Borrowell Credit Score Review 2021: Keep your Credit in Check!
If you live in Canada and have been curious about your credit score but hesitant to check it out of fear that it may be affected, you're in luck.
Borrowell credit score coaching and monitoring provide services geared towards helping Canadians achieve their financial goals, allowing them to check credit free of charge.
In this Wealth Rocket article, we’ll provide a detailed Borrowell review, providing an overview of the free service for credit score checking, and what it stands to offer Canadians.
Table of Contents
A Borrowell Review for 2021
You might already have a hunch that a person’s credit score is a three-digit number that tells lenders where the borrower’s financial health stands.
Checking this score usually costs the borrower a fee, but some services allow Canadians to check their scores for free, such as Borrowell, for example.
What is Borrowell?
Borrowell uses its strengths in personal finance and technology to help people make smart decisions and ease monitoring to help increase their credit scores and overall financial standing.
Since partnering with Equifax in 2014, Borrowell has become one of Canada’s largest fintech companies, with over one million users.
They aptly compare a credit score to a report card, citing that the only difference is that a credit score is assessable by creditors and lenders to judge whether or not to take a risk on someone.
How does Borrowell work?
Borrowell checks your credit score for free and displays a score directly from Equifax, using the Equifax RiskScore 2.0 score model.
When first signing up with Borrowell, you can get your credit score in three minutes or less. From then on, it updates weekly.
Borrowell recognizes that there are more ways to serve their users by keeping up with a changing economy. It also offers smart financial decisions by offering assistance and guidance with borrowing options, such as credit cards or mortgages.
This fin-tech company also offers financial products to help with any financial need, including banking accounts, credit cards, personal loans, mortgages, and insurance policies that have the potential to improve your credit scores.
What does Borrowell offer?
Borrowell has never wanted more than to help people make great decisions about credit. No more decreasing your credit score with credit card applications.
Borrowell uses an algorithm that pairs customers with credit card offers that will likely see them approved for new borrowing products. The service also provides additional information on how to use each product to its full advantage.
Borrowell additionally offers personal loan options since early 2019. Whether you are dealing with debt consolidation, unexpected home repairs, or need help paying off credit cards, you can borrow up to $35,000 with fixed interest rates, ranging anywhere from 5.6% to 29.19%. Borrowers have the option of paying it back over three to five years.
Unfortunately, these Borrowell services are not available in Saskatchewan, Quebec, Nunavut, Yukon, and the Northwest Territories. However, Borrowell plans to expand into those Canadian provinces and territories as soon as possible.
Borrowell Paid Features
Borrowell also offers an AI-powered credit coach known as Molly, which sends insights on your credit score and tips on how to improve it.
Another service offered by Borrowell is Boost, which predicts bills and income. That means no more missing payments, which means protecting your credit score.
The difference between Molly and Boost is that Boost runs on a monthly subscription fee of $4.99 (plus tax) a month. There is a 30-day free trial, which can let you see if you can benefit from a service that will send alerts when your account balance is low or when bills are due.
Borrowell and Equifax
Wondering how the Borrowell free credit score is different from Equifax’s paid service? While both services are practically the same, they do, however, use two different scoring models, even though they are both Equifax scores.
Both Equifax and Borrowell’s credit reports show factors such as all open accounts, any mortgages, and payment history.
Insights on your credit score, whether your file has any public records, collections, or bankruptcy, will be visible on your file.
The only place where these reports differ is when it comes to the inquiries. Equifax will show you hard and soft credit inquiries, whereas Borrowell will only show soft inquiries.
Borrowell Referral Program
Borrowell’s referral program is certainly an enticing one. For every successful referral, Borrowell customers can receive a $5 gift card for either Starbucks or Amazon, earned once each referral has signed up.
Borrowell Pros & Cons
As far as free credit score checking services go, Borrowell offers the perfect service for people who want to know what their credit score is, without paying the fees.
Here are some of Borrwell's pros and cons.
Pros: The Good Stuff
Free credit score reports
Intuitive and user friendly
Great for paying off credit cards
Cons: The Not So Good Stuff
Loans offered are only in two year to five year terms.
Bi-Weekly payback option not available.
Insufficient fund penalties range between $25 to $54.
Frequently Asked Questions
In short, yes. Borrowell uses the Equifax RiskScore 2.0 score model, which could be different from the model used by your bank.
It’s not uncommon for different credit bureaus to use different models. Scores may fluctuate daily. Be wary when comparing scores from different lenders, most lenders use the Beacon® 9.0 model.
Borrowell updates credit scores weekly, making your activity and progress easy to track.
Monitoring your financial reports will keep you up to date on your financial goals while making it easy to note any irregular activity, such as errors, fraud, and identity theft.
Yes! There is no reason to feel uneasy about linking your banking information to Borrowell. The service's main promise is that checking credit scores in Canada will always be safe, secure, and free.
Borrowell does not sell your data and uses 256-bit encryption to make your personal information just as secure as a traditional bank.