A surprising fact: One in 10 Canadians rely on Borrowell Equifax services to monitor and build their credit. The numbers tell an interesting story—65% of Canadian renters believe their finances would be better today if they had started building credit sooner.
These stats made us want to explore Borrowell's credit report service and its team-up with Equifax. Many people ask about Borrowell's credit score accuracy. New users often wonder about Borrowell's safety before signing up, especially since they get free Equifax credit reports and monitoring. The platform has helped more than 3 million Canadians make smarter money choices. But you might ask—is it right for you?
Canadian renters face a stark reality. They've paid $1,000 to $2,000 monthly for over 11 years, which adds up to a staggering $132,000 to $264,000 in payments that haven't helped their credit history at all. The situation looks bleaker for people with lower credit scores (0-659)—58% feel less confident about ever owning a home in Canada.
Our Borrowell review for 2025 dives deep into their Equifax credit monitoring system. We'll show you if their free service delivers value and whether new features like the Rent Advantage program (yours for a one-time $59 fee) are worth adding to your financial toolkit.
What Is Borrowell and How Does It Work in 2025?
Image Source: Borrowell
Borrowell is Canada's top credit education company. This financial wellness platform gives Canadians the tools they need to make smart money decisions. Andrew Graham and Eva Wong started Borrowell in 2014, and today, it serves over 3 million members nationwide.
Borrowell's Rise Since 2014
Borrowell's trip started in 2014 with lending services. The company expanded its offerings a lot:
2015: Started as a lending platform with unsecured consumer loans
2016: Became Canada's first company to give free credit scores through a partnership with Equifax
2018: Added free credit score monitoring
2022: Started Credit Builder and Rent Advantage programs
2024: Added past rent payments reporting feature
The company maintained its core mission to help Canadians feel confident about money. They built a comprehensive financial wellness ecosystem.
Key Services and Features
Borrowell helps Canadians understand and improve their credit through these services:
| Free Services | Premium Services |
|---|---|
| Weekly Equifax credit score | Credit Builder ($13.93–$69.67/month) |
| Free Equifax credit report | Rent Advantage ($11.15/month) |
| Bill tracking tool | Past rent payments reporting |
| Credit monitoring alerts | |
| Personalized recommendations |
Key features include:
Free Weekly Updates: Members get weekly credit score updates, unlike traditional monitoring services
AI-Powered Recommendations: Smart financial product suggestions from over 75 partners
Credit Education: Resources that help boost credit scores
Bank-Level Security: 256-bit encryption protects personal information
How Borrowell Partners with Equifax Canada
Borrowell's mutually beneficial alliance with Equifax Canada started in 2016. This partnership allows Borrowell to provide members with the Equifax Risk Score 2.0.
Members can check their scores through a secure connection to Equifax. This will show up as a "soft inquiry" and won't hurt their credit score.
The company's cloud system allows shared processing for millions of transactions. Members quickly get free credit scores. Smart technology gives real-time access to credit information needed for better financial choices.
Who Can Benefit from Borrowell
Borrowell helps many Canadians who want to understand and improve their finances:
Credit-building newcomers: Young Canadians or newcomers building credit profiles
Renters: People who wish to report rent payments to build credit history
Credit-conscious consumers: Those who need regular credit monitoring without fees
Financial product shoppers: Users looking for personalized financial product recommendations based on their credit profile
The results speak for themselves. Credit Builder users who made timely payments saw an average credit score increase of 41 points in 5 months, and Rent Advantage members' scores jumped 32 points on average within 7 months.
Free credit information access and credit-building tools make Borrowell useful for Canadians at every financial stage.
Borrowell Credit Score and Report: Accuracy and Features
Image Source: Borrowell
Many Canadians ask questions about free credit services and their reliability. The accuracy and features of Borrowell's Equifax credit score play a vital role in making informed financial decisions.
Is Borrowell Credit Score Accurate?
Borrowell uses the Equifax Risk Score 2.0 (ERS 2.0), a legitimate credit scoring model that Canadian lenders use for lending decisions. Your Borrowell score differs from scores from other sources. Several valid reasons explain this difference:
Different credit bureaus: Borrowell uses Equifax data, whereas other services might use TransUnion
Various scoring models: Different mathematical formulas weigh credit factors differently
Timing of updates: Credit information updates occur at different intervals across services
Data reporting variations: Some lenders report to only one bureau, creating differences
| Reason | Borrowell (Equifax) | Other Services |
|---|---|---|
| Score Model | Equifax Risk Score 2.0 | May use other models |
| Score Range | 300–900 | May use different ranges |
| Update Frequency | Weekly | Varies by service |
| Primary Use | Lending decisions | May be educational only |
Andrew Graham, CEO of Borrowell, explains: "There are many different types of credit scores in Canada... and they're calculated very differently. It's a complicated system, and we're the first to say that it's frustrating for consumers".
What's Included in Your Borrowell Credit Report
Your Borrowell credit report contains detailed information in five main sections:
Personal Information: Your full name, date of birth, and current address
Credit Information: Details about open/closed trades and credit accounts, including credit cards, loans, and mortgages
Public Records: Bankruptcies, consumer proposals, judgments, and other public records
Collections: Any accounts sent to collection agencies due to missed payments
Credit Inquiries: Records of who has requested your credit information
Experts recommend checking your credit report at a minimum once a year. Borrowell lets you track your report weekly to quickly catch any changes or potential errors.
How Often Borrowell Updates Your Credit Information
Your Equifax credit score updates every week through Borrowell. Your dashboard shows information about your last update and next scheduled refresh. You'll get email notifications when your score changes.
Borrowell pulls your information weekly, but visible changes depend on when your creditors report new information to Equifax. This means you might not see score changes every week.
Credit Monitoring Alerts and Notifications
The credit monitoring service tracks changes to your credit profile through automated alerts. The system notifies you about:
Credit score changes
New account appearances
Credit inquiries
Payment status changes
Credit utilization movements
Personal information updates
These alerts are an early warning system for potential fraud or identity theft. Credit monitoring helps detect suspicious activity and report errors that could harm your score.
Borrowell gives tailored tips to improve your credit score based on your financial activity. Members learn about factors affecting their scores: payment history (35%), credit utilization (30%), length of credit history (15%), hard inquiries (10%), and credit variety (10%).
Borrowell Pricing: Free vs. Paid Services
Borrowell uses a freemium model that offers simple credit monitoring for free and premium credit-building tools for a fee.
What You Get with the Free Borrowell Account
The company's core services cost nothing. A free account has weekly Equifax credit score updates, full Equifax credit report access, individual-specific financial product recommendations, bill tracking tools, and credit monitoring alerts.
Borrowell never requires a credit card to access these free services. The company makes money through referral fees when users pick financial products from its marketplace partners.
Premium Services and Their Costs
Borrowell provides two paid subscription services that help build credit beyond its free offerings:
| Premium Service | Primary Purpose | Basic Cost |
|---|---|---|
| Credit Builder | Build payment history & credit mix | Starting at $13.93/month |
| Rent Advantage | Report rent payments to Equifax | $11.15/month |
Borrowell Credit Builder: Pricing and Benefits
Credit Builder works as a specialized installment loan reported to Equifax Canada with three subscription tiers:
| Plan | Monthly Payment | Subscription Fee | Amount Returned | Term |
|---|---|---|---|---|
| Starter | $41.80 | $19.51/month (first 24 months) | $1,036.66 | 36 months |
| Plus | $69.67 | $27.87/month (first 24 months) | $1,839.24 | 36 months |
| Pro | $139.34 | $48.77/month (first 24 months) | $3,845.67 | 36 months |
Users who make regular payments see their credit scores increase by 41 points on average within five months. The program lets you cancel anytime without penalties.
Rent Advantage Program: Cost and Value
Rent Advantage, launched in 2022, helps renters build credit by reporting their rent payments:
| Rent Advantage Option | Cost | What You Get |
|---|---|---|
| Monthly Rent Reporting | $13.93/month | Current & future rent payments reported to Equifax |
| Past Rent Reporting | $137.94 one-time fee | Up to 24 months of past rent history reported |
| Rent Reporting Plus | $11.15/month + $82.21 one-time fee | Combination of both services |
Borrowell guarantees your money back on past rent reporting if your score doesn't increase after reporting at least 12 months of payments.
The company suggests reporting at least six months of upcoming payments or twelve months of previous payments to get the best results. Rent Advantage stands out because it doesn't need landlord verification.
Is Borrowell Safe? Security and Privacy Analysis
Security remains a top priority for credit monitoring services because financial data is highly sensitive. Learn about Borrowell's handling of your personal information to determine if this Equifax-powered platform deserves your trust.
How Borrowell Protects Your Personal Information
Borrowell uses bank-level security with 256-bit encryption to protect user data. This encryption standard is a big deal as it means that Borrowell's security surpasses many competitors' —some third-party services and credit bureaus only use 128-bit encryption.
Borrowell's two-step verification feature adds an extra layer of protection against unauthorized access.
| Security Feature | Borrowell | Industry Standard |
|---|---|---|
| Encryption Level | 256-bit | Often 128-bit |
| Two-Factor Authentication | Available | Varies by provider |
| Fraud Detection | Active monitoring | Basic monitoring |
| Data Breach Protection | Rigorous procedures | Varies by provider |
The company invests in fraud detection technology and maintains strict security procedures. Their security team works actively to detect, prevent, and investigate fraud through collaboration with government and law enforcement agencies.
Borrowell Sign-Up Process and Verification
To set up a Borrowell account, you need personal information and consent to request a credit report. Equifax generates security questions based on your credit file information for verification.
The sign-up requires:
Full name
Address
Date of birth
Phone number
Financial goals information
Unlike hard inquiries, Borrowell performs a "soft pull" of your credit information that doesn't affect your credit score.
Data Sharing Policies with Equifax and Partners
Borrowell states that it " never sells your personal information to a third party without your explicit consent." It shares limited personal information with Equifax to provide credit scores and reports.
Borrowell might share your information with financial partners to create tailored product recommendations with your consent. When you accept their recommendations, this approach helps them generate revenue through partner referral fees.
Borrowell reports payment history to credit reporting agencies for credit-building services like Credit Builder and Rent Advantage to help improve your credit profile. Your information stays in their system according to legal requirements and their retention policy, even after account closure.
Borrowell Alternatives: Comparison with Competitors
Image Source: Borrowell
Let's compare Borrowell to other credit monitoring options in Canada. This comparison will help you pick the right service.
Borrowell vs. Credit Karma
Credit Karma launched in Canada in 2016. They give free credit scores and reports from TransUnion, while Borrowell uses Equifax. Here are the key differences:
Credit Karma shows TransUnion data that adds another viewpoint to Borrowell's Equifax information
Both services cost nothing but make money through product recommendations
Credit Karma has fewer tools than Borrowell's credit-building features
Credit Karma paid a CAD 4.18 million FTC fine for misleading claims about approval odds
Using both services will give you a better picture of your credit health, as they pull data from different credit bureaus.
Borrowell vs. Mogo
Mogo started in 2003 and was once a match for Borrowell, but has changed its direction:
Mogo stopped offering credit score monitoring in 2023
Before this change, Mogo showed only the score (not the full report) for 90 days unless you had their MogoCard
The company now focuses on cryptocurrency trading and a prepaid Visa card
Mogo's loan interest rates are much higher (29.99% to 47.72%)
Borrowell vs. Direct Equifax Services
Direct Equifax services work differently from Borrowell:
Equifax's credit monitoring costs about CAD 27.87 each month
Equifax gives you payment profile tables for up to 25 months
You get weekly updates with Borrowell instead of Equifax's monthly updates
Equifax uses its own credit model that's like Borrowell's
Comparison Table of Features and Pricing
| Feature | Borrowell | Credit Karma | Mogo | Direct Equifax |
|---|---|---|---|---|
| Credit Bureau | Equifax | TransUnion + Equifax | N/A (formerly Equifax) | Equifax |
| Cost | Free | Free | Previously free for 90 days | ~CAD 27.87/month |
| Full Report | Yes | Yes | No (score only) | Yes |
| Update Frequency | Weekly | Daily | Monthly | Monthly |
| Credit Building Tools | Credit Builder, Rent Advantage | Limited | No | No |
| Additional Services | Product recommendations | Product recommendations | Crypto, prepaid Visa | Payment profile tables |
Conclusion
Is Borrowell Worth It in 2025?
A close look at Borrowell's services, security measures, and alternatives reveals its value. This platform stands out as a legitimate, free credit monitoring service that benefits Canadians who want to build and maintain healthy credit.
The weekly Equifax credit score updates are free, a huge plus. Other services either charge fees or don't update as often. You also get a complete credit report showing what affects your score - something that would cost you $27.87 monthly if you went directly to Equifax.
Premium services might be worth your money based on what you need. Credit Builder users see their scores increase by 41 points on average within five months. Rent Advantage members get a 32-point boost in seven months. These results show real value for people who want to improve their credit.
Credit scores might look different across platforms, but there's a good reason. Different bureaus and scoring models cause this variation - it's not about accuracy. Both Borrowell and Credit Karma give you a better picture since they pull data from different bureaus.
Security is crucial with any financial service. Borrowell uses bank-level encryption that goes beyond industry standards. They offer optional two-factor authentication and clear data-sharing policies, making it a trustworthy platform for handling sensitive financial information.
The company's business model is straightforward. They make money through partner referrals when users choose recommended financial products. This explains how they provide free services while keeping your data secure.
Borrowell works great for specific groups of people. It's useful for newcomers building credit in Canada, renters who want to use rent payments to build credit, and anyone who needs regular credit updates without paying fees. Interestingly, 65% of Canadian renters believe they'd be better financially if they had started building credit earlier.
With some conditions, the answer to "Is Borrowell worth it?" is yes. The platform offers excellent value if you want free credit monitoring and educational resources. Their premium services work well if building credit is your priority. Having helped over 3 million Canadians make better financial decisions shows how they've changed the financial wellness landscape.
FAQs
Q1. Is Borrowell's credit score reliable? Borrowell provides a legitimate Equifax Risk Score 2.0, which many Canadian lenders use. While it's accurate, you may see differences compared to other sources due to varying scoring models and data reporting practices.
Q2. How often does Borrowell update credit information? Borrowell refreshes your Equifax credit score weekly. However, visible changes in your score depend on when your creditors report new information to Equifax, so you might not see score movements every single week.
Q3. What security measures does Borrowell use to protect personal information? Borrowell employs bank-level security with 256-bit encryption, which exceeds industry standards. They also offer optional two-step verification and invest in fraud detection technology to safeguard user data.
Q4. How does Borrowell compare to other credit monitoring services? Borrowell offers free weekly Equifax credit scores and reports, while some competitors use TransUnion data or charge for their services. Borrowell also provides unique credit-building tools like Credit Builder and Rent Advantage, setting it apart from many alternatives.
Q5. Can using Borrowell negatively impact my credit score? No, using Borrowell does not negatively impact your credit score. When you check your score through Borrowell, it's considered a "soft inquiry" and doesn't affect your credit rating.
