Personal Finance

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

  • Last Updated:
  • Apr 12th, 2018 11:28 pm
[OP]
Member
Feb 22, 2010
273 posts
102 upvotes
n/a

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

TORONTO, June 20, 2016 /CNW/ - Borrowell, a leading Canadian fintech lender, today announced a new service that gives Canadians access to their Equifax credit score for free. From the privacy and security of their own homes, Canadians can access their Equifax credit score through Borrowell's easy-to-use website. Available for the first time in Canada, the no-obligation service allows consumers to learn about their financial wellbeing, without having to apply for credit.

In addition to allowing consumers access to their Equifax credit score, Borrowell's simple-to-use service also provides information about the factors that may impact credit scores and recommendations on how to improve an individual's credit worthiness. Furthermore, Borrowell will provide consumers with an updated score every three months, allowing them to track their progress.

http://www.edmontonjournal.com/business ... =d3a2-0bcb

https://www.borrowell.com/free-credit-score/
481 replies
Deal Addict
User avatar
Apr 2, 2010
2158 posts
1669 upvotes
GTA
Thanks OP!

Sounds really interesting, but is there a catch? Sounds too good to be true :)
Deal Addict
Feb 21, 2004
1456 posts
211 upvotes
Montreal
No quebec of course.....grrrr
Newbie
Apr 18, 2016
10 posts
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.
Deal Fanatic
Apr 16, 2007
8007 posts
3304 upvotes
Financial District B…
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!
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Member
Nov 26, 2015
360 posts
184 upvotes
To anybody who can access it (I'm Quebec), can you get your score every once a while (like 2 weeks)?
Deal Fanatic
Feb 15, 2006
8862 posts
3356 upvotes
Toronto
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?
Jr. Member
Apr 7, 2009
107 posts
37 upvotes
PEI
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
Verified Rep
Jun 19, 2016
135 posts
79 upvotes
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.
Sr. Member
Nov 15, 2006
583 posts
369 upvotes
Toronto
If it is not legitimate, would Equifax allow them to pull the credit score on behalf of others?
Jr. Member
Apr 26, 2016
194 posts
61 upvotes
Toronto, ON
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?
Member
May 1, 2007
329 posts
134 upvotes
Toronto
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.
Deal Addict
User avatar
Apr 2, 2010
2158 posts
1669 upvotes
GTA
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.
Deal Addict
User avatar
Apr 2, 2010
2158 posts
1669 upvotes
GTA
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.
Deal Addict
User avatar
Apr 2, 2010
2158 posts
1669 upvotes
GTA
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.
Deal Fanatic
Apr 16, 2007
8007 posts
3304 upvotes
Financial District B…
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.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Newbie
User avatar
Apr 5, 2010
62 posts
32 upvotes
Winnipeg
Yeahhh, I dun goofed I got my score down all the way down to 561 from 700 a year ago. Haha. Oh well.
Deal Fanatic
User avatar
Feb 6, 2004
6747 posts
487 upvotes
GT'eh
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.
Ne0's Bio:
➡Retired G@mer & t3<h [0nn0!ss3ur ??? Spitting t3<hy lingo since the early 90's ➡Member of Crazy Group Buys ??? ➡ Feedback: eBay|1000+ ??? rFD | 300+

Top