Mogo Credit Score Review (December 2022) – Pros, Cons, Features, & Pricing

This Mogo Credit score review offers details of how monitoring your credit rating and working with Mogo can improve your overall ability to borrow and qualify for future loans and credit products. Mogo offers current updates for customers to view their credit rating, earn rewards, and gain other benefits that can be added to a Bitcoin investment.

What makes Mogo Credit Score a good option?

The overall take on the Mogo Credit score review is very positive. There’s no disadvantage to registering for a free account to access your rating.

You don’t have to pay any monthly fees, which is familiar with other credit score companies. Mogo Credit scores are based on Equifax and provide regular updates, so you’ll always see a current score.

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Last Updated: Nov 30, 2022

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Mogo Credit Score

  • Instant access to your credit score
  • Free credit monitoring for 90 days
  • Score updated daily

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Pros and Cons of Mogo Credit Score

Getting access to your credit score is a great way to track how well you’re doing and what progress you’ll need to be. This Mogo Credit score review looks at the advantages and drawbacks of this helpful service that can help a lot of people in need of credit repair.

ProsCons
+ Free signup
+ Earn rewards
+ Free 90 days of credit scores
+ Daily credit score updates
+ Credit activity monitoring
– Need to give info for an account
– Not free forever without a MogoAccount

Benefits of the Mogo Credit Score Review

Instant access to your credit score is an excellent service because it gives you a chance to monitor and improve your score. There is no charge for this service, and all you need to do is register for a free account with Mogo.

You can access this service before you make any investments in Bitcoin or apply for a credit product or prepaid card.

Another benefit of Mogo Credit Score is the potential to earn rewards!

Rockstar credit score – earn 2000 Satoshi rewards (you get free credit score monitoring and ID fraud protection with your MogoCard)

Most improved credit score – the person with the biggest improvement earn 250,000 Satoshi rewards (new person picked monthly)

It’s relatively easy to set up an account. You can either download the Mogo app or website and register to sign up for your account. You’ll also have access to other services, in addition to Mogo’s other products, including online classes and tutorials on improving your spending and improving your credit over time.

Your credit score is accessible immediately after you sign up for an account through Equifax, and it’s updated daily, so you can see any changes as they occur. You can keep tabs on progress or fluctuations in your score and work on improving your credit if needed.

If any “hard” inquiries are made on your credit score, this will be sent to you on an alert. This is an essential feature because an unauthorized inquiry into your credit score can be a sign of fraud and may need further investigation.

MogoProtect is a service that keeps your personal and financial information safe and secure. Any instance of fraud (or suspected fraud) is taken seriously, and steps are taken to resolve it. This protection also applies to possible identity theft.

Mogo provides this service for free, which is a great advantage, while other companies charge a monthly fee to offer you access and the ability to monitor your credit score.

With your credit report, Mogo provides a list of valuable tips and suggestions on managing your money and improving your score, which can help you carve a path to better financial management.

Mogo Credit Score Comaprewise - Comparewise

Are there Drawbacks of the Mogo Credit Score Review?

There aren’t any disadvantages to signing up for a free Mogo credit score review, though you will receive periodic emails with credit card offers and other product promotions. If you choose to buy one of the advertised products, the card issuers are paid a commission.

Receiving these ads and promotions is a relatively small price to pay when you sign up with Mogo. It may also be worth investigating some of the company’s products and how they may help improve your credit score.

A few items that some people may not favor are the need to provide personal information, including your social insurance number, to gain access to your credit score.

If you choose to apply for a loan with Mogo, in an attempt to improve your credit, you may find some of the interest rates a bit high, especially if your credit is not the best.

If you’re looking for in-person service and advice for your financial situation and goals, Mogo doesn’t provide this option. Instead, you’ll have access to online chat, though this service tends to resolve most issues you may encounter on the company’s mobile app or website.

Mogo Credit Score Dashboard App Comparewise 1 - Comparewise

What are the Mogo Credit Score features?

The Mogo Credit score review offers access to your credit rating through Equifax. You can easily access your credit rating when you sign up for an online account on the Mogo mobile app.

One of the significant benefits of this service is the ability to monitor your credit score and receiving monthly updates, so you can track your progress and find ways to improve your rating.

Alerts will be sent to you when there’s activity on your credit report, including an inquiry on your score. This gives you the benefit of knowing whether someone may have access to your information without authorization.

Fortunately, Mogo is a secure company and offers encrypted features and passwords to ensure your data is safe. Any suspicion of fraud is taken seriously, and your account will be investigated if this is a possibility.

Cost of using Mogo Credit Score

The Mogo Credit score review is entirely free, whereas many other companies offering the same service charge a flat rate or monthly fee for access to your credit score. When you sign up for a free account with Mogo and access your credit score, you’ll receive regular ads with your updates for products and services offered by the company.

Fortunately, it’s easier now to obtain your credit score in Canada without the need to pay a fee or wait for the report to arrive by mail.

Who is Mogo Credit Score for? Should you use Mogo Credit Score?

This Mogo Credit score review is ideal for anyone concerned and curious about their credit rating and actively wants to improve or establish it for future loans.

You don’t have to commit to any Mogo products to access your credit score, though if you are interested in Bitcoin, prepaid credit cards, or personal loans, you may find some of the company’s services helpful.

It’s a beautiful product for anyone open to repair a history of bad credit and look for innovative options to expand your financial success.

If you’re planning on a mortgage or large loan and need to increase your credit score to qualify, Mogo is a stellar way to achieve your goal of improving your rating so that you can qualify for a mortgage or loan with a better interest rate.

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Not sure if Mogo Credit Score is correct for you? Alternatives to Mogo Credit Score you can consider

Mogo credit score review is an excellent service and an excellent incentive to consider some of the company’s other financial services. You may not find that Mogo is a good fit for your personal needs and may want to consider alternatives.

Credit Karma and Borrowell are two alternatives that provide credit scores to track and review regularly. Credit Karma provides credit scores from TransUnion, and Borrowell provides an updated report from Equifax.

Both alternative companies offer weekly updates on your credit scores, while Mogo’s updates are monthly. Some banks offer credit reports services that you can access through your bank account online.

The two prominent credit companies in Canada, Equifax, and TransUnion, can be contacted directly for an accurate, up-to-date credit report. While these companies may offer free online reports, a small fee may be to send them by mail, which may be the standard option.

If you’re looking for the most accurate score of your credit, you may want to order more than one, such as ordering a report through Equifax and TransUnion. This suggestion is based on the variance you may notice from one credit agency and the other.

If you see a gap in credit scores between companies, including Mogo and another provider, it’s a common occurrence and generally doesn’t vary by much.

Conclusion

The Mogo Credit score review is a great way to get familiar with credit scores and learn how to make a significant difference and improve your ability to borrow, apply for a mortgage, and qualify for other credit products in the future.

If you have a history of problematic spending habits or high debt, tracking your credit score can inspire you to make changes and establish a better framework for financial success.

Mogo is an alternative to standard banks, credit unions, and trust companies that also gives you access to Bitcoin and simple trading features and information that’s ideal for beginners in digital currencies.

Overall, it’s a helpful way to encourage better saving and spending habits, even when there are changes to your financial situation. Mogo offers a unique suite of products and services to help people with poor credit and reach their goals.

Mogo Credit Score Features

How To - Comparewise

5 minutes

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New Dashboard

Alerts will be sent to you when there’s activity on your credit report, including an inquiry on your score.

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Improve Your Score

If you’re looking for the most accurate credit score check your Mogo Account.

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Track Your Progress

Follow Mogo's advice to a higher score.

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Free, Easy Signup

Sign up for free and get a free score for 90 days.

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FAQs about Mogo Credit Score

What can I do to improve my credit score?

Here are the top three ways to improve your credit score:

  1. Don’t ever let your utilization ratio go over 70 percent.
  2. Don’t miss minimum payments. Ever.
  3. Consolidate your debt.

What's a good credit score?

Most Canadians score around 660. This is considered pretty good, but just 20 extra points can make a difference. In fact, keeping your score over 680 will qualify you for a lower mortgage rate and a higher mortgage.

Why would I want to know my credit score?

Your credit score is one of the main indicators of your financial health. It’s what lenders use to determine how big a mortgage or loan (or how high a credit card limit) to offer you and at what interest rate. Having a low score could result in getting approved at higher interest rates—or even being declined. And lenders aren’t the only ones checking credit; some landlords and employers do it as well.

How do I get a free credit score?

When you sign up for a FREE Mogo Visa Platinum Prepaid Card, you can get Equifax credit score monitoring and MogoProtect identity fraud protection for free. To continue to get these products for free, just make sure you use your MogoCard at least once every 90 days (load funds or make a purchase).

Does opening a MogoAccount affect my credit score?

Don't worry about your score being affected when you sign up with Mogo. When you open a MogoAccount, Mogo performs a "soft check" which doesn't impact your credit score.

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Mogo Credit Score

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September 23, 2022
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