How to get your free credit score in Canada with Borrowell — now available in Quebec!
Knowing your credit score is important. However, not many people actually are aware of what’s on their credit report. Did you know that it’s possible to get your credit score in Canada, absolutely free?
We’ve written about this in the past, where we showed you several different apps and methods to obtain your free credit score in Canada.
Not too long ago, I signed up for Borrowell. It’s an application that offers Canadians a way to check their credit report in Canada for free. Additionally, it now allows residents of Quebec to obtain their score! Previously, this wasn’t possible.
The way it works is simple, all you need to do is:
- Create an account
- Confirm some identifying information
- Voila! The application is able to provide you with your Equifax credit report information (including your credit score).
NOTE: Signing up with Borrowell / obtaining your free credit score using the application will not affect your credit score in any way!
Here’s how to open a Borrowell account and obtain your credit score in Canada for free:
- Go to Borrowell’s site and click on the “Get my Free Credit Score” button. You’ll arrive to this page, the login/registration page.
- Input your email and pick a password
- Next, click the “Get My Credit Score” button.
- On the next page, you’ll need to input personal info. They need this information to be able to pull your personal credit report from Equifax. Click the “Next” button once you’ve input all the fields.
- The next page, seen above, will ask you a couple of financial questions. Borrowell will recommend different financial products and offers in the app based on the answers you put. Once done, click the Next button (don’t forget to accept the T&Cs at the bottom of the page!).
TIP: If you selected “Pay off my credit cards or other debt” option for the 2nd question, check out our post about how balance transfer cards can be a helpful way to slash debt. RateSense.ca also has many helpful articles and advice on credit cards and debt.
- After the next page loads, you’ll need to confirm your identity by validating four security questions regarding your credit history and profile.
- Make your way through the security questions.
- After validating your identity, you’ll be presented with your free credit score from Equifax!
My personal take of the Borrowell app
I really like the Borrowell app! I find it very useful for staying on top of my credit score in Canada. Moreover, as a resident of Quebec, my options were less plentiful for getting this information for free compared to other provinces in Canada.
What do I especially love about Borrowell? The fact that your credit report is kept up to date! Each month, your profile will have its information updated with the latest from Equifax. As such, it’s perfect for those actively trying to improve their credit score in Canada, in order to monitor how your efforts are paying off!
Other neat features of the Borrowell app
Additionally, there is a feature called the “Credit Coach”. It uses the information from your Equifax credit report to provide insights on your overall credit health. Likewise, it can provide you recommendations to improve it. For example, the Credit Coach is able to show you how your Credit Utilization changes month-to-month. Alternately, it can advise what’s impacting your credit score most negatively at a given point in time.
You might be wondering, what’s the catch? How can Borrowell offer me a free credit score in Canada like this? Well, as explained on their website, they market you financial products within the app.
The app recommends various loan and financial products based on your credit score (and your financial goals you had indicated when registering). Personally, I think it’s a fair trade-off, because subscribing to receive your report directly from the credit bureaus can be costly…it’s certainly not free!
Have you checked your free credit score in Canada yet? Why not open a free account with Borrowell, and receive free monthly updates on your score? Take charge of your financial health and credit rating. Stay on top of your credit score today!
NOTE: This is not a promoted article. RateSense.ca is not affiliated with Borrowell in any way, apart from being an individual account holder/customer myself. I just really find their application helpful, especially since they offer a way to stay on top of your credit score for free. RateSense.ca does not receive any sort of commission or incentive if you choose to open an account with Borrowell.
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