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Sunday, October 17th
Founded in 2003 and with offices in Vancouver, Toronto and Winnipeg, Mogo is a Canadian fintech company providing credit monitoring for Canadians. The service has more than a million people who use the platform not just to keep an eye on their credit history, but also to take out personal loans and mortgages, get prepaid debit cards, and even access a bitcoin exchange.
Alerts For Changes To Your Credit Profile
Mogo comes really close to offering most of the credit monitoring features you usually have to pay to get. This free service is the only one that includes daily Equifax checks to see if any new inquiries have been placed on your account (many competitors only check weekly or monthly). This means that any time a hard credit inquiry is noted on your file, you'll get an email notification within 24 hours. Your actual credit score is only updated monthly, however.
If you're actively working to improve your credit score, Mogo makes it fun - and potentially lucrative. They offer the only credit monitoring service in Canada with a rewards program. While the details are a little hard to dig up on the site, the most attractive feature is the $200 monthly prize for the Mogo member with the most improved credit score. They also give you $5 just for activating a bitcoin and rewards account in their app. This is a risk-free way to get started with bitcoin.
Well-rounded, Fun, Educational Features
The Mogo platform does a great job of teaching you exactly how to "level up your money game" (even if you don't win the $200). You'll get pro tips through your Mogo app, as well as access to a MoneyClass that teaches you everything you need to know about your finances. Is it any wonder that Mogo was featured in Apple's Apps We Love and on news outlets like CBC and The Globe and Mail?
Financial Product Offers
Mogo offers a pre-paid platinum Visa card that comes with a 1% bitcoin cashback, offsets 1lb of carbon for every dollar you spend, and helps control your spending since it functions like a debit card but with the convenience of a visa card. They also offer personal loans. It's free to apply for a loan and there's no impact to your credit score - but keep in mind you might see higher interest rates on their loans because they utilize risk-adjusted pricing. Looking through customer reviews on their BBB listing, we came across several customer comments regarding perceived high interest rates and approval concerns. Just make sure you understand the details of your loan offer before you accept, and you should be ok.
Best Range Of Features Among Free Providers
Mogo is a fantastic - and totally free - tool that most Canadians will find helpful for credit monitoring. They provide access to daily alerts that are often only available through a paid service, as well as just about everything you could expect from a no-cost credit monitoring service - and then some. They are highly recommended.
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.
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:
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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