The Well

Andrew Graham | Blog

Why Are We Launching Free Credit Reports?

January 24, 2018

We started Borrowell with a big goal in mind: to help Canadians make great decisions about credit and improve their financial well-being.  With Canada’s household debt at record levels – to the tune of $2.11 trillion – we think there is a very important mission to educate Canadians and help them better manage their finances.

We’re off to a great start. We’ve helped over 350,000 Canadians discover and understand their credit score. Most importantly, a huge number of Canadians have improved their credit score or saved money by using our recommendations.

As always, our job is to empower you by providing the tools and education you need to improve your credit health and save money. That’s why we are very excited to announce the launch of full and completely free credit reports. Every month, you’ll receive your free Equifax credit report along with your free credit score!

Why should you check what’s on your credit report?

  • Your credit report provides context for why your score is what it is and how you can improve and save money. It provides important insights about your financial history and overall financial well-being.
  • You’ll be able to see any inquiries to check your credit, such as when a potential lender is reviewing your credit. If you see something you didn’t authorize, this could be a sign of identity theft.
  • You can check and make sure there aren’t any errors on your credit report, such as missed or late payments on things like installment loans, mortgages, or mobile phone accounts.
  • Your report can (and should) be used to do a better job of providing relevant financial content, education, recommendations, and tips for you to improve.
  • Many important organizations or individuals might use your credit report to make decisions about you.
    • These include: banks, credit unions, credit card companies, car leasing companies, mobile phone companies, insurance companies, employers, and even landlords.

What’s in it for Borrowell?

As a financial technology company, transparency is key. We hope that by showing you your credit report in addition to your score, you will be encouraged to use Borrowell more often. Monitoring your credit score and report can help you gain a better understanding of your overall credit health.

When you improve your credit and become more financially literate, we can do a better job of connecting you with relevant money-saving and credit-improving products. Our business generates revenue by recommending products based on your credit profile and financial goals. If you take a product we recommend, we earn a fee.

We hope that if you are happy with this feature, you will tell your friends and help us increase our reach and succeed in our mission in helping Canadians make great decisions about credit.

Many of you asked for free credit reports. We listened! See for yourself.

      • “I am currently searching for an apartment and my potential landlord has asked for a full credit report. Is this something you can provide?” – Jess
      • “I love Borrowell but I wish you showed all my lines of credit!” – Paige
      • Is credit reports something that you will ever offer?” – Amir

As a team, we are passionate about making it easier for Canadians to understand what goes into their credit reports. This knowledge will help to make them be confident and in control of their finances. Offering free credit reports is our next step in fulfilling that mission.

Are you ready to see your full credit report? Click here to get your full Equifax credit score and report from Borrowell!

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