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Borrowell at a glance

Borrowell was founded in 2014. It provides access to credit scores, credit building products, an online marketplace for loans and other financial products.

Borrowell products and services
Free credit score and report monitoring
Rent Advantage
Credit Builder
Bill tracking
Other Borrowell offerings
Credit cards
Personal loans
Mortgages
Banking products
Insurance

Borrowell overview

Borrowell got its start in 2014 as a debt refinance marketplace and provider of personal loans. The company has since expanded to provide Canadians with free access to their credit scores via a partnership with Equifax.

Those who choose to sign up for Borrowell’s free services, also get access to online marketplaces where they can compare and apply for credit cards, personal loans, mortgages, insurance and banking products provided by Borrowell’s partners.

In 2021, Borrowell acquired Refresh Financial, which enabled the company to offer secured credit cards and credit building loans. Borrowell says it has over 3 million members.

Who is Borrowell best for?

Canadians who are interested in monitoring their credit score and report online.

Borrowell may also be useful for younger Canadians or newcomers to Canada who might be in the early stages of building their credit profile. Although there are fees involved, Borrowell offers credit building products that could help you establish a positive credit history without taking on debt.

Finally, Borrowell may be useful to existing members who are interested in shopping for financial products like credit cards, personal loans and insurance.

Pros and Cons of Borrowell

Pros of Borrowell

Attractive website and mobile app.
Free access to credit scores and reports from Equifax Canada.
Debt-free options to help Canadians improve their credit profile.

Cons of Borrowell

Credit scores and reports are limited to Equifax Canada — just one of two major credit bureaus in the country.
Charges fees for Rent Advantage and Credit Builder products.
Using Borrowell’s free services means opening yourself up to marketing communications suggesting their other financial products.

Is it safe to use Borrowell?

Borrowell is a legitimate Canadian company, based in Toronto, Ontario. Borrowell is not a credit bureau, but is able to provide free access to credit scores and credit reports through its partnership with one of Canada’s two credit bureaus, Equifax. The other Canadian credit bureau is TransUnion.

On its website, Borrowell says that it invests in fraud detection and protection technology and maintains “rigorous security procedures” to ensure the safety of the financial information you may share with it.

The Borrowell website also says that the company doesn’t “disclose, trade, rent, sell or otherwise transfer your personal information, without your consent.” Although it offers some free services, Borrowell is a business whose main goal is to get people to apply for financial products through its marketplaces.

Borrowell

Get your credit report and credit score for free from Borrowell. No credit card, SIN number or bank account required.

Learn More

Cost to use Borrowell

There is no cost to use Borrowell’s free services, which include checking your Equifax credit score, obtaining your Equifax credit report, and tracking your bills.

Although it offers some free services, Borrowell is a business that generates revenue by getting people to shop and select financial products that are featured on its marketplaces. If you select a product offered by a Borrowell partner, Borrowell is paid a referral fee.

Borrowell products and services

Borrowell Free Credit Score

By signing up for a Borrowell account, Canadians can check their Equifax credit report and credit score at no cost. Your credit score is a three-digit number that helps lenders assess your creditworthiness. Having a low credit score can make it difficult to get approved for loans, credit cards or even a rental property. Having a higher credit score makes it easier to get approved, and may mean paying lower interest rates.

Nerd Tip: While Borrowell is a convenient option for exploring one’s credit profile, it’s already possible for all Canadians to get their credit score and report for free, directly from Equifax.

It’s also worth noting that you don’t just have one credit score — other credit bureaus and companies generate their own scores as well, and all of them may be taken into account when you apply for credit.

Borrowell Rent Advantage

In July 2022, Borrowell introduced a new product called Rent Advantage[1]. Available to Borrowell members willing to pay an $8/month fee, this program is designed to help get on-time rent payments reported to Equifax Canada. Rent Advantage is touted as a debt-free way for renters to build their credit score and history.

In June 2024, Borrowell launched a new feature that allows members to report up to two years of past rent payments to Equifax, all at once. There is a one-time fee of $59 for this rent reporting service; Borrowell claims it will refund this fee if users don’t see an improvement on their credit score once payments are added to their Equifax Canada credit report[2].

To participate in Rent Advantage, or report past rent payments, you will need to provide your lease details and proof of rent payment. You may also need to connect the bank account or credit card used to pay your rent. You do not need landlord approval to use either service.

Borrowell Credit Builder

Available only to certain Borrowell members, this product is designed to help Canadians build a strong credit profile by making payments on a $1,080 – $3,600 secured installment loan over the course of 36 months. All payments, including any you might miss, are reported to Equifax. At the end of the term, your payments minus monthly subscription fees, are returned to you.

Starter program

During the first 24 months of the Credit Builder loan, borrowers pay $30 a month, with $14 going to a subscription fee and $16 held by Borrowell.
In months 25 through 36, the entire $30 payment is held by Borrowell.
At the end of the 36 month loan term, $744 is refunded to you via direct deposit — meaning you’ll pay $336 in subscription fees.

Plus Program

During the first 24 months of the Credit Builder loan, borrowers pay $50 a month, with $20 going to a subscription fee and $30 held by Borrowell.
In months 25 through 36, the entire $50 payment is held by Borrowell.
At the end of the 36-month loan term, $1,320 is refunded to you via direct deposit — meaning you’ll pay $480 in subscription fees.

Pro program

During the first 24 months of the Credit Builder loan, borrowers pay $100 a month, with $35 going to a subscription fee and $65 held by Borrowell.
In months 25 through 36, the entire $100 payment is held by Borrowell.
At the end of the 36-month loan term, $2,760 is refunded to you via direct deposit — meaning you’ll pay $840 in subscription fees.

While Borrowell doesn’t guarantee that your credit score will improve as a result of using Credit Builder, a history of on-time loan payments typically do have a positive impact on one’s credit score and profile.

» MORE: How to get a better credit score

Borrowell Bill Tracking

Borrowell members who choose to use its mobile app have access to a bill tracking feature that is connected to their bank account. The bill tracking feature analyzes transaction histories to help users pay their recurring bills on time and know if their balance is running low.

How Borrowell compares to Equifax and TransUnion

	Borrowell	Equifax Canada	TransUnion Canada
Official credit bureau?	No	Yes	Yes
Provides free credit scores and reports?	Yes	Yes	No
Enables credit report disputes?	No	Yes	Yes
Offers products to build credit history and score?	Yes	No	No

Borrowell shows users their Equifax Risk Score 2.0. This credit score is widely used in Canada, but is not the only score considered when you apply for a loan or other financial product.

Members who want to quit Borrowell have two options: deactivation or deletion. Deactivation pauses Borrowell’s credit monitoring service, as well as emails and credit report updates, but allows you to reactivate your account again in the future, should you wish. Deletion permanently closes your Borrowell account, stops all communications, and erases the credit score history in your account. Both options can be accessed via mobile app, mobile browser, or computer without contacting customer service. Go to your Borrowell profile page to get started.