Personal Finance

Mogo.ca credit score

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  • Jun 5th, 2018 9:43 am
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Sep 24, 2013
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nikels21 wrote:
ErinLeroux wrote: Hi everyone,

Erin from Mogo here. Wanted to jump in here and answer some of your questions.

We’ve partnered with Equifax to offer the first free credit score with free monthly credit score monitoring in Canada. Equifax is the largest credit bureau in Canada and is the bureau most used by lenders when making decisions on your credit-worthiness.

You can have multiple credit scores. If you’ve checked your credit score with the Equifax consumer website (or somewhere else), you might notice a difference in the score you got vs. your Mogo credit score. RickyBobby74, you explained this really well.

The credit score you get directly from Equifax (vs. the one we give you) uses a slightly different model for weighing different factors in your credit history and is primarily intended for educational uses. The credit score we give you is a leading score used by a variety of lenders in various industries. That’s important because it’s the score that will help determine whether you get a loan - including when you apply for a mortgage.

SuperSauvage – good question about how often you can get your credit report. We’re introducing monthly updates in October. With this you’ll also see other useful info like how many points your score changed since the last month, and a 6-month glance at your credit score changes. Also, you’ll see how you stack up to other Canadians.

Feel free to comment with any other questions. Happy to answer/help.

Erin
Does signing up for the service affect your credit score? is it a hard hit?
Just a soft hit. It doesn't affect your score.
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Aug 4, 2003
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That monthly automated score update is going to be one hot feature. Compliments my churning quite nicely.
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Feb 17, 2015
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I checked mine and it was pretty close to the score I pay for every month doesn't look to bad at all
Newbie
Sep 12, 2016
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It's a soft credit check and does not impact your score.
Newbie
Sep 12, 2016
9 posts
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Hi SuperSauvage - Sorry for being misleading. Totally see how that could be taken that way. What we mean is when you pay the collection, you need to make sure the bureau removes the fact that you had an amount owing and ensure that they show that the amount owing is now zero. It's also a good idea to get a copy of proof of payment just in case your bureau is not updated right away.

I've actually flagged this with our team to tweak the messaging. Any other questions, let me know.
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Jul 9, 2016
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ErinLeroux wrote: Hi SuperSauvage - Sorry for being misleading. Totally see how that could be taken that way. What we mean is when you pay the collection, you need to make sure the bureau removes the fact that you had an amount owing and ensure that they show that the amount owing is now zero. It's also a good idea to get a copy of proof of payment just in case your bureau is not updated right away.

I've actually flagged this with our team to tweak the messaging. Any other questions, let me know.
thanks for the follow-up erin, this makes more sense.
Sr. Member
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Jul 9, 2016
674 posts
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ErinLeroux wrote: Hi everyone,

Erin from Mogo here. Wanted to jump in here and answer some of your questions.

We’ve partnered with Equifax to offer the first free credit score with free monthly credit score monitoring in Canada. Equifax is the largest credit bureau in Canada and is the bureau most used by lenders when making decisions on your credit-worthiness.

You can have multiple credit scores. If you’ve checked your credit score with the Equifax consumer website (or somewhere else), you might notice a difference in the score you got vs. your Mogo credit score. RickyBobby74, you explained this really well.

The credit score you get directly from Equifax (vs. the one we give you) uses a slightly different model for weighing different factors in your credit history and is primarily intended for educational uses. The credit score we give you is a leading score used by a variety of lenders in various industries. That’s important because it’s the score that will help determine whether you get a loan - including when you apply for a mortgage.

SuperSauvage – good question about how often you can get your credit report. You can get a full report any time directly from Equifax. We’re also introducing monthly updates in October. With this you’ll also see other useful info like how many points your score changed since the last month, and a 6-month glance at your credit score changes. Also, you’ll see how you stack up to other Canadians.

Feel free to comment with any other questions. Happy to answer/help.

Erin
erin, i signed up for the credit score and mogo account on september 15th, and since then, my score on the portal has gone down over 35 points from what it originally showed. but it still says "score as of september 15th" ... what's going on?

EDIT: nevermind, it's back up to what it was originally now.
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SuperSauvage wrote:
ErinLeroux wrote: Hi everyone,

Erin from Mogo here. Wanted to jump in here and answer some of your questions.

We’ve partnered with Equifax to offer the first free credit score with free monthly credit score monitoring in Canada. Equifax is the largest credit bureau in Canada and is the bureau most used by lenders when making decisions on your credit-worthiness.

You can have multiple credit scores. If you’ve checked your credit score with the Equifax consumer website (or somewhere else), you might notice a difference in the score you got vs. your Mogo credit score. RickyBobby74, you explained this really well.

The credit score you get directly from Equifax (vs. the one we give you) uses a slightly different model for weighing different factors in your credit history and is primarily intended for educational uses. The credit score we give you is a leading score used by a variety of lenders in various industries. That’s important because it’s the score that will help determine whether you get a loan - including when you apply for a mortgage.

SuperSauvage – good question about how often you can get your credit report. You can get a full report any time directly from Equifax. We’re also introducing monthly updates in October. With this you’ll also see other useful info like how many points your score changed since the last month, and a 6-month glance at your credit score changes. Also, you’ll see how you stack up to other Canadians.

Feel free to comment with any other questions. Happy to answer/help.

Erin
erin, i signed up for the credit score and mogo account on september 15th, and since then, my score on the portal has gone down over 35 points from what it originally showed. but it still says "score as of september 15th" ... what's going on?

EDIT: nevermind, it's back up to what it was originally now.
I too had a temporary drop in points, but I clicked on another link within the site and then the score got restored back to the expected monthly score.
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May 15, 2013
2048 posts
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Alberta
ErinLeroux wrote: Hi everyone,

Erin from Mogo here. Wanted to jump in here and answer some of your questions.

We’ve partnered with Equifax to offer the first free credit score with free monthly credit score monitoring in Canada. Equifax is the largest credit bureau in Canada and is the bureau most used by lenders when making decisions on your credit-worthiness.

You can have multiple credit scores. If you’ve checked your credit score with the Equifax consumer website (or somewhere else), you might notice a difference in the score you got vs. your Mogo credit score. RickyBobby74, you explained this really well.

The credit score you get directly from Equifax (vs. the one we give you) uses a slightly different model for weighing different factors in your credit history and is primarily intended for educational uses. The credit score we give you is a leading score used by a variety of lenders in various industries. That’s important because it’s the score that will help determine whether you get a loan - including when you apply for a mortgage.

SuperSauvage – good question about how often you can get your credit report. You can get a full report any time directly from Equifax. We’re also introducing monthly updates in October. With this you’ll also see other useful info like how many points your score changed since the last month, and a 6-month glance at your credit score changes. Also, you’ll see how you stack up to other Canadians.

Feel free to comment with any other questions. Happy to answer/help.

Erin
When in Quebec?
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Oct 24, 2009
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djino wrote: Not available in Quebec lol.
Also not available in Manitoba if it makes you feel any better
Newbie
Jun 27, 2016
2 posts
That monthly automated score update is going to be one hot feature.
Does this mean if I forget to come for a couple months, I can come back later and see my scores for those months? Is it truly automated or do I need to sign in to update my score?
Newbie
Sep 12, 2016
9 posts
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We're currently available in BC, Alberta and Ontario and are always looking at ways to expand into the rest of Canada.
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Jul 28, 2009
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My Mogo and Borowell scores were the exact same so seems like it's working :)
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Mar 23, 2009
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I just installed the iOS app and it's very slick. The app is clean and uncluttered with just the right amount eye candy for the millennial crowd without being overly pushy.

Setup was like 1 minute and then it asked a bunch of personal info which was clearly backed by a very robust database on a fast server. That took another minute and then I had my Equifax score.

Yeah they have my personal info now and pre-approved me for a loan and gave a blurb for their credit card but I just declined.

It will be interesting to see how my numbers change since I just applied for one credit card and may cancel another which I've had for years. The old credit card is no longer as interesting now that they were bought out by another bank. I've always been curious to find out how significant a drop that can cause, and how long it takes to recover. For now I have the Mogo app notifications on in iOS but if they become annoying I'll just shut them off. Hopefully they'll be just be once a month or so when the score updates.

The app is also TouchID enabled for security so you don't have to type in your password each time you launch it. Nice.
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Aug 4, 2003
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Erin, I am unable to turn on the monthly score update feature under my account settings. I click on off, monthly score consent windows pops up and I select the box and click yes please but option stays off in my profile.

The option to consent also appears under Credit Score section at the top but it does not appear to be working. This is happening with two different accounts.

EDIT: Just tried with iPhone app and it worked. So appears to be a problem with regular web interface.
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Jul 18, 2016
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UrbanPoet wrote: Pretty accurate... Spot on with my equifax score. Still 670... Hoping to break 700 >_<
I'm rather surprised with my score. Previously, Mogo and Borrowell were reporting scores lower than Equifax. As of yesterday, it reversed. Interestingly, it reversed just as my revolving utilization dropped below 30%. That 30% seems to be a key threshold for their scoring models.
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Apr 2, 2010
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ace604 wrote: Anyone else's mogo score stay exactly the same?? I find that highly dubious :)
I dropped a point :(

No idea why.
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Sep 24, 2013
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ace604 wrote: Anyone else's mogo score stay exactly the same?? I find that highly dubious :)
Mine went up 11 points

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