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What can I do to improve my credit score?

If you’re not happy with your score, there are several things you can do to improve it. This includes:

  • Paying your bills on time
  • Checking your credit report for factual errors and correcting them with the credit bureau
  • Paying down your credit cards
  • Carrying different types of credit

For more information, see our blog post 8 Ways to Improve Your Credit Score or sign up for our free 7-week email course on how to improve your credit score.

How can I see what information is on my credit report?

To order your free credit report by phone, please call Equifax at 1-800-465-7166 and they will mail it to you. If you want to get your report right away, you can purchase your credit report from Equifax Canada here

Why is my credit score important?

Knowing your credit score is the first step to improving your financial well-being. Your score is the number that financial institutions use to evaluate the level of risk you present as a customer. It’s most commonly used on credit card and loan applications but are also used by employers, landlords, insurers, and mobile phone providers.

How is my credit score calculated?

Your credit score is calculated by weighing different factors from your credit report. The most important factors that determine your credit score are:

  • Payment history: Do you make your payments on time?
  • Amount of credit you owe: What are the balances on your credit accounts?
  • Utilization of credit: Are you close to your balances to your credit limits?
  • Length of credit history: How long have you been building your credit history?
  • Searching for new credit: Are you looking to refinance?
  • Credit mix: What type of credit do you have and is it a good mix?

What is a good credit score?

The higher your credit score, the better! But each financial institution has its own criteria for what credit score range it considers to be high credit risk and a low credit risk.

How often does my credit score change?

Your credit score is a snapshot of your financial health at a certain point in time and it can actually fluctuate daily. We will provide you a refreshed score each month. 

What is the basis for the Equifax credit score?

The Equifax Risk Score 2.0 is based on an Equifax proprietary score model and may not be the same as the scores used by other companies to determine creditworthiness. The Equifax credit score is intended for Canadian consumers’ educational use, however, the credit score is also commercially available to third parties along with other credit scores and models on the market.


Is one credit score more right than another credit score?

One score is not more “right” than another score. As mentioned above, there are many score models available in the market.

What is the difference between the scores?

Both scores are proprietary to Equifax and powered by Equifax’s comprehensive and unique data assets.

The Equifax credit score you receive from the Borrowell website is generated directly from Equifax and is called the Equifax Risk Score 2.0 (ERS 2.0). ERS 2.0 is an Equifax credit score model used by many lenders and institutions when making real-world lending decisions. It’s a legitimate and popular credit score model. We use the ERS 2.0 score in our own lending decisions and choose to show you ERS 2.0 for that reason.

The credit score obtained directly from Equifax uses a slightly different model for weighing credit score factors.


Why is the credit score I’m getting from Borrowell different from the credit score I get from Equifax? Should I be concerned?

No, not at all! There are many different credit score models available in the market. The credit score provided to you by Equifax, the Risk Score 2.0, is intended for your own educational use.