Borrowell Review 2020: Can Canadians Check Their Credit Score for Free?Credit Score
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Until recent years, Canadian consumers had to pay around $20 every time they wanted to see their credit score and credit report.
When you’re making major purchases in the span of just a year or two, those fees can really add up.
Checking your credit score and credit report is extremely important to ensure that you’re getting the best interest rates for your purchase.
When you make a major purchase such as a house or a car, you need to check your credit score to make sure it’s accurate.
With each report costing around $20, Canadian consumers had to be strategic about checking their score.
Even if you’re not planning on making a major purchase in the near future, having quick and easy access to your credit report can help keep your finances on track.
In June of 2016, Candian company Borrowell teamed up with Equifax to provide Canadians with access to their credit score and credit report for free every month.
Here’s our review of Borrowell and why a free credit report is so important for Canadian consumers.
As we mentioned, Borrowell and Equifax teamed up in 2016 and changed the game for Canadian consumers looking to make major purchases.
With easy access to their credit score and credit report, consumers took control of their finances and began making major purchases with confidence.
By providing free access to credit reports, Borrowell is making it easier than ever to fix mistakes on credit reports and control personal finances.
Borrowell is a 100% Canadian company with the goal of providing Canadians with their credit information so that they can make smart purchasing decisions.
The first company to provide Canadians with their free credit score and credit report, Borrowell has over half a million members to date.
All you need to do is sign up, answer some verification questions, then access your free credit score and comprehensive credit report.
What Can Borrowell Do For You?
Borrowell’s goal is to provide Canadians with the information they need to make an empowered purchasing decision.
You can track your credit score over time to see how your credit usage is impacting your score.
The best part about Borrowell is that it’s completely free and you never have to apply for a line of credit in order to receive your credit score and report.
In addition to having on-demand access to your credit history, Borrowell makes tailored recommendations based on your credit score.
That means you’ll get personal recommendations for credit cards, loans, and refinancing options to help you manage your debt and get back on track.
Borrowell will work on your behalf to find the best rates on loans and mortgages based on your personal credit profile, which makes it even easier to prepare for your next big purchase.
They also value being up front and honest with consumers.
Borrowell makes it very clear that they earn money on the products and services you use through the site, such as loans, mortgages, savings accounts, and other credit products.
However, just because Borrowell makes money on the products they recommend, they always match you with the best products for your credit profile and are always honest about how they make money.
While some companies might not be forthcoming about how they make money, Borrowell makes it clear that the products they recommend is how they make money, which shows integrity in their business practices.
Even better, you are never required to apply for a product through Borrowell to take advantage of the credit report, credit monitoring, and other credit management information that’s provided for free on the site.
Whether you’re looking for a mortgage or you’re just looking for free credit monitoring, Borrowell has what you’re looking for.
The Importance of Your Credit Score
Your credit score is incredibly important if you’re looking to finance major purchases such as a car or a house in Canada.
By partnering with Experian, Borrowell provides you with your free Experian credit report every month, meaning you’re back in control of your credit and buying power.
Even if you’re not making a major purchase any time soon, having a good credit score is important, and getting your free credit score through Borrowell can help you stay on track for financial success.
Your credit score can be the difference between a low-interest rate and not being approved for the loan at all.
Going into a loan application without knowledge of your credit report is never a good idea.
Credit plays a direct part in the interest that you pay on your loan, meaning a better credit score can save you thousands of dollars over the life of your loan.
Understanding your credit score and how credit can impact your purchasing power is extremely important, and Borrowell gives you the information you need to make smart credit decisions.
The Full Credit Report
Not only does Borrowell Borrowell provide an overview of your credit score, but by partnering with Experian, they also provide an extensive credit report and history.
Borrowell is the first company to provide free credit reports in Canada, making their partnership with Experian a landmark moment for Canadian consumers.
The Experian Risk Score is a range from 300 to 900 and gives a comprehensive overview of your credit history, including credit utilization, open credit accounts, and your payment history.
This free report lets you track your credit history over time, making it incredibly simple to find and correct mistakes on your credit report.
There are many consumers out there who have mistakes on their credit report, meaning their score is impacted negatively.
Where you once had to pay $20 for each credit report check, now you can regularly monitor your credit report and fix any issues and errors as soon as they hit your report.
If you haven’t checked your credit report recently because you don’t want to pay for it, it’s time to get your free credit report through Borrowell.
Low-Interest Personal Loans
Borrowell offers so much more than just credit scores and credit reports.
One of the best features of signing up for a Borrowell account is the low-interest personal loans that you’ll be matched with based on your credit report.
If you’re a Canadian that is looking for an unsecured personal loan, you’ll be able to find plenty of products on Borrowell that will meet your needs.
While some products are with outside lenders, Borrowell offers their own personal loan products that you’ll match with through your credit profile.
It takes just a few minutes to apply for your personal loan on Borrowell, and you’ll have a very quick decision, regardless of whether you’re denied or approved.
The fixed rates vary based on your creditworthiness and you can borrow up to $35,000.
You can choose your own repayment length and there are no penalties for paying the loan off early.
Borrowell has a robust personal loan product lineup and offers some of the most competitive personal loan rates in Canada.
In addition to being a Canadian citizen, having a credit history that’s longer than a year, and having a Canadian bank account, there is typically a minimum credit score requirement to be approved for a Borrowell personal loan.
Borrowell has helped thousands of Canadians save money on their loans.
In fact, the low-interest loans save consumers an average of just under $5,000 in interest over the life of a typical loan.
Once you sign up for an account on Borrowell, you can request a free quote to find the interest rate on your loan before you apply.
The quote won’t impact your credit score, giving you the information you need to make a smart credit decision.
After you verify your identity and finalize the application, you’ll have the money in your bank account in just a few days.
There is a small origination fee when you accept a loan offer, but you’ll get great savings with the potentially low interest on your loan.
Credit Card Offerings
If you’re looking for a credit card in Canada, you’ll have access to a wide range of credit card options right through Borrowell.
It takes just a few minutes to be matched with credit card options, giving you access to some of the best credit cards in Canada.
The site has an intuitive interface that allows you to sort cards by different rewards programs, including cash back, travel points, those with lower interest rates, and other great rewards.
You can even compare multiple credit cards side by side to see which card is right for you.
Just like the personal loan products, you’ll be matched with credit card offers based on your personal profile as well as your credit report, meaning you’ll get relevant offers for some of the best credit cards around.
It takes just a few minutes to apply for a card, and you’ll have your card sent to you in just a few short weeks.
With Borrowell, securing a credit card in Canada has never been simpler.
Free Email Course
On top of providing your credit score and credit report for free, matching you with personal loans, and matching you with credit card options, Borrowell provides even more to help with your credit success.
You can sign up for a completely free, 7-week email course that’s designed to help you navigate Canadian credit scores.
You’ll receive one lesson each week, delivered right to your inbox.
If you’re new to credit scores and maintenance or if you just need a refresher, this course is extremely helpful.
Is Borrowell Legit and Safe?
Borrowell is an extremely safe and secure website.
When you sign up for an account, you do have to include your personal identifying information so that Borrowell and Experian can pull up your credit profile correctly, but your information is completely safe.
While the site does offer plenty of great credit products, you’re never required to sign up for one in order to take advantage of Borrowell’s free services.
Understanding your credit can be complicated, and fixing your credit can be even more complicated.
The partnership between Experian and Borrowell makes understanding and managing your credit stress-free and simple.
You’ll have access to your free Experian credit report every month so you can stay on top of your credit score and secure low-interest loans on your major purchases.
Signing Up For Borrowell
Now that you’ve seen what Borrowell can do for you, it’s time to sign up to view your free credit score and report.
Signing up takes just a few minutes.
You simply provide your contact information, register for an account, and provide verification of your identity.
Signing up for Borrowell has no impact to your credit score, so you don’t have to worry about your credit score dropping when you register and review your report.
In just a few minutes, you’ll be well on your way to improving your credit score one smart decision at a time.
Borrowell Review: Conclusion
Borrowell was the change that Canadian consumers have needed.
Since the partnership between Borrowell and Experian in 2016, Canadians now have access to their Experian credit report for free.
The site is completely free and offers a solid lineup of personal loan and credit card options, and even has a page dedicated to mortgages if you’re looking to buy a home.
Your information is safe and is never distributed to third-parties, so you won’t get any annoying spam calls or emails.
Overall, Borrowell is one of the best credit monitoring resources out there, and if you’re a Canadian consumer looking for a way to get your credit report for free, Borrowell is your answer.
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Logan is a CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.