Best Credit Score Apps in Canada: Borrowell vs. Credit Karma vs. MogoSeptember 20, 2021
Over half of Canadians don’t know their credit score, but these three apps are determined to change that.
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According to an Ipsos survey, 69% of Canadians have no idea what their credit score is. This is a problematic statistic as credit scores impact almost every aspect of life. A good credit score makes loan approvals simpler and gives you access to lower interest rates, which can save you thousands of dollars over your lifetime. Some employers also use credit scores as a way to judge character and many landlords conduct credit checks before handing over the keys. Having a good credit score shows that you’re trustworthy with money and makes it easier to achieve your financial goals.
What’s a good credit score in Canada?
Credit scores range from 300 to 900. According to Equifax, a good credit score is 670 and over. Scores past 800 are excellent while anything between 300 to 579 is considered poor.
Check your credit score for free
In the past, the only way to obtain your credit score was through a financial service provider or by paying for a copy of your credit report. Thanks to the rise of fintech companies, you can now get this information for free.
Curious what your credit score is? Download one of these trusted apps to get a better picture of your financial wellbeing. All of these apps run soft credit inquiries, so there’s no risk of lowering your credit score. They also offer some other great benefits to help you make smarter financial decisions. Let’s discuss the top three apps that are available to Canadians now.
Borrowell is a Canadian credit education company that lets you access your credit score and credit report for free.
Popularity: Borrowell was the first company in Canada to offer this service and has been used by more than 1.5 million Canadians since launching in 2014.
Downloaded over 100,000 times, the Borrowell app gives you a full picture of your financial health. From checking your credit score and upcoming bills to reviewing personalized loans and banking recommendations, the app allows you to see your entire credit profile in one place.
Accuracy: Borrowell has an ongoing partnership with Equifax, one of the world’s largest credit monitoring bureaus. The credit score you see in the app is your Equifax Risk Score 2.0, which is used throughout Canada when making consumer credit decisions. Equifax calculates the credit score and provides all the information in your credit report.
Safety: Your data stays safe and secure with Borrowell. The fintech company uses bank-level security with 256-bit AES encryption to keep your information under lock and key.
- Free credit score monitoring: See your weekly updated Equifax credit score and report for $0.
- Credit education: Molly, Borrowell’s AI-powered Credit Coach, helps you understand your credit score and provides personalized tips on how to improve it.
- Track bills: Only available on the app, this feature plans for upcoming bills, predicts your future account balance, and lets you know when your account balance is low.
- Personalized loan recommendations: Borrowell works with over 50 financial companies, including Spring Financial, and suggests the best financial products (loans, credit cards, bank accounts, insurance, mortgages) for you by analyzing your credit profile. If you take one of the recommendations, Borrowell gets a referral fee from the partner. You’ll still have access to your free credit score even if you don’t use any of the recommended products.
Download the Borrowell app:
Based in Vancouver, Mogo is a financial services company offering free credit score monitoring, identity fraud protection, rewards credit cards, personal loans, and mortgages.
Popularity: Mogo is best known for the MogoCard, a Visa prepaid credit card that comes with innovative perks like Bitcoin cashback and carbon offsetting. The company has over 1.6 million Canadian customers and the app is only available in Canada (excluding Quebec).
Accuracy: The credit score in your Mogo account is from Equifax, so you can rest assured that it’s accurate. Mogo will send you an updated score every month and alert you any time a hard credit inquiry has been run on your Equifax account.
Safety: Mogo takes security seriously and employs the latest Transport Layer Security (TLS) protocols for encryption to protect your data. AWS secure data centers safeguard sensitive information while multiple firewalls protect the company’s internal and external networks. Sophisticated software also monitors unauthorized access to its systems and security audits are performed by vetted third parties.
- Free credit monitoring: Review your Equifax credit score for free for 90 days or get credit monitoring on an ongoing basis when you get approved for the Mogo Visa Platinum Prepaid Card.
- Big rewards: Win $200 worth of Bitcoin if you’re the customer with the most improved credit score in one month.
- Free identity fraud protection: Receive alerts whenever someone conducts a hard credit check on your Equifax account.
- Mogo Visa Platinum Prepaid Card: Earn 2% Bitcoin cashback and enjoy free carbon offsetting with every purchase you make.
- Buy and sell Bitcoin: Invest in Bitcoin with minimal fees and secure storage.
- MoneyClass: Get tips on how to save, budget, and invest.
Download the Mogo app:
3. Credit Karma
Credit Karma helps you take control of your credit situation by providing free credit monitoring, personalized credit recommendations, and educational materials.
Popularity: The American personal finance company has over 100 million customers worldwide and was acquired in 2020 by Intuit, the same company behind TurboTax and Mint. Over 500,000 Canadians have installed the Credit Karma app.
Accuracy: The credit score and report in the Credit Karma app comes from TransUnion, a leading credit reporting agency in Canada. Updates from TransUnion are available every seven days, however keep in mind your credit report may not change with every update as creditors usually take around 30 days to report new information (i.e. payment activity and new balances) to credit bureaus.
Safety: Credit Karma uses bank-level 128-bit encryption to keep the transmission of your data protected. It has a dedicated security team that investigates issues immediately and hires independent experts to conduct regular security assessments. The company also doesn’t share your personal information with unaffiliated third parties.
- Free credit score monitoring: Review your weekly updated TransUnion credit score at no cost and get alerts when important changes are made to your credit report.
- Personalized loan recommendations: Find credit cards that match your credit profile. Credit Karma earns a commission from the issuing bank if you redeem one of its offers.
- Credit tips and education: From budgeting to credit building, Credit Karma breaks down complex financial topics into easy-to-understand articles.
Download the Credit Karma app: