We receive and provide your credit information directly from Equifax Canada, including your Equifax Risk Score 2.0 (ERS 2.0). This is a popular and legitimate score, used by many banks and lenders.
Although Borrowell doesn't calculate your credit score, we understand credit scores can be complex and want to provide you with some information we hope you find helpful.
Depending on when you make a payment, if/when the company reports it to Equifax and when Equifax makes any such applicable update to your file in comparison to when you received your refreshed score from Borrowell, your score could fluctuate even if you haven't done anything differently.
The five main factors that impact your overall score are:
- Your payment history - determines 35% of your score.
- Your credit utilization which is how much credit you've used out of what's available to you - determines 30% of your score.
- The length of credit history - determines 15% of your score
- The number of hard inquiries/credit checks to receive further credit - determines 10% of your score.
- Your credit variety (mix of loans, credit cards, phone bills, mortgage etc.) - determines 10% of your score.
For more information that you may find helpful, please see the related below blog posts.
Why your score may have dropped.
What is a Credit Utilization Rate?