Mogo Canada Free Credit Score and Identity Theft Protection

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by Enoch Omololu

Updated

Advertiser Disclosure

Access to your credit score and report on a regular basis can help you detect when an error shows up on your credit report. You can then quickly dispute the error with the relevant credit bureau (Equifax or TransUnion) and prevent or rectify damage to your credit profile.

However, it is not only credit report errors you should be on the lookout for.

Sometimes, criminals get access to your personal information and then use it to perpetrate fraud. It is in these cases that an identity fraud protection service comes in handy.

Mogo Canada is one of the few financial technology companies in Canada to offer free credit scores and credit monitoring. And, it is the only company to offer free identity fraud protection to all its members.

Read on to learn more about Mogo and the various products and services it offers.

What is Mogo?

Mogo is a leading Canadian digital financial platform founded in 2003 by David Marshall Feller. The company has over 1 million members and has offices in Vancouver, Surrey, and Winnipeg.

In addition to offering credit scores, identity fraud protection, and a prepaid card, Mogo also provides personal loans, mortgages, cryptocurrency trading, and a free online MoneyClass.

The company trades on the Toronto Stock Exchange under the ticker symbol, MOGO.

You can learn more about them in this Mogo review.

Mogo Free Credit Score and Identity Fraud Protection

Mogo Free Credit Score

Obtaining your credit score directly from TransUnion or Equifax will cost you up to $20 per month. However, you can get it for free from Mogo.

When you open a Mogo account here (takes 3 minutes or less) and apply for its free prepaid card, you get access to your Equifax credit score with no strings attached.

Your credit score is updated every month and you receive a notification by push notification and email.

I have used Mogo personally to access my Equifax credit score for over two years. Since it is free, this credit score check gives me an easy way to monitor my credit file without paying a fee every month.

Your credit score is a measure of your creditworthiness and lenders use it to decide whether to offer you a loan at a competitive interest rate.

As per Mogo, credit scores in Canada can be categorized as follows:

  • Rockstar credit score: 850+
  • Excellent credit score: 760+
  • Very good credit score: 725+
  • Good credit score: 660+
  • Fair credit score: 560+
  • Poor credit score: 300+

Learn more about what makes up a good credit score.

Downsides of a Mogo Free Credit Score

You can only access your Equifax credit score through Mogo. To check your TransUnion credit score, you’d have to use another service.

Also, the Equifax credit score you receive may be a bit different from what a lender uses to assess your creditworthiness.

Lastly, you need to first get the MogoCard before you can access free credit scores. I provide more details about the card below.

Mogo Free Identity Fraud Protection (MogoProtect)

In the last year alone, more than 28 million Canadians were impacted by data breaches.

With so many attempts by hackers to steal personal information in order to use it for fraudulent purposes, it is more important than ever to stop these criminals in their tracks.

MogoProtect is a free identity fraud protection product that alerts you to potentially fraudulent transactions on your credit file.

When you sign up for the free service, you enjoy daily monitoring and receive a notification whenever a hard inquiry is recorded on your Equifax credit file.

If suspicious activity is detected on your account, Mogo will guide you on the next steps to take.

You can access free credit scores, credit monitoring, and identity fraud protection on the same dashboard via the Mogo app.

Downsides of MogoProtect

MogoProtect only monitors your Equifax credit file. If fraudulent activity or transaction is only reported to TransUnion, you may not receive a notification.

Mogo Visa Platinum Prepaid Card

Looking to minimize your use of credit and control your spending? The Mogo Visa Prepaid Card can help.

The MogoCard has a $0 monthly fee and offers to offset one pound of CO2 for every dollar you spend. Basically, this card is great for your pocket as well as the environment as it reduces your carbon footprint.

Your MogoCard works in combination with the app and can be used to create a budget or set spending goals.

While purchase transactions and adding money to your card online are free, the following fees may apply to your Mogo Prepaid Card:

  • Domestic ATM: $1.50
  • International ATM: $3.00
  • Adding money at a Canada Post office: $3.00
  • Account inactivity fee after a year of not using your card: $1.99

Learn more about the MogoCard in this review.

MogoTrade

MogoTrade is a commission-free stock trading app that is currently in beta.

The app will provide free access for Canadians to trade stocks and ETFs within registered and non-registered investment accounts.

You can learn more about what it offers here.

Is Mogo Legit?

Mogo Finance Technology Inc. is a legitimate company that is traded on Nasdaq and the Toronto Stock Exchange.

You do not need to provide your credit card details in order to access their credit score and identity fraud protection services.

Mogo may send you offers for other financial products such as mortgage loans and savings account products. If you opt-in for any of their offers, they may earn a commission and make money.

Wrapping Up

My review of Mogo is positive. You can stay on top of your finances by signing up for their free credit score and identity fraud protection services.

If you find that your credit score is in need of a tune-up, here are some strategies for raising your score.

Mogo Canada FAQ

Where does Mogo get your credit score?

The credit score provided by Mogo is based on Equifax’s proprietary model (ERS 2.0). This score may vary from the one lenders and other financial institutions use when they are considering your credit or loan application.

Does checking your credit score on Mogo affect it?

No, getting your credit score from Mogo doesn’t impact it.

Pulling your own credit score is considered a “soft inquiry” and does not affect your credit score one way or the other. When a lender checks your score for loan or credit card approval purposes, it is a “hard inquiry” and may impact your credit score.

What is a good credit score in Canada?

A credit score ranging from 660 to 724 is considered a good credit score in Canada.

Have questions about credit scores? Leave them in the comments.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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