Borrowell is a reputable and legitimate Canadian financial technology company based in Toronto, Ontario. It was founded in 2014 by Andrew Graham and Eva Wong. Borrowell has established partnerships with Equifax, one of the major credit bureaus, to provide Canadians with free access to their credit scores. It has also partnered with several prominent financial institutions, including American Express, BMO, Capital One, EQ Bank, National Bank, and Scotiabank. Additionally, Borro-well is accredited by the Better Business Bureau.
In terms of safety, Borro-well takes security seriously and employs advanced 256-bit SSL data encryption, a highly secure method that is virtually impossible to crack. This level of security is on par with what banks and financial institutions use to safeguard customer data.
Borro-well is a Toronto-based fintech company that operates as a financial product and services marketplace. It is composed of a diverse group of financial and technology professionals and is widely recognized as a leading Canadian fintech company. Borro-well was the first company in Canada to offer free credit scores in partnership with Equifax Canada. It also recommends personalized financial products, including personal loans, mortgages, and credit cards, based on members’ credit profiles and financial goals.
Yes, Borrowell is free for Canadians who sign up for an account. By signing up, you can access your credit score and credit report from Equifax. Borrowell also provides free educational resources, digital tools, weekly credit monitoring, and personalized product recommendations to help users improve their financial well-being.
To obtain your free Borro-well credit report, follow these steps:
Borrowell collaborates directly with Equifax to provide verified credit scores and reports weekly. The credit score you receive through Borrowell is generated by Equifax and referred to as your Equifax Risk Score 2.0. Any discrepancies between your Borrowell credit score and your Equifax credit report can be attributed to the timing of when Equifax updates your information and when Borrowell pulls your credit score.
No, signing up for Borrowell and downloading your credit report through the platform does not hurt your credit score. It is considered a soft inquiry and does not affect your credit profile. Hard inquiries, on the other hand, can impact your credit score and are typically conducted by lenders when evaluating loan applications.
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If you’re looking for alternatives to Borrowell, here are some options to consider:
Borrowell provides credit scores and reports generated directly from Equifax Canada. The specific credit score model used by Borrowell is the Equifax Risk Score 2.0, which is commonly used by lenders and financial institutions for lending decisions. While Borrowell relies on Equifax data, differences in credit scores may arise due to timing disparities in data updates.
Unlike Borrowell, TransUnion is a distinct credit bureau with its credit scoring model and factors that differ from Equifax. TransUnion uses the CreditVision risk scoring model, which evaluates credit elements differently from Equifax. This can result in variations in credit scores between the two bureaus.
Clear Score and Borro-well both offer free access to credit scores and reports, but they obtain this information from different credit bureaus. Clear Score uses TransUnion data, while Borro-well relies on Equifax. Both platforms offer bank-level security with 256-bit encryption, financial education resources, and access to credit cards, loans, and mortgages. Clear Score also offers cash-back and credit card rewards, which is a distinguishing feature.
Loans Canada operates as a loan comparison platform that assists Canadians in finding the most suitable lending products for their needs. Like Borrowell, Loans Canada offers financial education facilitates connections between lenders and borrowers, and provides access to personal loans and credit score checks. Loans Canada also partners with various banks to offer a range of financial products, including loans, mortgages, and credit cards.
Borrowell does not have a customer service hotline and does not offer live phone support. For inquiries, you can explore the following options:
No, checking and downloading your credit score through Borrowell is considered a soft credit inquiry and does not impact your credit score. Borrowell allows you to check your credit score and download your credit report every month without affecting your credit profile.
Borrowell, as an online lender that offers loans to Canadians with good credit, provides free credit scores as a cost-effective marketing strategy. By using your credit score, along with other information, Borrowell determines the interest rate you would receive if you applied for a loan through their platform. If you choose not to apply for a Borrowell loan, they may recommend other loans from different banks and receive a referral fee if you apply for them.
Credit Karma offers free access to credit scores and reports from Trans Union, while Borro-well obtains information from Equifax. The accuracy of either platform depends on the specific credit scoring model and methods used by each credit
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