In Canada, it’s expensive to check your credit score and report. For example, the credit bureau Equifax charges between $12 and $20/month for credit report monitoring.
Well, if you want a FREE alternative, register with Mogo to get your Equifax credit score on a monthly basis!
Who is Mogo?
Mogo is Vancouver-based fintech company founded in 2003. With over 1 million members, Mogo aims to empower Canadians with simple and powerful solutions to help them improve their financial health.
The Mogo platform offers:
- Free Credit Score – Free monthly credit score monitoring.
- MogoProtect – Free identity fraud protection.
- MogoCard – A visa prepaid card that helps members control their spending. As an added benefit, Mogo will offset 1 pound of CO2 for each dollar spent using the card.
- Access to personal loans.
- Plus many more features!
Can I trust Mogo with my personal info?
Yes! Mogo is a reputable Canadian fintech company that’s publicly traded on the Toronto Stock Exchange.
As per their website, Mogo follows industry best practices when designing and implementing their data security environment. For example, they use the latest Transport Layer Security (TLS) protocols for encryption to protect customers information.
Plus, Mogo protects all customer passwords and data with the latest encryption technologies to guard against unauthorized access.
So, rest assured that Mogo will do its utmost to protect and safeguard your personal information.
Sign up to Mogo in less than 5 minutes!
It’s easy to sign up for a free Mogo account in just 5 minutes or less either through the Mogo mobile app or on the Mogo website.
Currently, Mogo is available throughout Canada except in Quebec.
To start, you’ll need to provide your email address and create a password. After this, you’ll need to verify your email address.
Next, you need to create your Mogo account.
You’ll need to provide more information like your name, birthday, residential address, phone number, housing info, employment info and gross annual income.
Afterwards, Mogo will ask which of their services you’re interested in. Choose between loans, platinum prepaid card, mortgage, monthly credit score, identity fraud protection and/or bitcoin.
To complete your account setup, you’ll need to agree to the Mogo terms and conditions.
Lastly, you’ll need to verify your credit identity. Mogo will ask you about 3 security questions in regards to your credit report. For example, questions could be “which credit card did you apply for last month?” or “do you have a mortgage with this bank?”.
Once you verify your identity, your Mogo account is now ready to use and you can immediately see your credit score!
Also, there’s no need to worry about opening a Mogo account as this initial credit check will not impact your credit score!
The importance of your credit score
Knowing your credit score is really important when you’re looking to apply for a credit card, personal loan or a mortgage. Plus, some employers even check your score in order to hire you!
So, what exactly is your credit score?
Your credit score is a mathematical formula that translates the information in your credit report into a number between 300 and 900. The higher the number the better. Generally, a score between 650 and 750 is good and anything above 750 is an excellent.
This number determines your overall credit worthiness. So, when you apply for a credit card, banks will check your score. This check is called a “hard inquiry” and will show up on your credit report regardless of the outcome of your application. Certainly, having a high credit score may improve your chances of approval!
In Canada, Equifax and TransUnion are the 2 credit bureaus that provide your credit score. Each one uses a different proprietary formula to calculate your credit score. This explains why your score will differ between both bureaus.
Also, note that both bureau’s have several credit scores models that financial institutions can access and use in their credit lending decision. For example, the Equifax Risk Score (ERS 2.0) is an popular Equifax score model used by many banks and financial institutions.
Mogo has partnered with Equifax, to let their customers check their credit score for FREE! It’s updated every month so members can track their Equifax (ERS 2.0) credit score on regular basis. Also, what’s great is these ongoing credit and bureau checks will not impact your credit score!
In addition to this feature, Mogo also provides tips to improve your credit score and stay on top of your financial health.
With Mogo, you can check your credit score anytime on the web or on your smartphone with the iOS and Android apps.
FREE identity fraud protection
Mogo is the first and only company in Canada that offers free identity fraud protection to all its customers. This service is called MogoProtect and alerts customers to any activity (legitimate or fraudulent) in regards to their credit identity. Basically, it monitors your Equifax credit bureau on a daily basis for any new hard credit inquiries.
For example, if a fraudster is using your personal info to apply for credit, this could cause a hard inquiry to appear on your Equifax credit bureau. Mogo monitors for this and sends a mobile and/or email notification within 24 hours of the inquiry being reported. Therefore, you can quickly act with the bank or Equifax to resolve any issues about suspicious inquiries on your account.
FREE Mogo Prepaid card
Mogo also offers a Visa Platinum Prepaid Card (MogoCard) which is free to obtain. Overall, this prepaid card can help customers control their spending as well as reducing their carbon footprint. The MogoCard comes with many features including:
- No monthly fees
- Real-time notifications and spending insights
- The ability to create a spending budget
- Option to freeze your card if it’s lost or stolen
- Load money via Interac e-Transfer
Although, keep in mind there are some fees associated with using the MogoCard.
- Domestic ATM: $1.50
- International ATM: $3.00
- Account inactivity fee: $1.99 (only if you haven’t used your card in 365 days)
- Foreign currency transaction fee: 2.5%
Finally, the MogoCard allows members to fight climate change with every purchase. Through the REDD+ Amazon Forestry Project, one pound of CO2 will be offset for every dollar spent on your MogoCard. This unique feature allows Mogo members to reduce their carbon footprint and make a positive impact for the planet.
Creating a new account with Mogo is fast and gets you access to lots of features. First, you’ll be able to check your Equifax credit score for free on a monthly basis. Secondly, you’ll receive free identity fraud protection for any Equifax credit inquires on your account with MogoProtect. Both of these features can help you stay on top of your financial health.
Additionally, you can easily keep track of your spending with the no monthly fee MogoCard prepaid card. This card is unique in Canada as it’s the only one which will offset 1 pound of CO2 for each dollar you spend on it. Without a doubt, MogoCard holders can feel good using their card to help reduce their carbon footprint.
Do you use Mogo to check your credit score? Let me know in the comments below.
Affiliate disclaimer: This review is based on my own personal experience with Mogo and is not sponsored by them. My blog contains referral or affiliate links. I receive a small commission at no additional cost to you. Thank you for your continued support.
Mogo is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, please visit the Mogo website.