The Silicon Review
"At Borrowell, we're proud to be globally recognized as one of Canada's leading financial technology companies."
Credit is the fuel that fires all business and it is essential to be as informed as possible, especially when accounts go from the overdue to recovery category. It is not just the legal requirements regulating collections that become relevant here but also the element of human behavior at play in overdue credit scenarios. Consumers don’t always understand the context of their credit scores and it’s not always obvious what is needed to improve their creditworthiness. The truth is there’s a lot more to what makes up a credit score than just a number, and the stakes can be high for everyday people. With today’s consumers facing the most complex credit landscape ever, there’s an excellent opportunity for many companies to provide their customers with interactive credit education tools that offer personalized insights. Consumers are motivated and are seeking guidance. Education and training in the credit and collections industry cannot be over emphasized. According to credit experts, the negative effect of the last “credit bubble” has spared only a few. This indeed reflects the dire need for credit education to keep us on track and rehabilitate the current state of the credit economy. Unfortunately credit education has been secondary to formal education and training in most economy of the world.
Borrowell is a Canadian company that provides access to credit education, innovative digital tools and personalized experiences. The company strives to help all Canadians feel in control and optimistic about their future. This is they are the first in Canada to offer free credit scores and reports from their partner, Equifax, Canada's largest credit bureau. Borrowell wanted to do more, so the company created Canada's first AI-powered Credit Coach, Molly, who shares personalized tips that may help you understand and improve your credit. They also developed the recommendation engine that analyzes your unique credit profile to make personalized financial product recommendations. With the acquisition of Refresh Financial in 2021, they are now helping even more Canadians by offering secured cards and credit building loans to provide underserved consumers with affordable access to credit and a means to build credit history and achieve long-term financial success. Over two million Canadians have joined Borrowell and trust them to help them make great decisions about credit and achieve their financial goals.
Leveraging Products and Services That Meet Clients' Financial Goals
Free Credit Score: Your credit report is like your financial report card, and your credit score is like your final grade. In Canada, banks and lenders review your credit when you apply for financial products. Your credit report can also be pulled by car dealerships, insurers, cell phone companies, landlords, and future employers to determine your ability to manage debt and meet financial obligations. Because of this, it's important to know your credit. Your credit score can have a big impact on your financial future. Sign up for Borrowell to get your credit score and credit report for free! Join over two million Canadians and get the tools you need to help understand, manage, and master your credit in less than three minutes. Checking your credit score with Borrowell won't hurt your score. Once you've signed up for Borrowell, you can download your Equifax credit report for free and check your credit score at any time without hurting it. Plus, you'll receive weekly updates on how your score has changed. Stay on top of your credit health with Borrowell.
Credit Builder: Credit Builder is a credit building product designed with affordability in mind. This product has a 36-month term that only costs $10/month. All payments (including missed payments) are reported to Equifax Canada. Positive payments reported to Equifax Canada help you build credit, which is an important factor in qualifying for lower interest rates and better offers on credit cards, mortgages, loans and more. Your payments are made automatically through a pre-authorized debit agreement, so you never have to worry about missing a payment. Borrowell does not guarantee credit score improvement, which is dependent on a number of factors such as payment history. Credit Builder is a $240 secured installment loan. Unlike a traditional cash loan, you don’t receive any money upon approval. As you make payments, they are reported to Equifax Canada. At the end of 36 months, your total savings of $240 will be directly deposited into your bank account. There is no hard credit check to apply. Your monthly Credit Builder payments are reported to Equifax Canada and will appear on your credit report as an installment tradeline under Borrowell. At the end of the 36-month term, you will get $240 back and that amount will be directly deposited into your bank account. $240 will also be the loan amount reported to the credit bureau for Credit Builder.
Loan Services: Over two million Canadians trust Borrowell for free credit monitoring and product recommendations including credit cards. Borrowell works with over 50+ financial partners in Canada to find loans that match your profile. When you sign up for Borrowell to check your free credit score, you'll instantly see your approval chances for all kinds of loans in Canada. See tailored loan options that are available to you, plus, keep track of your credit health on a weekly basis and get personalized tips to help you build your score and qualify for different offers in the future. Borrowell's recommendation engine automatically matches your unique credit profile with loan products from dozens of financial institutions. You can see which loan products meet your needs and your likelihood of approval, and save time by applying in just a few clicks through the site.
Mortgages and Credit Score: Your credit score plays a big part in your ability to get favorable mortgage rates. Whether you're a first-time home buyer or looking to refinance your existing loan, you can access your free credit report, get tips to help you improve your score and easily compare mortgages across Canada. Your credit score is mix of different factors that demonstrate your ability to borrow and manage credit. If you're looking to buy your first property or refinance an existing loan, a good credit score can help you get better rates and qualify for a greater number of mortgage products. Check and monitor your credit score for free (it takes less than 3 minutes). As mentioned above Borrowell will update credit score and report every single week. If you need to improve, you can get personalized tips based on your profile, track your progress and manage your monthly payments.
About | Eva Wong
Eva Wong is the Co-founder and Chief Operating Officer at Borrowell. With a background in management consulting and business development, Eva has worked in both the private and not-for-profit sectors in Canada and abroad. Eva was an EY Entrepreneur Of The Year® 2019 award winner in Ontario. She enjoys biking, food blogs, and baking projects with her two kids.
"The first in Canada to offer free credit scores and rent payment reporting, Borrowell provides educational resources and innovative financial digital tools."