Borrowell

Free Credit Report & Score

Borrowell’s Free Credit Report: How it Works & What You Need to Know

Your credit score plays a major role in your financial future, and Borrowell makes it easy to check your score and full Equifax credit report – for free.

What Exactly Is a Credit Score?

If you’ve ever wondered, “What is a credit score, anyway?”—you’re not alone. A credit score is a three-digit number that reflects your creditworthiness, or how risky you appear to lenders. It’s calculated based on your credit history, including your payment habits, the amount of debt you have, the length of your credit history, and more.

Why does this matter? Your credit score can impact everything from getting approved for a mortgage, car loan, or credit card, to the interest rates you’ll pay. Even landlords and some employers may check your score when making decisions.

Understanding your credit score – and regularly checking your credit report – puts you in the driver’s seat when it comes to your personal finances.

Signing up is simple, takes less than three minutes, and won’t affect your credit score.

What You’ll Get with Borrowell’s Free Credit Report

• 100% Free – No hidden fees or credit card required
• Equifax Credit Report – See your credit history, accounts, and any inquiries made on your file.
  Regularly reviewing your credit report is key to understanding your financial health. At first glance, all those numbers and terms might seem overwhelming, but it’s simpler than it looks. Your credit report includes details about your open and closed accounts, payment history, and any recent credit checks. Lenders use this comprehensive picture to decide whether to approve you for loans, credit cards, or mortgages. Keep in mind, different types of information – like late payments or hard inquiries – stay on your report for varying lengths of time, so it’s important to check your report often and understand what each section means.
• Weekly Score Updates – Track your progress with automatic updates every week
• No Impact on Your Score – Borrowell uses a soft check, so checking your score won’t lower it
• Personalized Credit Insights – AI-powered recommendations from Molly, Canada’s first Credit Coach

How to Read and Understand Your Credit Report

A credit report can feel like a maze, but breaking it down makes it far more manageable. Here’s what to look for, and how to make sense of the details:

Key Sections of Your Credit Report

• Personal Information: This section lists your name, address, date of birth, and employment history. Double-check for accuracy, as errors here can affect your profile.
• Accounts Summary: See all your open and closed credit accounts, from credit cards to installment loans. Each account shows your payment history, limits, and balances – helpful for spotting patterns and keeping tabs on your debt levels.
• Credit Inquiries: Lenders and other organizations you’ve authorized to check your credit appear here. “Soft” checks don’t impact your score, while “hard” inquiries (like when you apply for a loan) may slightly lower it.
• Public Records and Collections: Any bankruptcies or accounts sent to collections will be listed. While they’re rare, it’s important to note how long such records stay on your file – usually 6-7 years with bureaus like Equifax and TransUnion.
• Account History: Here you’ll see detailed payment records for each account. Missed or late payments will stand out, as will a positive streak of on-time payments.

Tips for Reviewing Your Credit Report:

• Look for unfamiliar accounts or errors that could signal identity theft or reporting mistakes.
• Make note of old debts – most negative information drops off after several years.
• Keep an eye out for opportunities: A consistently on-time payment history helps improve your score, while high balances or frequent missed payments can bring it down.

With a clearer understanding of what each section means, you can use your credit report as a tool to spot mistakes, track progress, and make informed decisions about your financial future. Whether you’re planning to apply for a mortgage, a car loan, or simply aiming to boost your score, regularly reviewing your report puts you in control.

How to Sign Up for Free:

1. Visit Borrowell’s website.
2. Create an account – No credit card required
3. Get instant access to your Equifax credit report and score
4. Receive weekly updates to stay on top of your credit health

Borrowell helps you take control of your finances with expert insights, credit monitoring, and personalized financial product recommendations. Join over 3 million Canadians already using Borrowell to stay informed and build a stronger financial future.

Sign up today and start tracking your credit with confidence!

Major Financial Partners

Borrowell partners with a wide variety of leading Canadian financial institutions to bring you tailored recommendations and top-tier products for your financial needs. These include:

• Major banks
• Recognized credit unions
• Trusted online lenders
• Established mortgage providers
• Well-known credit card issuers

By working with over 75 partners across Canada, Borrowell ensures you have access to competitive options – whether you’re looking for a loan, a new credit card, or other financial solutions. Their wide network helps match you with products that best fit your goals and credit profile.