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Mogo is an innovative finance company that’s focused on helping Canadians improve their financial health. With this service, you can get free online access to your credit score and instant updates every month to monitor your credit report. You’ll also get ongoing protection from identity theft and fraud at no extra cost.
Mogo gives you instant access to your Equifax credit score as soon as you sign up for its online or mobile app. It also monitors your score and gives you monthly updates so that you can see how your score goes up or down over time. You won’t be required to pay for this service and there’s no promo period, which means you won’t have to sign up with a credit card.
All you need to do to register for your Mogo Credit Score is input your personal information online or into the Mogo app. From there, Mogo will display your credit score and relevant data using simple terms. It will also begin keeping tabs on your credit score daily to alert you if any hard inquiries are made against your credit report (which could be an indication of fraud).
While typical credit alert providers may charge up to $20 per month for this type of service, Mogo is unique because it provides you with unlimited alert notifications at no additional cost. With 75% of Canadians affected by data breaches in 2018, this type of protection has never been more relevant.
Once you sign up with Mogo, you’ll get access to a wide range of financial products and services in addition to credit score monitoring. These include personal loans, mortgages, investment products and a spending account powered by a free prepaid Visa card.
Mogo Credit Score is powered by Equifax, one of Canada’s largest credit bureaus. Your credit score is automatically tabulated by Equifax using its proprietary model and is transmitted to Mogo using specialized technology. This score is only available to MogoAccount holders that have passed identity verification.
The Mogo model has a scale that ranges from 300 to 850, with anything below 660 being counted as poor credit. Where you sit on this scale will determine your general ability to qualify for lending or credit requests.
It’s easy to apply for a Mogo Credit Score account. All you need to do is download the app from Google Play or the Apple Store, and verify your identity.
You may also be asked to provide two pieces of government-issued ID to verify your identity. These can include your driver’s licence, health card, birth certificate, passport or bank statement.
Mogo gives you instant access to your credit score and ongoing fraud and identity theft protection. You can also use Mogo to access financial products such as loans, mortgages and prepaid credit cards. All of Mogo’s services combined are designed to save you money and give you insight into the state of your credit and overall financial health.
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