Are you wondering if a Borrowell credit check deserves your attention? This free Canadian service has grown to serve more than 3 million members and has become a trusted resource for people who want to track their financial health.
Credit scores below 660 affect almost one-third of Canadian adults - about 9 million people. The situation gets more pressing as 53% of Canadians depend on each paycheck. Borrowell works directly with Equifax Canada to give users free credit information and tools that help improve their scores. Their members have successfully increased their credit scores by 171+ points within 24 months.
Borrowell now offers more than simple credit monitoring. The company launched Rent Advantage in July 2022 and added a feature that lets members report their rent payments from the last two years to Equifax. You might wonder: Can you trust Borrowell? Does it provide accurate credit scores? What should you expect from their free credit check?
This complete Borrowell review will explain everything about this Canadian service. We'll examine its free tools and paid features to help you decide if it's right for tracking your credit in 2025.
What Is Borrowell and How Does It Work?
Image Source: Borrowell
Borrowell started its journey in the Canadian fintech scene in 2014. The company began with debt refinancing and personal loans before growing into the detailed financial platform we see today. This leading credit education company now helps more than three million Canadians manage their finances.
Free credit score and report access
Borrowell made history in 2016 by becoming Canada's first company to offer free credit scores through Equifax. You can sign up in under three minutes without a credit card. The process won't affect your credit score. The service includes:
Weekly Equifax credit score and report updates
Options to download and print your Equifax credit report as a PDF
Alerts about credit score changes
Credit improvement tips based on your financial habits
Borrowell's research shows that people checking their scores see real improvements. Members who stayed active for 15-18 months saw an average improvement of 20 points. People with scores below 600 did even better, with an average jump of 43 points.
Marketplace for financial products
The platform is a financial marketplace that compares options from over 75 financial partners. Major banks like American Express, BMO, Capital One, RBC, and CIBC are part of this network. The marketplace works by:
Looking at your credit profile
Checking available financial products
Suggesting products that fit your needs
These suggestions cover credit cards, personal loans, mortgages, insurance policies, and other financial products. Borrowell ensures these recommendations match your financial situation and credit profile, helping you find the best products.
Partnership with Equifax Canada
Borrowell's strategic collaboration with Equifax Canada, one of the country's most significant credit bureaus, powers its core services. This partnership stands out in several ways:
Borrowell ranks among Equifax Canada's biggest data partners. Their cloud system has handled millions of transactions to deliver free credit scores. Thanks to this cloud technology, members get scores that reflect the latest information.
"Borrowell provides access to credit education, innovative digital tools, and personalized experiences designed to help all Canadians feel in control and optimistic about their future," explains Andrew Graham, Borrowell's co-founder and CEO.
The company has grown beyond credit monitoring. It now offers AI-powered credit coaching through "Molly" (Canada's first AI personal credit coach) and new credit-building solutions. These tools help users better understand their finances and make smarter financial decisions.
Borrowell Credit Tools: What You Get for Free and Paid
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"We are thrilled to be offering Canadian renters even more options to build their credit and forge a path to financial success" — Andrew Graham, CEO and Co-Founder of Borrowell
Borrowell has strong credit tools that help Canadians understand and improve their financial health. These tools range from free monitoring services to paid credit-building solutions and work for people with all credit needs.
Free Credit Score Monitoring
Borrowell's free credit monitoring service remains the cornerstone of its offerings. Your new account gives you weekly updates to your Equifax credit score and a detailed credit report at no cost. The old way used to cost Canadians $23 for electronic score access. Borrowell's monitoring has no hidden fees and doesn't require a credit card.
The free monitoring goes beyond simple score access. You get tailored advice about score changes and the factors that shape it. The service lets you know when your score changes, so you stay on top of your credit health. This system helps you track progress, spot possible errors, and catch any fraud in your report.
Rent Advantage: Report Rent to Equifax
Rent Advantage launched in July 2022. The service lets renters build credit history through their monthly housing payments. It costs $8 each month and stands out because it does not require landlord involvement to verify payments.
Borrowell added a feature that lets members report up to 24 months of past rent payments to Equifax for a one-time fee of $59. The service comes with a guarantee - if your score doesn't go up after adding at least 12 months of past payments, you get your money back.
Rent reporting improves three key factors that make up 60% of your credit score:
Payment history (35%)
Credit history length (15%)
Credit mix (10%)
Credit Builder Loan: Build Credit Without Debt
Credit Builder works differently from traditional loans - it's a tool to build credit. Members who use it consistently see an average score increase of 41 points within 5 months. Three plans are available:
Starter Plan: $30 monthly ($10 biweekly) with $744 returned after 36 months
Plus Plan: $50 monthly with $1,320 returned after 36 months
Pro Plan: $100 monthly with $2,760 returned after 36 months
The program appears on your Equifax Canada report as an installment loan with a 48-month term at 0% APR. You won't face a hard credit check when you apply, and you can stop anytime without penalties.
Credit Builder members also get special credit education resources and cash back rewards through the Borrowell Marketplace.
Bill Tracking and Alerts via App
The Borrowell app includes a free bill tracking tool that makes managing finances easier. The system connects to your bank account securely and predicts your upcoming bills and balances, giving you a clear view of your monthly cash flow.
You'll get reminders about bill payments and warnings if your account gets low. This feature addresses a vital finding: Borrowell members who miss even one payment have credit scores 150 points lower than those who pay on time.
Andrew Graham, Borrowell's Co-founder and CEO, says, "We can't emphasize enough the importance of paying bills on time. It's a key ingredient in building good credit and having strong overall financial health".
The bill tracking service comes free with the Borrowell app on Android and iOS devices.
Borrowell Pricing Breakdown: Free vs Paid Plans
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Look closer at Borrowell's mix of free and paid services that help build credit. Here's a breakdown of what you'll pay (or won't pay) for each Borrowell service in 2025.
Free Services: Credit Score, Report, Bill Tracking
Borrowell keeps its core services completely free. Your free account includes:
Weekly Equifax credit score updates that won't hurt your score
Full access to your Equifax credit report with no strings attached
Complete bill tracking and payment reminders through the mobile app
Low balance alerts to prevent missed payments
These free tools are especially valuable since a missed bill payment can drop your credit score by 150 points. Borrowell makes money by analyzing your credit profile and suggesting financial products from their 75+ partners.
Rent Advantage: $8/month + $59 one-time for past rent
The Rent Advantage program comes with two payment options:
Monthly rent reporting: $8 monthly to report your current and future rent payments to Equifax
Past rent reporting: $59 one-time fee to report up to 24 months of your rental history
Borrowell backs its past rent reporting with a satisfaction guarantee. If your credit score doesn't improve after reporting at least 12 months of payments, your $59 fee will be refunded. Canadian renters can use this service without their landlord's approval.
Credit Builder: Starter, Plus, and Pro Plans Explained
Credit Builder works as a 36-month installment loan reported to Equifax Canada. You can choose from three plans:
| Plan | Monthly Payment | Amount Returned After Term | Subscription Fee Total |
|---|---|---|---|
| Starter | $30 | $744 | $336 |
| Plus | $50 | $1,320 | $480 |
| Pro | $100 | $2,760 | $840 |
The payment structure has two phases. During the first 24 months, part of your payment covers subscription fees, while Borrowell holds the rest. The final 12 months' payments go entirely into your savings. The Starter plan, for example, allocates $14 to fees and saves $16 monthly in the first 24 months.
Most users see their credit scores jump by 41 points within five months. Equifax records Credit Builder payments as a 0% APR installment loan, which helps broaden your credit mix without any hard credit checks.
Credit Builder isn't your typical loan - you won't get cash upfront. Instead, you're paying to build credit and get exclusive financial education while building savings that come back to you when the term ends.
Is Borrowell Safe and Legit in 2025?
Security concerns often arise when people share financial information online. Borrowell, a 10-year-old platform, has earned trust through multiple security measures and partnerships.
Data Security and Privacy Policies
Borrowell uses bank-level encryption to protect user data during credit checks. The company only gives access to personal information to authorized employees and service providers who need it to do their jobs.
People who ask "Is Borrowell safe?" should look at these security protocols:
Staff training ensures strict privacy and confidentiality
Password protection safeguards online access to personal information
Data stays only as long as needed to provide services and meet legal obligations
Borrowell's privacy policy states that they won't sell personal information to third parties for marketing without your explicit consent. Your information stays in their system according to retention policies even after you delete your account to meet regulatory requirements.
Equifax Partnership and Cloud Integration
The Equifax partnership adds to Borrowell's credibility. Their cloud system has handled millions of transactions and delivers free credit scores to members. This cloud upgrade uses state-of-the-art tools to improve performance, security, and innovation.
This cloud integration offers:
Lightning-fast processing with millisecond transactions
Better search matching by 50 basis points
Complete credit information access
BBB Accreditation and User Trust
Borrowell holds an A+ BBB rating and official BBB Accreditation by following BBB Standards for Trust. This accreditation shows Borrowell's commitment to solving consumer issues and following ethical business practices.
The platform now serves over 3 million Canadians, which undoubtedly shows substantial user trust. Notwithstanding that, user experiences vary—some users get quick, helpful responses to problems, while others raise concerns about product recommendations or unwanted messages.
Borrowell vs Equifax and TransUnion: Key Differences
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Canadians often ask about how Borrowell connects with major credit bureaus. Let's explore these differences to help you get the most from your Borrowell credit check.
Is Borrowell a Credit Bureau?
Borrowell operates as a legitimate Canadian company from Toronto, not as a credit bureau. The company partners with Equifax Canada. Unlike Canada's two official credit bureaus—Equifax and TransUnion—Borrowell doesn't collect or store original credit data. Through its strategic collaborations, the company serves as a bridge to your Equifax information.
This table shows how these organizations differ:
| Plan | Monthly Payment | Amount Returned After Term | Subscription Fee Total |
|---|---|---|---|
| Starter | $30 | $744 | $336 |
| Plus | $50 | $1,320 | $480 |
| Pro | $100 | $2,760 | $840 |
Score Accuracy and Limitations
Your Borrowell credit score might not match the scores you get directly from bureaus. Here's why this happens:
Borrowell shows you the Equifax Risk Score 2.0 (ERS 2.0), which lenders commonly use, but isn't their only consideration
Each scoring model weighs credit factors differently
Equifax alone has multiple models, such as ERS 1.1, BEACON 4.0/5.0/9.0, and others
TransUnion uses VantageScore and looks at 84 months of history, while Equifax reviews 81 months with the FICO model
Each score is valid within its specific model. Different scores don't mean errors exist—they simply reflect various calculation methods.
When to Use Borrowell vs Direct Bureaus
Borrowell shines best for:
Weekly credit monitoring updates
Free access to your Equifax-based score
Finding products that match your profile
You should contact the bureaus directly if you need to:
Fix mistakes on your report (only bureaus can handle disputes)
Get complete information from both bureaus (some lenders report to just one)
Submit official reports for mortgages or major loans
Your credit health benefits from checking both TransUnion and Equifax reports yearly since lenders might use either one to evaluate applications. RBC might check TransUnion for a credit card, while another lender might prefer Equifax.
Conclusion
Final Thoughts: Is Borrowell Worth It in 2025?
My deep dive into Borrowell's offerings shows real value for Canadians who want to monitor their credit health. The weekly Equifax score updates beat paying $23 per check through regular channels. Bill tracking and payment reminders help users avoid costly mistakes—a missed payment can drop your score by 150 points.
Borrowell really helps people who need to build or rebuild their credit. Their paid services, like Rent Advantage and Credit Builder, fill significant gaps in Canada's credit system. Renters can use their most significant monthly expense to build credit without involving their landlord.
You might notice different scores between Borrowell and other sources. This isn't Borrowell's fault - it's just how credit reporting works. Lenders use different models for various purposes, so no "true" score exists.
Borrowell works best when used in conjunction with direct contact with credit bureaus. However, you'll still need to contact Equifax or TransUnion to correct any mistakes on your report.
Borrowell is a solid financial tool for Canadians at every credit level. The free features make it worth signing up, and paid options give you outstanding solutions for specific credit challenges. The platform's security measures, Equifax partnership, and positive BBB rating show it's a trusted financial service provider.
The platform gives you user-friendly tools to track and improve your credit. Good financial habits matter more than any monitoring service in building excellent credit.
FAQs
Q1. Is Borrowell completely free to use?
Borrowell offers several free services, including weekly credit score updates, access to your Equifax credit report, and bill tracking through its mobile app. However, it also has paid features like Rent Advantage and Credit Builder for those looking to actively build their credit.
Q2. How accurate is the credit score provided by Borrowell?
The credit score from Borrowell is based on the Equifax Risk Score 2.0 model. While it's a legitimate score, it may differ from scores you see elsewhere due to varying scoring models used by financial institutions and credit bureaus.
Q3. Can Borrowell help improve my credit score?
Yes, Borrowell offers tools designed to help improve credit scores. Their Credit Builder program, for instance, has helped users see an average score increase of 41 points within 5 months of consistent use. Their free credit monitoring and financial advice can also guide you in making credit-positive decisions.
Q4. Is it safe to share my financial information with Borrowell?
Borrowell employs bank-level encryption to protect user data and has strict privacy policies. It's also BBB accredited with an A+ rating and partners directly with Equifax, one of Canada's major credit bureaus, which adds to its credibility and security measures.
Q5. How does Borrowell's Rent Advantage program work?
Rent Advantage allows you to report your rent payments to Equifax for $8 per month, potentially helping to build your credit history. They also offer a one-time $59 fee option to report up to 24 months of past rent payments. This service doesn't require landlord involvement and comes with a satisfaction guarantee for past rent reporting.
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