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2021 Canadian Credit Monitoring Company Reviews
Borrowell
- Absolutely free to use
- Weekly Equifax credit score and report monitoring
- Free credit improvement tips and education
- Personalized recommendations for financial products
- "A+" rated and accredited by the BBB
- First company to offer free credit scores in Canada
- Over 1 million members
Borrowell is our favorite no-cost credit monitoring provider. This rising-star fintech company has earned lots of accolades in the handful of years it's been on the Canadian marketplace, including a Top 100 from KPMB, a spot in Deloitte Technology's Fast 50 two years in a row, and several others. The service partners with numerous top financial institutions, like Scotiabank, Capital One and more, to offer not just credit monitoring but also the best possible product recommendations for a healthy financial profile.
Weekly Equifax Credit Score Updates
So, what does Borrowell have to offer with respect to credit monitoring? This no-cost service updates your Equifax credit score and delivers reports to you on a weekly basis. Many free services only provide monthly updates, giving Borrowell members a definite advantage.
AI-powered Personalized Credit Education
Borrowell was the first company to offer free credit scores to Canadians, and it comes as no surprise that their tech features are also some of the most advanced in the industry. Using this service gives you access to an Artificial Intelligence-powered "Credit Coach", which delivers personalized information about your credit score, plus tips and articles on how to improve it.
Used By More Than 1 Million Canadians
It's worth pointing out that, like most of the free credit report and credit monitoring platforms out there, Borrowell makes money by recommending financial products to its members. For example, they get paid for every loan, credit card, or mortgage that their subscribers sign up for. However, there's absolutely no obligation to sign up for anything. You can use Borrowell just to keep an eye on your credit report and learn more about managing your finances wisely. More than a million Canadians use this platform to do exactly that.
Plenty Of Helpful Information, No Account Necessary
Not ready to create your free account? There's still a lot of free information on the Borrowell site that can give you a sound foundation with respect to credit and finance topics. You can scroll down and click on The Well Blog to find articles about what is considered to be a "good" credit score in Canada, how to build credit without having a credit card, how to manage financial stress, and a host of other topics.
Fantastic Reputation
Borrowell doesn't disappoint when it comes to reputation, either. After five years in operation, the company earns an "A+" rating and accreditation from the Better Business Bureau. Happy members say that they've been successful at improving their credit by using the information provided through Borrowell and applying their recommendations, that the service is beyond easy to navigate, and that the customer service team is friendly and keen to help.
Highest Recommendation
While it won't cost you any money, you'll still find that Borrowell has much to offer - especially if you're just starting to understand how credit scores work and want to improve your financial health. They have a strong track record of helping so many Canadians track their credit history and get informed about making wise choices with their money. For all these reasons, Borrowell earns our highest recommendation among Canadian credit monitoring providers.
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Who Provides the Best Credit Monitoring Service for Canadians?
You might remember the days when you had to pay $20 every time you wanted to access your credit score. Not anymore! These days, most banks give you free access to your score just for having an account. There are also several free services that provide your credit score on a weekly or monthly basis.
But, what if you want to keep a closer eye on your finances? Or you want alerts if any suspicious activity is detected on one of your accounts? You're smart to think that way: according to the Canadian Anti-Fraud Centre (CAFC), approximately 27,000 Canadians experience identity theft every year, but only 29% of people they surveyed actually check their credit reports regularly as a means of protecting their personal information.
Canadian Credit Monitoring Company FAQ
Continued from above...
That's where credit monitoring services come in. You have several options to choose from, ranging from those free services mentioned earlier to monthly subscriptions that go much more in-depth to monitor your accounts, alert you if anything unusual comes up, and may even help you recover if you become a victim of identity theft.
Which Canadian credit monitoring provider is right for you? That depends on what you're looking for, and here are several criteria to keep in mind that can help you decide:
- Credit score reporting vs. account monitoring. Are you interested in regular updates of your credit score, tools to help you manage your finances, and education about building and maintaining a healthy credit profile? You can get all of that for free with several reputable services. On the other hand, if you want your accounts actively monitored, so that you're alerted in the event of potential fraud, you'll probably need to consider a paid subscription plan.
- Experian vs. TransUnion. Canada has two main credit bureaus, and most credit monitoring services only report your score with one or the other. Because each bureau uses different algorithms and metrics for making their calculations, your score can be significantly different depending on which one you use. If you sign up for a membership plan with a service that only reports your credit history at one bureau, consider also getting a free account with a second credit monitoring provider that pulls your score from the other bureau.
- Reputation. Not all credit monitoring services are created equal. What do other Canadians have to say about the platform? If it's a subscription-based program, do most clients feel it's worth the monthly cost? Has the company been rated favorably by the Better Business Bureau? Does it provide credit and finance information and advice specific to Canadians, or is it just a repackaged service that was originally geared towards consumers in the US?
TopConsumerReviews.com has reviewed and ranked the best credit monitoring services for Canadians. We hope this information helps you understand your credit score, keep track of your credit usage, and continue to establish healthy credit habits well into the future.
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