The Well

Rachel Surman | Personal Finance,Blog,News

You Can Now Monitor Your Credit Score More Often: Our Response To The Equifax Security Incident

September 19, 2017

Last week, we posted a blog informing our members of the Equifax security incident that affected 143 million Americans. Today, Equifax confirmed that the incident has affected approximately 100,000 Canadian consumers.

The information that was compromised included names, Social Insurance Numbers, and in some limited cases, credit card numbers. Equifax confirmed they will notify impacted Canadians by mail to offer free credit score monitoring and identity theft protection. You can find more information on the Equifax website.

How we’re helping you

We understand the Equifax incident has caused frustration and confusion for Canadians. Even though Borrowell was not involved, we’ll be updating your credit score more often as a response to the incident. Every month, we’ll notify you when your score is updated.    

More frequent credit score updates will help you better track changes to your score. It’s best practice to monitor your credit score often and our updated credit score tracking will notify you of changes each month.

What you can do

1. Watch for your new monthly updated credit score email

We’ll email you when your credit score has been updated. You should monitor for anything suspicious – such as a significantly decreased score.  As always, checking your score through Borrowell is a soft inquiry that won’t affect your credit score.

2. Monitor your credit card statements and bank accounts

Your credit cards and bank accounts are also important to monitor. Keep an eye out for any transactions you did not authorize and report any issues to your bank or credit card company right away.

3. Report any theft or crime

If you identify a concern that involves a theft or crime, report the incident to local police. You can also report scam or fraud to the Canadian Anti-Fraud Centre. Tell your bank and credit card companies, and close any accounts and cards that may have been compromised immediately.

At Borrowell, we believe in helping Canadians make great decisions about credit. As a 100% Canadian company, we’re particularly concerned with how this incident has affected Canadians. This means being as transparent and helpful as possible to better serve our members. We think offering free monthly credit score monitoring is the right thing to do in response to this incident.

We owe it to our members to help keep you well informed. We will share any further information here on our blog or on our social media channels.