What is Borrowell?

Borrowell is a Canadian company based out of Ontario, Toronto. It aims at financial prosperity by enhancing credit education, developing innovative digital tools, and offering personalized experiences. The company is not a credit bureau in itself. However, it is associated with Equifax to provide credit scores and reports.

Products and services offered by Borrowell

Credit Score

By registering with Borrowell, you can get your free credit score. A credit score is a three-digit number that is based on your borrowing behaviour. If you have a good score, the chances are high for you to get your loan approved. It is determined based on your loan repayment track record, new credit enquiries, mix of debts, total debts etc. While the score is just a three-digit number, a credit score gives a detailed analysis of your credit history.

Rent Advantage

You can use this product to report your rent payment without having the landlord’s signature. This account directly verifies your rent payment from your bank records.

Credit Builder

In order to get a loan approved with the best features and low interest rates, you need to have a good credit score. If you intend to improve your credit score, you can sign up with Credit builder and it reports all your payments to Equifax, which in turn improves your score over a period of time.

Credit Card

Borrowell offers credit cards, partnering with CapitalOne, American Express, BMO, Scotia Bank, National bank etc.,

Personal Loan

Borrowell helps you find the right service provider for personal loans by matching your credit profile with the requirements of financial institutions.

Mortgage

With Borrowell, you can get in touch with a mortgage adviser to get professional advice. You can also compare mortgage interest rates offered by various financial institutions.

Insurance

You can get the best insurance premiums and covers by comparing the products on Borrowell.

Is Borrowell accurate?

The company uses Equifax’s Risk score 2.0 to determine your credit score and report the client’s credit behaviour. Equifax keeps updating its calculating method on a timely basis. This version is the most advanced risk prediction tool at the time of writing. It determines the probability of the borrower becoming troublesome for 90 days or more within 1 year. Hence, Borrowell score is accurate and can be trusted.