Is Borrowell accurate?

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Borrowell uses Equifax Risk Score 2.0 to provide free, monthly updated credit scores. It’s a handy tool, but remember different credit bureaus use varied scoring models, like TransUnion with Credit Karma, causing score differences. Don’t solely rely on Borrowell for a complete financial picture.

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Borrowell Accuracy Question

Is Borrowell accurate? Before using Borrowell, I want to know how accurate their credit score information is compared to other sources.

From: Anonymous Question
Location: Windsor, Ontario (ON)
Category: credit rebuilding

Borrowell Accuracy Answer

Borrowell collaborates with Equifax to provide you with your credit score using the Equifax Risk Score 2.0 model. They update these scores on a monthly basis, promising data that’s timely and accurate. However, it’s important to note that different credit bureaus like TransUnion use varied scoring models, leading to possible differences in your credit score. For instance, scores from Borrowell might not always align with those you’d get directly from Equifax or other services like Credit Karma, which uses TransUnion scores. So, relying solely on Borrowell might not give you the full picture of your financial health.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

The provided sources are legal texts pertaining to bankruptcy and insolvency in Canada, including the Bankruptcy and Insolvency Act and related regulations. They do not contain specific information regarding the accuracy of credit score information provided by services like Borrowell. To assess Borrowell’s accuracy, it would be advisable to examine reviews, user experiences, and compare its credit score data with scores obtained from other credit reporting agencies like Equifax or TransUnion. For financial advice or to understand the implications of credit scores on debt management, consulting a professional in consumer proposals or personal bankruptcy would be beneficial.

From: OSB Helper

Related Questions

Here are the top 5 most frequently asked questions related to the accuracy of Borrowell, based on common concerns and online search trends:

1. Is the credit score from Borrowell accurate?

The credit score from Borrowell, which is the Equifax Risk Score 2.0, is accurate according to the scoring models and data used by Equifax[1][5].

2. Why is my Borrowell credit score different from my Equifax credit score?

The difference can be due to the timing of when Equifax updates the information and when Borrowell pulls the updated score[1].

3. Why is my Borrowell credit score different from my TransUnion credit score?

The difference is because TransUnion and Equifax use different credit scoring models and factors, and some lenders may report to one bureau sooner than the other[1].

4. Does checking my credit score on Borrowell lower my credit score?

Checking your credit score on Borrowell does not lower your credit score, as it is considered a soft inquiry[3].

5. Is the credit score from Borrowell the same as the one from my bank?

The credit score from Borrowell (Equifax Risk Score 2.0) may differ from the one provided by your bank, which could be from TransUnion or a different Equifax score[1][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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