FAQ – Credit Reports

Yes. Borrowell now offers free credit score and credit report monitoring in Quebec. We don’t offer personal loans in Quebec at this time.

No, at this time we only offer credit reports in English – but we do plan on offering our services in French.

Your privacy is important to us. We will never share your personal information with a third party without your explicit consent. To learn more, please review our Privacy Policy.

Borrowell only offers its services in English for the time being. In the future, we plan on offering our services in French to better serve our Francophone members.

Absolutely. The security of your information is important to us. We use security measures that meet or exceed industry standards for financial institutions to protect your personal information from unauthorized use.

No, not at all! Checking your credit score with Borrowell is a “soft” credit inquiry. This won’t affect your credit score or show on your credit report.

Oui, Borrowell offre dorénavant ses services de surveillance de cote de crédit et dossier de crédit au Québec. Pour le moment, nous n’offrons pas de prêts personnels dans la province de Québec.

Borrowell will refresh your credit score every month. We’ll email you when your score has been refreshed so you can track your progress.

Oui, Borrowell offre dorénavant ses services de surveillance de cote de crédit et dossier de crédit au Québec. Pour le moment, nous n’offrons pas de prêts personnels dans la province de Québec.

Non, présentement nous offrons les dossiers de crédit en anglais seulement, toutefois, nous projetons d’offrir nos services en français prochainement.

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.

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.

Borrowell is Canada’s leading digital lending marketplace, with a single goal in mind: to help Canadians make better decisions about credit. First, we help you improve your financial well-being and better manage debt. Then, we provide the tools you need to achieve this, such as free monthly credit score monitoring, fixed-rate personal loans, and recommendations to help save money.

If your file has a flag on it, you may be prevented from seeing verification questions. This is for security purposes. You can contact Equifax Canada to clear things up at 1-800-465-7166.

If you’ve tried the identity verification questions twice and were unsuccessful, we are unable to show you your credit score. This is for the protection of your personal information. But don’t worry – we’re working on a backup solution and we’ll let you know when it’s ready.

A credit score is a number between 300 and 900 that the credit bureaus calculate based on information in your credit report. This number determines interest rates and other financial offerings available to you.

We’ve partnered with Equifax to provide you your free credit score. We purchase the credit scores from Equifax.

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.

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.

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.

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.

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.

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.