Borrowell Review Free Credit Score Credit Report In Canada

Do you know what your credit score is? Good question. Do you know what your credit history looks like? You don't have a clue, do you dad? In today's video, I review Borrowell. If you want to monitor your credit and ultimately increase your credit score, make sure you watch this video till the end. Who is Borrowell? Founded in 2014, Borrowell is a Canadian fintech company which offers tools to help people make great decisions about credit. They are considered Canada's largest fintech company with over a million members. Borrowell is only available in Canada and can be accessed for free through their website or app. Borrowell's main feature is the free credit scores and credit reports. Borrowell gets your credit report directly from Equifax and uses the Equifax RiskScore 2.0 scoring model. Borrowell updates your score monthly and when you first sign up you can get your score within 3 minutes or less. So what's the catch? Nothing in life is free. There is no catch. Many people think Borrowell sells your personal information but they don't. Borrowell generates revenue by recommending products to you. These products include credit cards, personal loans, mortgages, car loans, banking and insurance. Borrowell doesn't sell your information to them. They just match you with their products based on your credit profile and financial goals. They also earn income by offering personal loans to those who need it. You are under no obligation to sign up for any of these products. Borrowell just helps you find the best products that you'll likely be approved for which can benefit your credit score. When looking for a new credit card or a loan, your credit score will decrease every time you apply. So Borrowell's likelihood of approval will minimize you getting not approved. Borrowell also offers an easy online loan process and you're able to see the best interest rates available to you. So they will also help you save money by finding the lowest interest rates. Another feature Borrowell offers is Molly, the AI-powered credit coach. There you will find insights on your credit score, credit updates and how to improve your score. And recently Borrowell has released Boost, a feature that predicts bills and income so you can make your payments on time and protect your credit score. Boost will also lend you $75 interest free to help you with any bills or expenses. You can also get bill reminder and low balance alerts to stay ahead of the game. The only con with Boost is a monthly subscription fee of $4.99 plus tax. You can try it for free for 30 days to see if it's right for you. And finally, Borrowell offers a referral program. They will email you your personal link to share with your friends and family. For every successful referral, you'll receive a $5 reward as either an Amazon gift card or Starbucks. Now let's get back into the free credit scores Borrowell provides. How was this score different from the score directly from Equifax? It almost broke my heart but I purchased a one-time credit score from Equifax for $23.95. So let's find out. My score from Equifax, $7.26. My score from Borrowell, $7.27. One thing to note here is my Borrowell score was pulled on August 26 and my Equifax score was pulled on August 31. So different reporting dates will give you different scores. That being said, the scoring model Equifax uses is slightly different from the scoring model Borrowell uses. Even though they're both Equifax scores. And the scores lenders use will probably be different too. For example, most banks when trying to apply for a mortgage will use the Beacon 9.0 scoring model. So what's the difference between the reports from Borrowell and Equifax? Not much. Both offer a credit score that probably wouldn't be used by a lender anyway. Both show all open accounts. Any mortgage, installment, revolving or other. Both show your details of all your accounts and payment history. Both show you hard inquiries on your report. Equifax shows you soft inquiries while Borrowell doesn't. Both show you collections on your file. Any public records on your file. Or any bankruptcies. Both also have their own insights on your score. Like comparison to other Canadians. What your score means. What's impacting your score. Credit utilization. And credit account age. So for $24, you can see your soft inquiries for 30 days. Or you can get your monthly credit score and reports for free from Borrowell. And let me just throw in there. Checking your credit score with Equifax, Borrowell, Credit Karma, MoGo or any other free credit scores. Will count as a soft inquiry. It will not affect your credit score. Plus lenders won't be able to see your soft inquiries. But when a lender checks your score, it will affect your credit score. Because that's a hard inquiry. What's the difference between Borrowell and Credit Karma? The main difference is that Credit Karma gets their credit score and report from TransUnion. The other credit reporting agency. And they use the credit vision scoring model. So your scores from Borrowell will most likely be different from Credit Karma. The biggest pro that Credit Karma has against Borrowell. Is that their credit scores are updated weekly instead of monthly. So the big question is. Why do we use apps like Borrowell and Credit Karma if lenders use a different scoring model? When trying to get a mortgage, loan or a credit card. You don't want to go in blind. For one, if you apply for a loan and don't get approved. It will damage your credit score. But mainly, let's say you've been saving for years. For a down payment on a house. And now you're ready to buy. You try to get a mortgage but don't get approved. Because you owed a phone company $50 years ago. That you thought you paid. And now it's sent to collections. Now your plans to buy a house are put on hold. Until you can improve your credit score. And depending on how actively you're trying to improve your credit score. This may take a few years. Your credit score on apps like Borrowell and Credit Karma. Will give you a good understanding of your credit worthiness. And the reports they offer are more valuable than the score themselves. The reports will give you an understanding of your credit history. And you can know where to improve it. Another reason to use these apps is to monitor your credit. Tracking your credit can help you with identity theft or fraud. These apps can alert you when a new inquiry happens on your account. So you can catch them early before the damage is done. Another reason to use these apps is to look for errors on your report. Any errors can be reported and corrected. An error on your report can be the difference of you getting approved for a loan or not. My final thoughts. Borrowell is one of those must-have apps along with Credit Karma. It's important to know your credit score from both reporting agencies. And to monitor your reports no matter what stage you are in life. If you are younger you might want a credit card, car loan or a mortgage. If you are older you may think you don't need to worry about credit anymore. But what if your kids need a cosigner for a mortgage or any other type of loan. Having a good credit score will get you the best benefit and reward credit cards. The biggest loans. The best interest rates. And the ability to leverage debt to ultimately build wealth. And it all starts with Borrowell. If you like this video help support the channel by hitting the like button. And if you haven't already make sure you subscribe and hit the bell icon. To get notified when a new video comes out. Next week I'll be doing a video on ways to improve your credit score. If you got any comments or questions comment them below. Thanks for watching. Until next time. Keep making money moves. Peace.