Your credit score can have a big impact on your financial future. Sign up for Borrowell to get your credit score and credit report for free! Join over a million Canadians and get the tools you need to help understand, manage, and master your credit - in under 3 minutes. Checking your credit score with Borrowell won't hurt your score.
With Borrowell, you can get your credit score in Canada for free! Signing up takes less than 3 minutes, and no credit card is required. Once you've signed up for Borrowell, you can download your Equifax credit report for free AND check your credit score at any time without hurting it. Plus, you'll receive weekly updates on how your score has changed. Stay on top of your credit health with Borrowell.
Sign up for free in just 3 minutes with no commitment or impact on your credit score. Track your success, flag errors and spot fraudulent activity.
Canada's first AI-powered Credit Coach, Molly, will share personalized tips, articles, and tools that may help improve your credit.
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Your credit report is like your financial report card, and your credit score is like your final grade. In Canada, banks and lenders review your credit when you apply for financial products. Your credit report can also be pulled by car dealerships, insurers, cell phone companies, landlords, and future employers to determine your ability to manage debt and meet financial obligations. Because of this, it's important to know your credit.
A good credit score in Canada is any score between 713 and 900. Credit scores in Canada range between 300 and 900. There are five distinct categories that your credit score could fall into, ranging from poor to excellent. Having a good credit score can help you qualify for financial products at lower interest rates. Not sure where you stand? Check your credit score with Borrowell!
Credit scores are calculated based on five key factors from your credit report. Each factor makes up a certain percentage of your overall score. The core factors that make up your Equifax credit score (provided by Borrowell) are:
Payment history (35%)
Credit utilization (30%)
Credit history (15%)
Credit mix (10%)
Credit inquiries (10%)
Your credit score is used to determine your overall creditworthiness or how likely you are to pay back credit. This is a popular and legitimate score that banks and lenders review when you apply for their products. A good credit score can help you qualify for credit cards, loans, and mortgages. A bad credit score could get you denied for these products.
With Borrowell, you can check your credit score for free and see what credit cards, loans, and mortgages you can qualify for based on your score! Sign up for free and see your approval chances from over 50 lenders in Canada.
It's important to know your credit score! Your credit score is an indicator of your overall financial health. Banks, lenders, and landlords take your score into account when you’re looking to get a mortgage, personal loan, or your dream rental. Knowing your credit score beforehand can help you apply with confidence.
You can check your credit score for free with Borrowell. The best part? It takes less than 3 minutes. Checking your credit score with Borrowell does not hurt your credit score.
Once you've signed up for Borrowell, you'll find out what's impacting your credit score, how to improve your score, and what financial products you should apply for with your current score. If you're looking for a new credit card, a car loan, or a mortgage, Borrowell will help you find the best product that matches your credit profile.
Your credit report is a detailed breakdown of your credit history, provided by one of Canada's credit bureaus (Equifax or TransUnion). Your credit report is like your financial report card. It shows when you’ve been granted credit, for things like a new cell phone or a personal loan. Your credit report also contains personal information, a history of your trades and accounts, and any derogatory marks.
With Borrowell, you can download your Equifax credit report for free.
Checking your credit report with Borrowell will NOT hurt your credit score. Anytime you check your score with Borrowell, it is considered a ‘soft’ inquiry and will not impact your score. This makes it easier to track your progress as you build and improve your credit score.
A ‘hard’ inquiry, on the other hand, does impact your score and is triggered if you apply for a credit card, a loan, a mortgage, or other types of credit products. Hard inquiries are triggered when a lender requests to review your credit report before approving your credit application.
The credit scores you receive from credit bureaus and credit score providers may be different because each company uses its own proprietary model to calculate your credit score. Note, however, that while the scoring algorithms vary, credit bureaus largely depend on the same factors when establishing your score, including payment history, credit utilization, length of history, types of credit and new credit. The credit score you receive from Borrowell is the Equifax Risk Score 2.0 (ERS 2.0), which is calculated based on Equifax's proprietary model.
Start with your FREE credit score, then get weekly updates to learn how your credit score has changed, see what's been added to your credit report, and spot any inquiries made on your credit file.
Work to build your score and tackle debt with personalized tips, tools, and product recommendations that match your credit profile.
Get matched with the best products from over 50 partners to help you improve your financial health. Plus, get access to innovative tools that can help you plan ahead, pay bills on time, and budget more effectively.
Borrowell uses advanced 256-bit SSL data encryption. We won't share your personal details with unauthorized third-parties or initiate transactions without your consent.
Download the mobile app and get your free credit score and report, personalized product recommendations, exclusive app-only tools and helpful credit tips.
To understand how credit score and missed payment trends across Canada have changed during COVID-19 measures, Borrowell, a fintech company that offers free weekly credit score updates, analyzed credit scores and credit reports of 1,015,369 Canadians, including those in 20 of the largest cities in Canada from Q1 2020 to Q1 2021.
The Borrowell Team
Apr 29, 2021
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Payment history makes up 35% of your score. One late bill payment can decrease your credit score by up to 150 points, according to Borrowell data.
Evan Miersch
Jan 28, 2021
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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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