As a financially savvy Canadian, there are a few things you know to be true. We’re talking about how sometimes the best banking options are entirely online, how a cashback credit card can help your bottom line, and how Robo-advisors make investing more accessible than we could have ever imagined.
Frequently asked questions
Mogo and Credit Karma both offer accurate credit scores; they just offer scores from different bureaus. While Mogo pulls its information from Equifax, Credit Karma takes it from TransUnion.
The scores that are reported by either bureau may differ slightly as they may rely on slightly different criteria. However, both scores paint a reliable picture of your credit situation.
Some people prefer to track both their Equifax and TransUnion credit reports as they feel it gives them a more holistic overview of their situation and better prepares them for applying for loans and other products.
Yes, both Mogo and Credit Karma are safe to use. Although it is recommended that you take the necessary precautions that you would use for any online account (such as using a complicated password that would be difficult to guess), you can rest easy knowing that both of these services use the same security measures that your bank uses, such as encryption.
Also, both Mogo and Credit Karma have been around for years, Mogo since 2003 and Credit Karma since 2007 (in the US).
If you haven’t found success using either Mogo or Credit Karma as a credit tracking platform, you should know that there are other options available on the market. While Canadians once had very limited options for tracking their credit score, there are now other options on the market, even aside from Mogo and Credit Karma.
Borrowell is another viable option for online credit score tracking. Otherwise, you can request your credit report directly from the bureaus by mail.