Borrowell and Equifax Canada Partner To Provide Canadians Free Access to Credit Score

Thanks OP!

Sounds really interesting, but is there a catch? Sounds too good to be true

Seems more and more legit as I search the web:
https://www.google.ca/?ion=1&espv=2#q=b ... ve&tbm=nws

just got mine 721. Thx OP

No quebec of course.....grrrr

I just did it. it did worked. Score is crawling slowly back up!
Yay!

Althought wife's score took a HUGE hit. CC debt are fairly high and she just got a new car loan, hopefully it will bounce back up fast soon.

I acknowledge this consent is obtained to allow Borrowell to obtain and periodically refresh my credit score to present me tailored personal finance information, recommendations and offers.

Don't be surprised if your data gets sold or referred to 3rd party companies and orgs for marketing and/or research.

Your consent allows them to pull soft inquiries on you as much as they like

buyer beware!

To anybody who can access it (I'm Quebec), can you get your score every once a while (like 2 weeks)?

Just credit score, but not other info from Equifax.

You have to consent to Borrowell to
"I consent to Borrowell obtaining my credit score from a credit reporting agency, after I create my account and verify my identity, and to obtaining an updated credit score on a regular basis as long as I have an account with Borrowell. I acknowledge this consent is obtained to allow Borrowell to obtain and periodically refresh my credit score to present me tailored personal finance information, recommendations and offers."

But if you allow Borrowell to get your credit score, wouldn't that means a check on your credit?

ryan10075 wrote: ↑To anybody who can access it (I'm Quebec), can you get your score every once a while (like 2 weeks)?

It states I can get an updated score in September

mikeymike1 wrote: ↑ I acknowledge this consent is obtained to allow Borrowell to obtain and periodically refresh my credit score to present me tailored personal finance information, recommendations and offers.

Don't be surprised if your data gets sold or referred to 3rd party companies and orgs for marketing and/or research.

Your consent allows them to pull soft inquiries on you as much as they like

buyer beware!

Hi there,

Rob from the team at Borrowell here.

We think it's really important for people to know what their credit score is. We think fairness and transparency is really important, especially when it comes to financial services. We will never share or disclose your personal information to a third party without your explicit consent.

What's in it for us? We hope that some people who get their scores will get a loan with us. In the near future, we're planning to recommend products and services from trusted partners who would be able to help you save money. Those partners would pay us if you decided to take their product or service. Don't worry - we will never sell your personal information.

We don't like spam either! We plan on sending information that we think will be useful to consumers - like tips on how to improve your credit score, or offers that are tailored to your financial profile. But if you're not finding them useful, you can always unsubscribe. We'll still let you know when your score has been updated.

If it is not legitimate, would Equifax allow them to pull the credit score on behalf of others?

mikeymike1 wrote: ↑ I acknowledge this consent is obtained to allow Borrowell to obtain and periodically refresh my credit score to present me tailored personal finance information, recommendations and offers.

Don't be surprised if your data gets sold or referred to 3rd party companies and orgs for marketing and/or research.

Your consent allows them to pull soft inquiries on you as much as they like

buyer beware!

I was just thinking of this.
But would multiple soft credits from one company be regarding as a higher risk than one soft pull?

The results are way off between Borrowell and Equifax.

I did the Borrowell query and then logged into Equifax and did the same update.

Equifax score was 10% higher than what Borrowell provided.

RangerG wrote: ↑I was just thinking of this.
But would multiple soft credits from one company be regarding as a higher risk than one soft pull?

I think soft credit inquires are 'invisible' to other lenders making it have no impact to credit score. It would be like getting a free Equifax consumer disclosure every month (or every day back when we had the free Home Depot monitoring) since every Equifax internal inquiry is just another soft hit on the record as well.

rjp123 wrote: ↑The results are way off between Borrowell and Equifax.

I did the Borrowell query and then logged into Equifax and did the same update.

Equifax score was 10% higher than what Borrowell provided.

Interesting, I think this confirms the theory that each lender assigns a different weight to different credit factors. Hence this appears to be the 'almost' Equifax Credit Score which is the Borrowell score.

A very quick skim of the privacy policy does not indicate sale or transfer of data to any one else other than credit bureaus:
https://www.borrowell.com/privacy-policy/

Broker and/or Lender also exchange Personal Information with credit bureaus as necessary at the time of your application and throughout the term of your Loan Agreement in order to review and verify your ongoing creditworthiness, and manage and assess our risks. You authorize credit bureaus to provide such information to us.

Broker will not share your credit or other personal information with third parties for marketing purposes without your consent.

I too pulled the trigger and got my score.

RangerG wrote: ↑I was just thinking of this.
But would multiple soft credits from one company be regarding as a higher risk than one soft pull?

Soft inquiries won't affect your overall score values.

I highly suspect Borrowell may be venturing down the same paths as whats occuring south of us by Credit Karma.
http://www.investopedia.com/articles/pe ... -money.asp


Key notes from them are:

Its revenues come from tailored, targeted advertising

Credit Karma is able to do robust analysis and apply algorithms so that the advertisements consumers see are specific to them.

For the financial advertisers, that means “we can make better matches and overall deliver more qualified consumers

Based on agreements with its financial advertising partners, Credit Karma gets paid for this lead generation.
Credit Karma generates revenues “in the hundreds of millions of dollars” and is profitable


While they may say they don't sell your data I will beg to differ as your credit profile needs to be assessed in order to be referred to one of their advertisers and marketers for analysis.
If your credit is superb your profile is not going to be referred to a sub prime lender for credit rebuilding. Same if your credit is poor you're not going to be referred to a prime lender.

Any and all financial marketers need and want to see who their referrals are and most importantly, what their bird-dog fees are paying for.

Yeahhh, I dun goofed I got my score down all the way down to 561 from 700 a year ago. Haha. Oh well.

I was thinking the same thing that this is the Canada version of Credit Karma in the US, where they let you get free credit reports & score after flooding you with ads,
I heard that a version of that was supposed to launch in Canada. Never happened.
Not sure why scores are off btw these 2.