Toronto-based credit score monitoring service, Borrowell, has launched mobile apps on iOS and Android, offering Canadians free credit monitoring.
The company explains, “in 3 minutes or less, you can get your Equifax credit score and report for free in Borrowell’s credit score app.” The new Borrowell app was tested in beta for the past several weeks, according to the company, seeing over 36,000 downloads.
The app offers free credit monitoring, updated every month, while it includes Molly the Credit Coach, which the company says is “Canada’s first AI-powered tool that calculates all the unique factors to help users better understand their credit, while providing helpful tips along the way.”
Borrowell makes money from their free credit monitoring service by recommending financial products to its users. The company says it has provided nearly 1 million Canadians free access to their credit information, citing how using the service will not impact your credit.
The new Borrowell apps syncs with the web version, so all information seen on mobile is updated in real-time.
When it comes to privacy, Borrowell says “protecting our members’ information is our top priority and we use the highest level 256 bit AES encryption available to actively keep your information safe.”