It can be very frustrating when you don't know why your credit score is what it is. It's why we've introduced the Borrowell Credit Coach - Canada's first free ai-powered credit coaching tool in Canada.
Molly the Credit Coach provides three key features to help you improve your credit score.
- Credit score comparison. This allows you to see how your own score falls with the rest of Canada.
- Credit updates. This notification feature offers important credit updates like new credit inquiry alters and missed payment warnings, as well as messages to inform you when you're making good financial decisions.
- Helpful tips. The Credit Coach provides helpful tips to improve your credit score and product recommendations to address areas of improvement.
Here are a few other things you can do to help you gain a better understanding of your credit score.
- Compare your weekly credit reports. Have there been any changes in your spending habits that may have increased your credit utilization (i.e. the amount of credit you currently have available to you)? Have you closed any trade lines? Have you missed any payments? These are a few examples of factors that contribute to a decrease.
- Timing: If you have recently made a payment on one of your trade lines, it can take some time for it to reflect on your credit report. This tends to rely on timing, i.e. you making a payment, when the company reports it to Equifax, when Equifax makes the update on your file, and when you receive your refreshed score.
- For more helpful information, check out these 8 ways to improve your credit score