders when you apply for credit. Every time a hard inquiry is made, it lowers your score slightly and is recorded on your credit report where lenders can see it.

Borrowell uses soft credit inquiries to check your credit score. Soft inquiries are not shared on your  report, & they do do not lower your score. As such, you do not  need to worry about your credit score being impacted by a Borrowell inquiry.

Borrowell Bill Tracking

Bill-tracking is  free service offered by Borrowell. Connect your bank account to Borrowell, & they will let you know about upcoming bill payment in  due dates. With so many other things on your mind, a reminder is always nice.

Borrowell Product Recommendations

The other product  offered by Borrowell is personalized credit card &  loan recommendations. They deal with over 49+  lenders to bring you offers based on your credit score. Generally speaking, the better your score, the more attractive the interest rates you’ll be offered.

You may be wondering why a company trying to help you improve your credit would constantly offer you new credit? Well, the answer is simple. It’s how Borrowell makes money & can offer you a free credit report. When customers sign up for credit cards &  loans through Borrowell, they earn a small affiliate commission.

The good news is that you do not have to accept any of these offers. You can ignore them &  continue to get your credit report every week & every month . Of course, there may be a time when one of their recommended products makes sense, and if that’s the case, they make it incredibly easy to apply and receive approval.

 

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