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GET YOUR FREE CREDIT SCORE IN CANADA

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 two
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.

Sign Up for Free



HOW TO CHECK YOUR CREDIT SCORE IN CANADA

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.

Check Your Credit Score


HOW BORROWELL CAN HELP


MONITOR & TRACK

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.


UNDERSTAND & IMPROVE

Canada's first AI-powered Credit Coach, Molly, will share personalized tips,
articles, and tools that may help improve your credit.


FIND THE RIGHT PRODUCT

Get automatically matched with financial products from over 50+ partners that
fit your credit profile. See your likelihood of approval and apply in just a few
clicks.

Sign Up for Borrowell


WHY ARE YOUR CREDIT SCORE AND REPORT SO IMPORTANT?

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.


WHAT'S A GOOD CREDIT SCORE IN CANADA?

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!

Find Out Your Score


CREDIT SCORE & REPORT FAQS

How is my credit score calculated?


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%)



What's my credit score used for?


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.

Why should I check my credit score?


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.

What's a credit report?


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.

Will checking my credit report impact my score?


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.

Why are credit scores different?


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.


TAKE CONTROL OF YOUR FINANCES


UNDERSTAND AND TRACK YOUR CREDIT. ANYTIME

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.

Monitor your Credit


IMPROVE YOUR SCORE. ACHIEVE YOUR GOALS

Work to build your score and tackle debt with personalized tips, tools, and
product recommendations that match your credit profile.

Improve Your Credit


MASTER YOUR CREDIT HEALTH

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.

Get Recommendations


COMMITTED TO KEEPING YOUR DATA SAFE AND SECURE

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.

Safe Credit Check


GET GOING WITH YOUR FINANCES -ANYTIME, ANYWHERE

Download the mobile app and get your free credit score and report, personalized
product recommendations, exclusive app-only tools and helpful credit tips.




MORE CREDIT SCORE RESOURCES


COVID-19: Impact on Credit Scores and Missed Bill Payments by City [Study]

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

Learn more


How Late Payments Impact Your Credit Score

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

Learn More


How To Improve Your Credit Score in Canada

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

Learn More

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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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