Borrowell Review : How to Get Your Free Credit Score and Report

borrowell credit card score cheking app

The Borrowell Canada credit score is just one of the perks involved with this leading digital finance service for Canadians. It used to be that you’d have to pay for credit checks but since Borrowell teamed up with Equifax, they’ve made access to credit scores free for Canadian residents. I regularly check my credit score on Borrowell and I signed up to receive weekly email alerts informing me of any update.

Hardbacon Score
  • Fees

  • Reliability

  • Variety of services

  • Product recommendations

At a glance

Borrowell allows Canadians to access their credit score for free and to understand what to do to improve it. It is free and reliable, but recommended products are not always tailored to your needs.

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What is Borrowell?

Borrowell Canada was introduced in 2014. The Borrowell credit score service has been around since 2016 thanks to their collaboration with Equifax. It was the first company to offer free credit scores to Canadians.

It’s easy to sign up and once you have, you’ll be given your Canadian credit score. Not only that, but Borrowell Canada also recommends loans you’re eligible for. Most services are free because they make their money by referring the companies and the loans to you. Borrowell also gives you valuable insights that can help you improve your credit score. This company has been striving to offer Canadians an easier way to get loans and improve credit scores. 

Another great thing about Borrowell Canada is they make their loans easy to understand. Based out of Toronto, they work with financial partners to provide personal loans to Canadians. At the time of writing, there was a goPeer offer for me. They also do business loans and car loans.

My recommendation for a small business loan

Borrowell products and services

There is a lot to love about Borrowell. It makes borrowing less stressful. You can get a variety of loan options through Borrowell including personal loans, mortgages, credit cards, insurance, banking products, as well as participate in their Credit builder and Rent advantage programs. It strives to be a one-stop-shop.

They only ask a few questions to create your profile. As soon as I had filled out all the information they asked for, the credit score was given to me instantly. With Borrowell’s advice, you’ll know what you have to work on in order to get a better credit rating.

Free credit score and credit report

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The Borrowell credit score provided comes from Equifax. It ranges from 300 to 900 and you get the added bonus of a free Equifax credit report. On top of that, Borrowell updates your credit score and report weekly.

You can monitor your credit to make sure there are no errors or fraudulent activity. This service is usually something you pay for from the TransUnion or Equifax credit bureaus. You can also download and print off your credit report without being charged anything. 

Loans and mortgages offered by Borrowell Canada

The interest rate attached to the loans by Borrowell are anywhere from 4% to 30%, depending on the type of loan and provider. Their rates are much less than most credit cards, but higher than a loan you could get from a traditional lender. If you have good credit and have paid a good part of your mortgage down, you can compare mortgages and choose to borrow from someone other than Borrowell. 

However, Canadians can benefit from getting a loan through Borrowell. It even works if their credit isn’t great or they don’t have a large amount of equity built up in their home. The loans are straightforward and can be done online quickly.

Borrowell Rent Advantage

This program is designed to help get on-time rent payments reported to Equifax Canada on a monthly basis and improve your credit score. Rent Advantage is only available to some members. You have to sign up to check your eligibility. There is a monthly subscription fee. To complete your subscription, you will need to provide your lease details and connect the bank account or credit card used to pay your rent. Rent Advantage is currently not available in Québec.

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Borrowell Credit Builder

Available only to certain Borrowell members, this product is designed to help Canadians build a strong credit history. It costs between $10 and $50 per month but you get most of your savings back at the end of the term (36 months). All payments, including any you might miss, are reported to Equifax. On-time loan payments typically have a positive impact on your credit score.

With their starter Credit builder program, borrowers pay $10 a month, with $5 going to a subscription fee and $5 held by Borrowell for the first 24 months. After that, your payment is entirely held. At the end of the 36 month term, $240 is refunded to you via direct deposit. Their Plus and Pro programs work the same way. Plus charges you $30 per month (including $10 in sunscription fee) and Pro charges $50 (including $15 in subscription fees). A bigger amount of money is returned to you at the end.

Borrowell recommendations

There is an easy-to-read dashboard that lets you in on recommendations on how to improve your score. You’ll see what credit offers are available to you based on the credit score you have. They let you know what your chances are of getting the products available. In addition, they show you what credit cards are likely to give you approval and up to what amount they will give you. In my account, I can see I have a recommendation for the Walmart credit card.

Borrowell Dashboard with credit card recommendation for Walmart Mastercard and Excellent chance of approval

Recommendations are not always useful. For example, in this case, I already have the credit card they recommend! I’ve also seen that they rate my chances as “excellent” for getting a guaranteed approval card, which isn’t very helpful since everyone is approved.

Other financial product options include auto loans, mortgages, bank accounts and insurance. However, the variety of products offered in each category is sometimes quite slim.

How to get your free Borrowell credit score and credit report

It’s easy and quick to find the free Borrowell credit score and your credit report. This process takes less than five minutes. Here are the steps:

  1. Sign up to Borrowell
  2. Fill in the form, including your name and password.
  3. Confirm you’re not a robot and click “Create Account.”
  4. The next page will let you know what information you’ll need to supply them. Once you’ve read it, click “Get Started.”
  5. Fill out the forms starting with your name, address in Canada, when you were born, phone number, how much you make annually, and financial goals for the year. 
  6. Then, Borrowell will send you a code. Enter the code. Once you’ve done this, your credit score will appear.

Is it reliable?

Borrowell is going to give you the chance to look at the loans you qualify for after you’ve gotten your credit score for free. Borrowell is 100% accurate with their credit scores but there are others out there as well. Some companies offer credit scores coming from other credit bureaus that weigh different factors that contribute to your credit score

While Equifax is based on a proprietary model, it won’t be the same score that other third parties use to define how much credit you can get. The Borrowell credit score is mainly used for your information. I checked my credit score on Borrowell, Credit Karma and in my bank mobile app and they are all more or less the same (with a 10 points difference). You can also view in detail the factors that impact your score.

How does Borrowell compare to Credit Karma and ClearScore?

Borrowell is not the only one offering free credit scores. There are other major players in this field in Canada: Credit Karma and ClearScore. Look at the table below to find out the differences between their services.

BorrowellCredit KarmaClearScore
Credit BureauEquifaxTransUnionTransUnion
Credit score insightsYesYesYes
Types of loansPersonal, car, business, mortgagePersonal, mortgage (partner: Nesto)Personal, car, mortgage
Credit card recommendationsYesYesYes
Bank account recommendationsYesNoNo
Insurance recommendationsYesNoNo
Investing recommendationsFewNoNo
Credit building featureYes, + Rent Advantage (you have to pay for these features)NoNo

Is Borrowell worth it?

Borrowell is one of the best companies when it comes to free credit score and loans. It offers more types of recommendations than its competition! It’s a refreshing way to get a loan, but it also helps you pick a credit card, bank account, mortgage, insurance provider based on personalized recommendations.

This alleviates having to ask for multiple loans, cards and accounts that you’re not sure you’ll be approved for. Borrowell is a force to be reckoned with, offering Canadians a different option than the large corporations of Canadian banking.

Borrowell pros and cons


  • Free Borrowell credit score and credit report
  • Free monitoring so you can improve your score
  • Easy access to loans that are hassle-free
  • User friendly with an easy-to-view dashboard
  • Features that help you build your credit
  • Banking security features (256-bit encryption technology)


  • High interest rates
  • Loan options are slightly limited
  • Investing options are limited
  • There is no physical location to visit
Maude Gauthier is a journalist for Hardbacon. Since completing her Ph.D. in communications at University of Montreal, she has been writing about finance, insurance and credit cards for companies like Fonds FMOQ and Code F. As a responsible user of credit cards, she can spend hours reading the fine print to fully understand their benefits. Because of their simplicity, she developed a preference for cash back cards. After suffering steep increases with her former insurer, she can now proudly say that she saved hundreds of dollars by shopping around for her auto and home insurance. In her free time, she reads novels and enjoys streaming popular shows (and possibly less popular shows, like animal documentaries).