Here are eight tangible steps you can take to improve your credit score. Your credit score directly impacts your ability to get approved for financing, including credit cards, loans, and mortgages.
The Borrowell Team
Feb 04, 2021
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Sep 19, 2017 • 2 min read
Last week, we posted a blog informing our members of the Equifax security incident that affected 143 million Americans. Today, Equifax confirmed that the incident has affected approximately 100,000 Canadian consumers.
The information that was compromised included names, Social Insurance Numbers, and in some limited cases, credit card numbers. Equifax confirmed they will notify impacted Canadians by mail to offer free credit score monitoring and identity theft protection. You can find more information on the Equifax website.
How we’re helping you
We understand the Equifax incident has caused frustration and confusion for Canadians. Even though Borrowell was not involved, we’ll be updating your credit score more often as a response to the incident. Every single week, we’ll notify you when your score is updated.
More frequent credit score updates will help you better track changes to your score. It’s best practice to monitor your credit score often and our updated credit score tracking will notify you of changes each week.
What you can do
1. Watch for your new weekly updated credit score email
We’ll email you when your credit score has been updated. You should monitor for anything suspicious – such as a significantly decreased score. As always, checking your credit score through Borrowell is a soft inquiry that won’t affect your credit score.
2. Monitor your credit card statements and bank accounts
Your credit cards and bank accounts are also important to monitor. Keep an eye out for any transactions you did not authorize and report any issues to your bank or credit card company right away.
3. Report any theft or crime
If you identify a concern that involves a theft or crime, report the incident to local police. You can also report scam or fraud to the Canadian Anti-Fraud Centre. Tell your bank and credit card companies, and close any accounts and cards that may have been compromised immediately.
At Borrowell, we believe in helping Canadians make great decisions about credit. As a 100% Canadian company, we’re particularly concerned with how this incident has affected Canadians. This means being as transparent and helpful as possible to better serve our members. We think offering free monthly credit score monitoring is the right thing to do in response to this incident.
We owe it to our members to help keep you well informed. We will share any further information here on our blog or on our social media channels.
Here are eight tangible steps you can take to improve your credit score. Your credit score directly impacts your ability to get approved for financing, including credit cards, loans, and mortgages.
The Borrowell Team
Feb 04, 2021
Learn More
Thanks to rent reporting services, you can now build your credit score by paying your rent on time every month.
Janine DeVault
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With all the different credit options available in Canada, it’s important to understand the differences between each one so that you can find the right product for your needs. Credit can be useful to help you establish a history and finance purchases, but should be used mindfully.
In this Borrowing 101 article, we’ll give you an overview of personal loans and lines of credit to help you understand how they work, when to use them, and what to be careful of in order to protect your credit score.
The Borrowell Team
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