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Borrowell Review

Wednesday, May 29th

2024 Canadian Credit Monitoring Company Reviews

Top Consumer Reviews Best-In-Class Blue Ribbon Award Borrowell Review 5 Star Rating

Borrowell

5 Star Rating
  • 100% free to use
  • Provides weekly Equifax credit score updates and monitoring
  • First to offer free credit scores to Canadians
  • No account needed to access educational resources
  • AI-guided recommendations for improving your credit
  • "A+" rated and accredited by the BBB
  • Over 2 million Canadian subscribers
  • In operation since 2014
Top Consumer Reviews Best-In-Class Blue Ribbon Award

In the vast landscape of credit monitoring services in Canada, Borrowell stands out as a rising star, earning accolades and building a stellar reputation since its inception in 2014. This fintech company has become a favorite among Canadians, and for good reason. Let's delve into what makes Borrowell a standout choice for those seeking a no-cost credit monitoring solution.

Weekly Equifax score updates

One of Borrowell's standout features is its commitment to providing timely information. While many free credit monitoring services offer monthly updates, Borrowell goes the extra mile by refreshing your Equifax credit score and report on a weekly basis. This frequency sets Borrowell apart, providing its members with a more dynamic and up-to-date view of their financial standing.

Partners with you to improve your credit health

Borrowell not only monitors your credit but also empowers you with knowledge. The platform introduced the concept of free credit scores to Canadians and continues to lead with innovative features. Among them is the AI-powered credit coach (named "Molly" ) - a personalized tool offering insights into your credit score along with tailored tips and articles to help you enhance it. Borrowell doesn't just monitor; it educates and guides you towards financial health.

Lots to learn even before making an account

Curious about Borrowell but not ready to commit to a free account just yet? The platform generously offers a wealth of information on its website, even without signing up. Explore the site and you'll quickly find articles on topics ranging from what constitutes a "good" credit score in Canada to answering questions about building credit by paying rent on time. Borrowell's commitment to financial literacy extends beyond its subscriber base.

Best Canadian Credit Monitoring Companies

Trusted by over 2 million Canadians

Numbers often speak louder than words. Borrowell has earned the trust of over two million Canadians who use it to keep a vigilant eye on their credit reports and gain valuable insights into managing their finances. While Borrowell generates revenue by recommending financial products, there is no obligation for you to sign up for any offerings. It's a testament to Borrowell's credibility that so many Canadians choose it for credit monitoring and financial education.

High praise from members

Borrowell doesn't just promise; it delivers. After ten years in operation, the company has an impressive "A+" rating and accreditation from the Better Business Bureau. Positive testimonials highlight Borrowell's success in helping users improve their credit, user-friendly navigation, and a customer service team that's not only friendly but also eager to assist. A solid reputation is an integral part of Borrowell's appeal.

#1 option for credit monitoring in Canada

Borrowell isn't just a credit monitoring service; it's a financial companion committed to your well-being. Whether you're a financial novice or a seasoned pro, Borrowell offers a valuable resource to navigate the intricate world of credit and finances in Canada. It excels in providing essential features, especially for those starting their journey to understand credit scores and enhance their financial health. With a proven track record of assisting millions of Canadians in tracking their credit history and making informed financial decisions, Borrowell continues to earn our highest recommendation among Canadian credit monitoring providers.

The 7 Best Canadian Credit Monitoring Companies

Who Provides the Best Credit Monitoring Service for Canadians?

Credit monitoring services have become very popular in recent years. Because financial transactions are increasingly conducted online, the risk of identity theft and fraud is greater now than ever before. Credit monitoring services act as a vigilant guardian against such threats by continuously monitoring credit reports for any suspicious activity.

In Canada, these services help you keep track of your credit information and detect any potential signs of identity theft or fraudulent activity. These services typically provide ongoing monitoring of your credit report and alert you to any significant changes, such as new accounts being opened, inquiries into your credit history, or changes in your credit score.

The Best Canadian Credit Monitoring Companies Compare Canadian Credit Monitoring Companies Compare Canadian Credit Monitoring Company Reviews What are the best Canadian Credit Monitoring Companies Best Canadian Credit Monitoring Company Reviews

Canadian Credit Monitoring Company FAQ

Credit monitoring can mean two things: getting your credit score and report, or tracking inquiries made on your credit report with the intention of spotting fraud or identity theft. When you see services offering "credit monitoring" , most free platforms in Canada only offer you access to your credit score/report, while paid providers include tracking of your credit report and insurance against identity theft.
In Canada, there are two bureaus responsible for reporting consumer credit: Equifax and TransUnion. Each bureau uses different methods of calculating your credit score; some lenders and creditors prefer one over the other.
It might, depending on which service you select. Some free credit monitoring platforms in Canada give you access to your credit score and history, but you're responsible for looking for errors and fixing any problems you find. Paid services almost always monitor your account for any suspicious activity, help you freeze your accounts, and often include restoration specialists to guide you through the process of recovering your identity. You may even have identity theft insurance included in your paid package.
Some credit monitoring services in Canada are absolutely free. Most paid credit monitoring services cost between $11 and $30 per month, depending on the level of service you select and how many people you're covering (an individual vs. a couple or household).
Not necessarily. Your bank probably gives you access to your credit score when you sign into your account, but not a copy of your credit report. Plus, your bank doesn't have access to your credit cards, loans, or other creditors' information; they won't be able to spot fraudulent activity on any accounts outside of their institution.
If you use your monitoring service well, yes. Even with a no-fee credit monitoring platform, you can keep an eye on your credit score and act quickly if you notice anything out of the ordinary. Also, almost every credit monitoring service includes ample financial education, to help you understand money even better and to make good decisions for a healthy credit report.
Contact the company that is reporting the inaccurate information. It could be a simple administrative mistake. However, if you suspect that it's fraud, you should contact Equifax and TransUnion to inform them and ask that a fraud alert be placed on your credit reports. You should also report the fraud to the Canadian Anti-fraud Centre, and contact any lenders or other organizations that might be affected by the breach.
It's worth considering. Identity thieves often target children's information, because they can often use it for many years before being caught. Some credit monitoring programs in Canada offer discounted pricing for family plans.
Compare the Best Reviews

Continued from above...

Manually reviewing credit reports and scoring systems can be daunting for the average person to navigate. Credit monitoring services simplify this process by providing easy-to-understand analyses and explanations of credit reports and scores. By demystifying financial jargon and offering insights into creditworthiness, these services empower individuals to make informed decisions about their finances.

The increasing prevalence of data breaches and cyberattacks targeting personal information has made many people more aware of the importance of data security. Credit monitoring services often include features such as identity theft insurance and dark web monitoring. These features further enhance their appeal by providing comprehensive protection against various threats to personal and financial security.

Several credit monitoring options operate in Canada, offering various features and levels of protection. Some of the key players include Equifax and TransUnion, which are the two major credit reporting agencies nationwide. In addition to these credit bureaus, there are also third-party services that offer comprehensive credit monitoring, identity theft protection, and other related features.

However, not all services are created equal. It's one thing if you just want an updated credit score every year (after all, you can get that for free from the credit bureaus), but another thing entirely if you want your service to be actively tracking what's going on with your credit profile. You may even be surprised to see that some free credit monitoring options provide more features than their paid counterparts.

Not sure what you want? Here are some key features that may appeal to you; take a look and see which ones are a must-have, and choose your credit monitoring service accordingly:

  • Credit score monitoring. This is the most basic feature that should be included in any service you choose. But, be sure you understand which credit bureaus are tracked: is it Equifax Canada or TransUnion (or both)? The more inclusive the service, the better informed you'll be. Also, check out how often your credit score will be updated: daily, weekly, or monthly?
  • Early detection of suspicious activity. Credit monitoring services can alert you to any unusual or suspicious activity on your credit report, allowing you to take swift action if unauthorized changes or transactions occur.
  • Identity theft protection. Will the service you're considering contact you if there's an attempt to open a new account or misuse your credit information (to rent an apartment, for example)?
  • Personal finance management. Some services offer additional tools and resources to help users manage their finances more effectively, such as budgeting tools and credit score simulators.

To give you an overview of the credit monitoring landscape in Canada, the experts at Top Consumer Reviews have evaluated and ranked today's most popular services. Whether you're just looking for a basic, free option to watch over your credit score or a robust monitoring platform, use our research to choose the service that's the right fit for you!

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