Credit scores are important – which is why it’s so shocking that less than half of Canadians know their credit score!
For those new to credit, a credit score is a three-digit number that is used by banks and lenders to determine your creditworthiness. This number, calculated by the credit bureaus, ranges from 300 to 900. The higher your score, the better.
You should know your credit score. It affects plenty of major things, like your mortgage and insurance rates. Your mobile phone provider or even your landlord may ask to see your credit score. If that isn’t enough to make you check your credit score, we have a few more reasons below.
1. Borrowell is now offering more frequently updated credit scores
Borrowell has moved to weekly updated credit scores! Checking your score with Borrowell is free and you can do it right now in under 3 minutes. This means you’ll get an email every week with an updated credit score. This makes it easier to monitor your score and to track any changes.
2. Checking your score with Borrowell will not hurt it
We get this question all the time. “But won’t checking my credit score negatively affect it?” The answer is no – absolutely not!
Checking your score yourself through Borrowell is a “soft” check that doesn’t affect your score and it won’t show on your credit report. When a bank or lender checks your credit score, it will (slightly) negatively affect your score. This is what’s called a “hard” credit check and this will appear on your credit report.
3. Knowing your score can help you save money
Knowing your credit score can help you make better decisions about credit, which means knowing can help you save money. You may be thinking, “My bank offers me products, so I must have good credit.” While this might be true – why wait for someone else to tell you what is right for your financial well-being?
Knowing your credit score can help you find the best financial products available to you. This means it can help you to find a better mortgage rate, or find out if you’re eligible for a new credit card with better rewards.
4. Monitoring your score can protect you from identity theft
Checking your score frequently allows you to monitor for any suspicious activity. Keeping an eye on your credit score and monitoring your accounts will help alert you faster of anything suspicious. Checking your score more often can help you keep track of and improve your financial well-being.
You may have heard that making on-time payments is the key to having a good credit score. But just how important is it to make your payments on time? If you’ve made the mistake of missing payments in the past, what can you do to help improve your credit score now?
The Borrowell Team
Jun 12, 2020
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The Borrowell Team
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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
Apr 27, 2020
Borrowell® is a registered trademark of Borrowell Inc. All Rights Reserved. The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties to determine your credit profile. The score provided to you for educational use is the Equifax Risk Score.
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