Tuesday, February 7th
2023 Canadian Credit Monitoring Company Reviews
Mogo
- Free identity theft protection with MogoProtect, which includes daily checks of Equifax credit bureau for new inquiries
- Free monthly Equifax credit score updates
- Educational platform for learning more about money and credit
- Cash rewards for most improved credit score each month
- Mogo gives you $5 just for activating your bitcoin and rewards account within their app
Free credit scores and daily monitoring? You can have both with Mogo. This is the only free credit monitoring service in Canada that updates your monthly Equifax score and checks daily for any hard inquiries on your credit report. The app teaches you how to improve your financial health, and even rewards you for building good money habits. This is a fantastic way to get fairly robust credit monitoring without paying a dime.
Identity Guard
- Value Plan: $8.99/month for individual, $14.99/month for family
- Total Plan: $19.99/month for individual, $29.99/month for family
- Ultra Plan: $29.99/month for individual, $39.99/month for family
- "A+" rated and accredited by the BBB
- In business for more than 25 years
- Discounts if you pay annually vs. monthly
Identity Guard is a reliable company that offers comprehensive credit monitoring and identity theft protection services. They have three levels of coverage, so that you only pay for the features you really want. The company gets high marks from customers and from the BBB. The downside? The site is focused almost entirely on American consumers, and you may have trouble accessing Identity Guard's services for Canadians.
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Who Provides the Best Credit Monitoring Service for Canadians?
You might remember the days when you had to pay $20 every time you wanted to access your credit score. Not anymore! These days, most banks give you free access to your score just for having an account. There are also several free services that provide your credit score on a weekly or monthly basis.
But, what if you want to keep a closer eye on your finances? Or you want alerts if any suspicious activity is detected on one of your accounts? You're smart to think that way: according to the Canadian Anti-Fraud Centre (CAFC), approximately 27,000 Canadians experience identity theft every year, but only 29% of people they surveyed actually check their credit reports regularly as a means of protecting their personal information.
Canadian Credit Monitoring Company FAQ
Continued from above...
That's where credit monitoring services come in. You have several options to choose from, ranging from those free services mentioned earlier to monthly subscriptions that go much more in-depth to monitor your accounts, alert you if anything unusual comes up, and may even help you recover if you become a victim of identity theft.
Which Canadian credit monitoring provider is right for you? That depends on what you're looking for, and here are several criteria to keep in mind that can help you decide:
- Credit score reporting vs. account monitoring. Are you interested in regular updates of your credit score, tools to help you manage your finances, and education about building and maintaining a healthy credit profile? You can get all of that for free with several reputable services. On the other hand, if you want your accounts actively monitored, so that you're alerted in the event of potential fraud, you'll probably need to consider a paid subscription plan.
- Experian vs. TransUnion. Canada has two main credit bureaus, and most credit monitoring services only report your score with one or the other. Because each bureau uses different algorithms and metrics for making their calculations, your score can be significantly different depending on which one you use. If you sign up for a membership plan with a service that only reports your credit history at one bureau, consider also getting a free account with a second credit monitoring provider that pulls your score from the other bureau.
- Reputation. Not all credit monitoring services are created equal. What do other Canadians have to say about the platform? If it's a subscription-based program, do most clients feel it's worth the monthly cost? Has the company been rated favorably by the Better Business Bureau? Does it provide credit and finance information and advice specific to Canadians, or is it just a repackaged service that was originally geared towards consumers in the US?
TopConsumerReviews.com has reviewed and ranked the best credit monitoring services for Canadians. We hope this information helps you understand your credit score, keep track of your credit usage, and continue to establish healthy credit habits well into the future.
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