Credit Monitoring FAQ

Why did my credit score go down?

We understand credit scores can be complex. Our mission at Borrowell is to help people make great decisions about credit and we want to help you understand and improve your credit score.  Credit scores fluctuate from month to month depending on a number of factors. We provide your credit report on a monthly basis. Depending on when you make a payment, when the company reports it to Equifax, when Equifax makes the update on your file, and when you received your refreshed score, your score could fluctuate even if you haven't done anything differently.  There are five main things that impact your overall score: Your payment history -How much credit you have available -Length of credit history -Number of inquiries (to receive further credit) -Types of credit (loans, credit cards, etc.) For more information, please see our blog post about why your score may have dropped.

How do I dispute information that is being reported on my credit report? 

If you see something incorrect, it’s best to contact Equifax to correct it. As we obtain this information directly from Equifax, Borrowell can't change or remove any item on your credit report. You can also dispute the error with the financial agency that reported the information incorrectly. 

Equifax maintains a certain record on your credit report for a period of time from the date of your discharge or last payment. So for example, Tradelines will stay on your credit report for 7 years from the Date of Last Payment.  It’s important to fix any errors or update information that you feel is incorrect. Errors on your credit file can affect your score, which in turn affects your overall creditworthiness. For more information about how to dispute an item on your credit report, check out our blog. 

You can contact Equifax at 1-866-828-5961 for further assistance.

Why do I have a zero credit score?

If you don't currently have any active credit tradelines, there may not be enough information on your credit report for Equifax to generate a credit score. 

If you do have active credit tradelines on your credit bureau file, it is possible that the information that you provided on your Borrowell account doesn't match what Equifax has on file for you. You will need to confirm with Equifax that they have the correct name, home address and date of birth on your credit report. Once this is confirmed, we can try again to obtain your credit score.  Please contact Equifax here: 1-866-828-5961.

I had a score last month, but now it shows a score of zero?

It seems as though you may have multiple credit files with Equifax. One of the files could have been created with different information (for example, a different name, address or date of birth), which could be why you are not seeing your complete credit report through Borrowell. 

Please contact Equifax at 1-866-828-5961 (press 7 to talk a representative). They will be able to confirm if you have multiple credit files and will provide you with instructions on how to merge them. Once this is completed, you should be able to see your updated and complete file at the next monthly update of your report provided by Borrowell.

Does checking my credit score impact my score?

Soft credit inquiries, when you check your score yourself (like when you check your credit score with Borrowell!) don't show on your credit report and don't affect your score. Hard credit inquiries, done by lenders or banks, are a formal credit inquiry and will slightly negatively affect your score. Read more on our blog: what's the difference between hard and soft credit inquiries.

How often will Borrowell update my credit score? 

Borrowell will refresh your credit score every month.  The exact date depends on when you last received your refreshed credit score.  We’ll email you when your score has been refreshed so you can track your progress and stay on top of your financial health.

Do I have a good credit score?

Your credit score ranges between 300-900 (depending on the scoring model - Borrowell uses the Equifax Risk Score 2.0). The average credit score in Canada, according to Equifax, is 749. Here's a breakdown of Borrowell's credit score ranges: 

• 741 or more: You have an excellent credit score! You can consider yourself a credit all-star. 
• 713 to 740: You have a good credit score. You should expect to receive very good interest rate offerings and a variety of credit products.
• 660 to 712: This is considered fair or average to lenders. But once you get to 660, you’re entering into average credit score territory.
•  575 to 659: This is a below average credit score. Consider working on improving your credit score. 
• 300 to 574: Your credit score is poor and needs improvement. 

This number is determined by a credit bureau, like Equifax, and is used to determine your creditworthiness. 

How do I improve my credit score?

It can be very frustrating when you don't know why your credit score is what it is. It's why we've introduced the Borrowell Credit Coach - Canada's first free ai-powered credit coaching tool in Canada. 

Molly the Credit Coach provides three key features to help you improve your credit score. 

• Credit score comparison. This allows you to see how your own score falls with the rest of Canada. 
• Credit updates. This notification feature offers important credit updates like new credit inquiry alters and missed payment warnings, as well as messages to inform you when you're making good financial decisions. 
• Helpful tips. The Credit Coach provides helpful tips to improve your credit score and product recommendations to address areas of improvement. 

Here are a few other things you can do to help you gain a better understanding of your credit score. 

• Compare your monthly reports. Have there been any changes in your spending habits that may have increased your credit utilization (i.e. the amount of credit you currently have available to you)? Have you closed any trade lines? Have you missed any payments? These are a few examples of factors that contribute to an increase.
• Timing: If you have recently made a payment on one of your trade lines, it can take some time for it to reflect on your credit report. This tends to rely on timing, i.e. you making a payment, when the company reports it to Equifax, when Equifax makes the update on your file, and when you receive your refreshed score. Your credit score is updated on a monthly basis.
• You can also consult a financial advisor at your local financial institution for a personalized audit. Check out our helpful blog posts: Borrowell Course- Free Improve Your Credit Score Email Course Borrowell Blog- 8 Ways to Improve Your Credit Score

What is credit utilization? 

Your credit utilization is the amount of credit you've used out of the total amount available to you and makes up 30% of your credit score. The lower your credit utilization, the better! You can figure out your credit card utilization by dividing your total credit card balance by your total credit card limit.  For example, let's say the balance on your credit card is $500 and your credit limit is $1,000. Your credit utilization for that credit card is 50%. Financial institutions like to see that number at less than 30%. 

Learn more about credit utilization on the blog. 

I recently made a payment on a trade line - why is this not reflecting?

If you've recently made a payment on one of your trade lines, it can take some time for it to reflect on your credit report. This tends to rely on timing. For example, it depends on if you've made a payment, when the company reports it to Equifax, when Equifax makes the update on your file, and when you receive your refreshed score. Your credit score is updated on a monthly basis.  We suggest waiting until your next refresh date.

Les services de Borrowell sont-ils offerts au Québec?

Oui, Borrowell offre dorénavant ses services de surveillance de cote de crédit et dossier de crédit au Québec. Pour le moment, nous n’offrons pas de prêts personnels dans la province de Québec.

Les services de surveillance de cote de crédit et dossier de crédit de Borrowell sont-ils offerts au Québec?

Oui, Borrowell offre dorénavant ses services de surveillance de cote de crédit et dossier de crédit au Québec. Pour le moment, nous n’offrons pas de prêts personnels dans la province de Québec.

Puis-je obtenir mon dossier de crédit en français?

Non, présentement nous offrons les dossiers de crédit en anglais seulement, toutefois, nous projetons d’offrir nos services en français prochainement.

Why is Borrowell giving away credit reports?

Borrowell started with a big goal in mind: to help Canadians make great decisions about credit and improve their financial well-being. With household debt at record levels, we think there is a very important opportunity to educate Canadians and help them better manage their finances. Our job is to empower you by providing the tools and education you need to improve your credit health and save you money. This is why we were the first company in Canada to offer free credit scores with no strings attached. Now, we’re giving away your full Equifax credit report each month so you can stay informed when it comes to your credit health.