Borrowell Launches Free Equifax Credit Report Monitoring, A Canadian First

For the first time, Canadians will be able to monitor important information in their Equifax credit report on a monthly basis, including credit utilization, inquiries and credit account history, for free online. “Now more than ever, Canadians should keep a close eye on their credit and personal finances,” said Andrew Graham, Borrowell’s co-founder and CEO.

“We were proud to be the first company in Canada to offer consumers free access to their credit scores. Checking their score and report through Borrowell does not negatively impact consumers’ credit scores. To date, Borrowell has provided credit information to nearly half a million Canadians. Borrowell uses sophisticated security measures including bank-level encryption to ensure the safety and security of consumers’ credit information. “It has never been more important for Canadian consumers to be educated about their financial position,” said Chris Briggs, Equifax Canada’s Chief Marketing Officer.

Research by Borrowell has shown that consumers who learn about and monitor their credit scores see their scores improve, with longstanding users (defined as those who have using Borrowell for 15-18 months) experiencing an average improvement of 20 points. Consumers with lower scores (below 600) experienced an average increase of 43 points.

Borrowell helps Canadians make great decisions about credit. With its free credit score monitoring, personal loans, and financial product recommendations, Borrowell empowers consumers to improve their financial well-being and be the hero of their credit. Borrowell has received significant recognition, including being named to the Fintech 100, a list of the top 100 fintech companies globally compiled by KPMG, and a “Company-to-Watch” by the Deloitte Technology Fast50 program.

Equifax is a global information solutions company that uses unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500 Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 10,100 employees worldwide.

200 a year—are definitely not necessary. Most of what these products provide you can easily do yourself, and for free. Keep in mind that while these products are often marketed as preventative tools, they do not actually guard against identity theft. If you stagger your requests, you can check a credit report every four months for red flags. Of course, “If a company offers you credit monitoring for free after a breach, take it,” says U.S.

If you’re looking to lock down your credit in order to keep thieves out, there’s a better way than buying credit monitoring: Simply place a freeze on your credit files. This instructs the bureaus to prevent new creditors from viewing your credit report and score. Because lenders usually won’t open new lines of credit without viewing your score first, this can prevent fraudsters from opening new accounts in your name.

Do you need a credit tracking service, Everybody should take advantage of free credit score tracking. Consider a paid credit tracking service if you’re actively rebuilding your credit score, you’re personal information has been compromised, or you’re going to apply for a mortgage or auto loan in the next year.

Paid credit tracking services provide real-time alerts to changes in your credit reports and monthly updates to your credit scores. Over time, this will help you learn how behaviors — such as reducing your credit card debt or applying for new credit — actually impact your credit scores. If you just want to review your credit reports for accuracy or get an estimate of your credit score, you can do both for free at any time.

Several services — CreditWise, CreditSesame, CreditKarma and Experian Free — provide free insight into your credit report and also track your credit score(s). Some, like CreditSesame, even offer a modest amount of identity theft protection for free (although paid upgrades are available). If you just want to quickly review what’s on your credit report, these sites will do. If you want regular access to your information that’s supported by customer service, consider purchasing a paid credit monitoring service. Do you need identity theft protection,

An identity theft protection subscription is best if your personal data (for example, your Social Security number) has been compromised or you believe you’re at higher risk of becoming an identity theft victim. Every year, about nine million Americans become victims of identity theft, according to the Federal Trade Commission (FTC).

Whether an ID thief steals your credit card or checkbook or gets your identity from an online phishing scheme, it can take years to repair the damage to your credit profile. Without ID theft protection, if your identity is stolen, you’re faced to deal with the consequences on your own.