We have answers.

Why is Borrowell giving away credit reports?

Borrowell started with a big goal in mind: to help Canadians make great decisions about credit and improve their financial well-being. With household debt at record levels, we think there is a very important opportunity to educate Canadians and help them better manage their finances.

Our job is to empower you by providing the tools and education you need to improve your credit health and save you money. This is why we were the first company in Canada to offer free credit scores with no strings attached. Now, we’re giving away your full Equifax credit report each month so you can stay informed when it comes to your credit health. 

How often is my credit report updated in Canada?

Borrowell will provide your updated credit report (and credit score!) every month. This means you’ll be able to review your report on a regular basis and stay on top of your financial health. 

What information is on my credit report?

Your credit report contains important information about your credit history and it can be helpful to see it all in the same place. Your credit report contains the following information: 

Personal Information  

Whenever you apply for credit, this information is updated. If it’s been a while since you’ve applied for credit, this may not be up to date.

Credit Inquiries

You’ll be able to see any inquiries about your credit, such as when a potential lender is reviewing your credit. It’s important to make sure these inquiries are all done with your permission.

Trades and Accounts

You can view any open or closed accounts that appear on your credit report, such as credit cards, installment loans, mortgages and mobile phone accounts.


Your report will also show any accounts that have been sent to collections, whether the balance(s) have been paid or unpaid. Be careful – when an account gets sent to collections it can have a big impact on your credit score.  

Legal Items

Any public records you may have will also show on your credit report. An example of this is a court judgment.


If you’ve ever filed for bankruptcy, it will appear on your credit report.

Why should I check my credit report?

Your credit report reveals important information about your financial history and can give insights into why your credit score is the way it is. A credit report allows you to see any inquiries that have been made about your credit, the personal information on your credit file, and information about your trades and accounts all in one place.

How do I change or dispute something on my credit report?

If you see something that doesn’t look right on your credit report, please contact Equifax directly: 1-800-465-7166. Borrowell can’t change or modify any information on your credit report. We obtain this information from Equifax. 

What is a thin credit file?

If you have a thin credit file, this means that Equifax doesn’t have sufficient information about you in order to produce a credit score. If you think this might be an error, please contact Equifax directly: 1-800-465-7166.

What is the difference between a credit score and a credit report?

Credit score

Your credit score is a number between 300 and 900 (the average in Canada is 749) and is based on various information throughout your credit report. This number is determined by a credit bureau, such as Equifax, and is used to determine your creditworthiness. Borrowell provides your Equifax Risk Score 2.0 – a popular and legitimate credit score used by many banks and lenders.

Credit report

Your credit report is created by one of two credit bureaus in Canada, Equifax or Transunion, and contains detailed information about your credit history. It includes information about your credit inquiries (checks on your credit), your personal information, and your trades and accounts (mortgages, mobile phone accounts, etc.). Borrowell provides your Equifax consumer credit report. 

Your landlord, credit card issuer, and bank all may want to know your credit score and see your credit report.