Mogo Credit Score Review 2021
Mogo is one of the several websites available that allows customers to check their credit score instantly, with no negative repercussions to their score. It also allows customers to monitor their credit score regularly while they work on improving it.
Mogo provides credit score monitoring and real-time tailored feedback that sets to improve their credit score, with additional services that prove as highly beneficial.
It also offers various other services including personal loans, mortgages, identity theft protection, prepaid Visa debit cards, and cryptocurrency exchange. You can sign up for all of these services either online or by using the mobile app.
In this Mogo review, we'll take a look at the financial service and see what it has to offer you.
Table of Contents
A Mogo Review for 2021
Mogo provides a variety of financial products dedicated to helping the average person prosper. Let’s take a look at some of these features below.
Checking your Mogo credit score used to be expensive and time-consuming.
You had to check your credit score and credit report directly through one of the credit bureaus, either Equifax or TransUnion, and you’d often have to pay a small fee.
You could also have your score checked through your bank, but these are often hard checks which negatively impact your credit score, and you could only carry out that check if you were applying for a loan.
Today, checking your credit score is much easier. You can check it for free with Mogo.
In fact, you can do more than check it; you can track it through the Mogo app.
Using the app, you can sign up in as little as three minutes and receive your credit score instantly.
Checking your Mogo credit score will not negatively impact it since it is a soft check, which means, unlike a hard check, it won’t hurt your credit score.
From then on, you’ll receive monthly updates through the app and by e-mail as your credit score changes and you improve your financial habits. You’ll also receive tips and tricks on how to improve your credit score.
Finally, you’re incentivized to improve your credit score because the Mogo member with the most improved credit score in one month will earn $200.
Mogo has some outstanding product features. Some of them include:
- Instant score: Receive your credit score in as little as three minutes either online or through the mobile app
- Mobile app:Access your credit score, along with other products and services, directly from your phon
- Soft check: This type of credit check will not impact your credit score
- Regular monitoring: Receive monthly updates on your credit score via the Mogo dashboard
- Tips and tricks: Learn how to level up your credit score with proven advice from Mogo experts
- Trustworthy sources: Mogo pulls your credit score from Equifax, the largest credit bureau in Canada
- Win $200: The Mogo member with the most improved credit score each month wins $200
Mogo’s free credit score monitoring isn’t the only service that the company offers. Here are some of the other tools you can use when you become a Mogo customer.
Mogo: Identity Fraud Protection
MogoProtect is credit identity fraud protection that monitors your credit profile for threats to your identity in the form of fraudsters using your information to apply for unwanted credit.
When you apply for a new type of credit, financial institutions will perform a hard credit inquiry.
MogoProtect automatically flags and notifies you of any hard credit checks to your file within 24 hours, so if you didn't initiate the hard inquiry, Mogo will guide you through the appropriate steps to stop the criminal activity.
MogoCard: Mogo Visa Platinum Prepaid Card
The Mogo Visa Platinum Prepaid Card is not a credit card. Instead, it is a prepaid debit card that you can load with cash and use to make daily purchases.
A prepaid card can be used almost everywhere that a standard credit card can, even online shopping, but you'll never get into debt because you can only spend money that you've already loaded. This makes the MogoCard a great choice if you struggle with the high-interest debt associated with credit cards.
With MogoCard, you'll also earn 1% Bitcoin cashback on all purchases you make within Canada and 2% cashback on international transactions. Your rewards are deposited monthly into a Bitcoin & Rewards account.
Mogo: Personal Loans
If you need to take out a personal loan, Mogo has you covered. You can apply for a personal loan online or via the mobile app and receive pre-approval in as little as three minutes.
You'll be able to monitor your loan's payoff progress through the mobile app's dashboard, including your time to pay it off and the impact of extra payments.
Mogo personal loans are an excellent alternative to using your credit card or payday loans for unexpected purchases as the payment terms are fixed, which means you're guaranteed to pay off the loan if you make your payments from your bank account faithfully.
That said, Mogo's personal loans have a high-interest rate (higher than you'll find from a traditional lender like a bank), so if you have a good credit score, you may find a lower interest rate by shopping around.
While it's unusual for fintech companies to offer mortgages, Mogo does offer MogoMortgage which you can apply for through its online dashboard.
Technically, the mortgages are not provided by Mogo. Instead, Mogo will connect you with market-leading rates from top lenders and help you through the process of applying for your mortgage.
When you take out a mortgage or refinance through Mogo, you'll be eligible for up to $3,100 cashback into your rewards account.
Our Final Thoughts
When comparing Mogo credit to other credit monitoring services available in Canada, we conclude that Mogo is a good choice.
The monthly credit alerts and free identity fraud protection are excellent tools to make use of, and the tips and tricks that Mogo offers will help you improve your credit score over time.
Unlike some other free credit monitoring services, Mogo also provides a bunch of additional products to suit your needs. If you find yourself needing a prepaid debit card, personal loan, or mortgage, Mogo has something to offer you.
Having said that, Mogo has a reputation for having higher interest rates on its personal loans.
Some Canadians have also complained about poor customer service, so make sure to read the fine print if you consider using its loan services.
Overall, we think Mogo is a good choice if you are looking to monitor your credit score for free online and stay alert for potential identity fraud.
Frequently Asked Questions
When you sign up with Mogo, you'll receive your credit score directed from Equifax, one of Canada's two major credit bureaus.
Since the credit score is coming directly from Equifax, it is very accurate. Still, you may want to pull your credit score from the other credit reporting bureau, TransUnion, to have more information about your overall score.
Mogo updates your credit score monthly from Equifax which means it is always up to date, and you are able to accurately see how your actions impact your credit score over time.
Mogo is a Canadian-based company that was founded in 2003 by David Marshall Feller.
It has over one million members and had its initial public offering in 2015, now a publicly-traded company that trades on the Toronto Stock Exchange (TSX).
Mogo has locations in Vancouver, Surrey, and Winnipeg.
Key shareholders in Mogo include Michael A. Wekerle, founder David Feller, Gregory Feller, FIG LLC (a private equity firm), Renaissance Technologies LLC, and Mariner LLC.
When you sign up with Mogo, the company pulls your credit score directly from Equifax, one of Canada's most prominent credit bureaus.
After you check your Mogo credit score for the first time, Mogo will then check it every month and send you an update with your score along with tips and tricks to improve it.
You'll be able to see the impact of your good financial habits on your credit score month over month.