How to check your credit score for free

By Luke Alexander on June 20, 2016
Estimated reading time: 2 minutes

Without affecting your credit rating

This article is 8 years old. Some details may be outdated.

Usually, checking your credit score online would cost you $24. But now, Toronto-based online loan lender Borrowell has joined its competitor Mogo in providing free credit score checks that will have no impact on your credit rating. In order to receive your credit score, you’ll have to sign up on the online lenders’ websites. Don’t worry, there’s no catch; you won’t be obligated to take a loan just because you used their service for your freebie. How to improve your credit score » Checking your credit score with Borrowell and Mogo won’t affect your credit rating because the online lenders use what’s called a “soft check,” often used by businesses in order to offer you promotional services. Contrast that with a “hard check” which is a more in-depth look into your credit history, usually done by lenders once you actually decide to take a loan from them. “In talking to consumers everyday, we came to realize that many Canadians don’t know their current credit score, or how to improve it,” said Andrew Graham, the CEO of Borrowell, in the blog post. 4 things you should know about Mogo » The two online lenders have sprung up in recent years touting themselves as alternatives to big banks by offering lower interest rates on loans up to $35,000. This is commonly used to pay off high-interest debt with the lower-interest loan. Borrowell provides an Equifax Risk Score 2.0, which is promoted by Equifax to businesses as a way of determining the risk of lending to consumers. The biggest factors that determine your credit score is how much debt you have, whether you’ve been paying your bills on time and how long your credit history is. Right now, Mogo is only available in British Columbia, Alberta and Ontario, while Borrowell allows you to check your credit score in all provinces except Quebec.