Your credit score determines your eligibility for low-interest rates on loans.
As a result, tracking your credit score is critical to managing your personal finance.
By tracking your credit score often, you will identify ways to improve so that it can appeal to your potential lenders.
However, the means of checking your credit score is critical to making the right steps in improving your credit score.
Gone are the days of spending dollars to check your credit score through credit bureaus.
With fintech such as Borrowell, Credit Karma and Mogo, you can now check your credit score at no cost.
But are Borrowell vs Credit Karma vs Mogo the same? Which should you choose?
Read on to find answers to these questions and lots more.
What is Borrowell?
Borrowell is a Canadian fintech company with headquarters in Toronto. Established in 2014, Borrowell was the first to offer free credit score services to Canadians.
With more than 1 million users, Borrowell is one of the leading fintech in Canada, providing multiple financial products from more than 50 partners.
That said, here are the financial products that Borrowell offers in addition to the free credit score service:
- Credit cards
- Banking products
Furthermore, you can access Borrowell on its website or your Android or iOS device.
Key Features of Borrowell
1. Free Credit Score Service
Borrowell provides free credit score and credit score services to its members using Equifax.
Accordingly, Borrrowell updates your credit score weekly with no impact. All you need is to log in to your dashboard to monitor your progress.
2. Credit Coaching
Borrowell’s Molly, an AI-powered credit coach, offers customized credit coaching to individuals using their credit history.
Thus, this AI-powered credit coach uses your credit history to educate you with practical tips toward improving your credit score.
Furthermore, Molly compares your credit score with others, helping you know how you’re faring.
2. Personal Loans
In addition to free credit scores and credit reports, Borrowell also provides personal loans for different reasons, such as:
- Business expenses
- Car purchases
- Paying off credit cards
- Home improvement projects
- Debt consolidation
That said, the loan application process is seamless as you can complete it online within 48 hours.
What I like about Borrowell person loans is the competitive interest rate. However, it varies according to your credit score and history.
Borrowell has a bill tacking tool that helps you stay on top of your bills. However, this feature is only available on the Borrowell app.
With this tool, you can link your bank account to see projected invoices and balance sheets for cash flow control. Also, you can set alerts and reminders for future bills.
As a result, you can avoid non-sufficient funds (NSF) and safeguard your credit score when cash flow is inconsistent.
4. Financial Marketplace
With the help of artificial intelligence, Borrowell recommends suitable financial products to its members according to their credit scores.
As a member, you will find competitive finance deals in Canada by comparing different features and prices on the Borrowell app.
Also, Borrowell’s financial market connects you to the products you need, such as mortgages, personal loans, credit cards, investment products etc.
FAQs on Borrowell Credit Score Review
Is Borrowell Credit Score Accurate?
Yes. Borrowell’s credit score is accurate based on the factors it measures. However, its credit score may not be the same as others, but that doesn’t make it inaccurate.
Why? The reason is that different credit bureaus or institutions use different factors to measure credit scores.
Does Borrowell Hurt Your Credit Score?
No. Borrowell’s credit check doesn’t hurt your credit score. Why? Because it’s a soft check, not a hard check. Only a hard check can hurt your credit score.
Is Borrowell Safe?
Yes. Borrowell is safe, it doesn’t use your information without your approval, and your personal information is protected with advanced security protocols.
Is Borrowell the Same as Equifax?
No. Borrowell is a lender that uses Equifax to check your credit score and credit report. On the other hand, Equifax is a credit bureau.
What is Credit Karma?
Credit Karma is a multinational fintech offering free credit score, report, and monitoring services with more than 100 million members.
This American company extended its service in 2016 to Canada, covering most provinces and territories except Yukon, Quebec, Northwest Territories and Nunavut.
That said, Credit Karma uses TransUnion and Equifax to provide accurate credit scores and credit reports to its members in the US, Canada, and the UK.
Like Borrowell, Credit Karma also has a mobile app that you can download on Google Playstore or Apple Store. However, you can also access your Credit Karma on your website.
Key Features of Credit Karma
1. Free Credit Score Service
With Credit Karma, you can check your credit score free and have your credit report weekly.
Furthermore, Credit Karma members can monitor their credit progress on their dashboards for free.
2. Personal Loans
Credit Karma has collaborated with a search engine located in Canada, LoanConnect, to link its members to multiple loan options such as:
- Short-term loans
- Installment or long-term loans
- Lines of credit
3. Credit Cards
In addition to different loan options, Credit Karma members can also choose from a range of credit cards available such as:
- Secured credit cards
- Unsecured credit cards
- Bad credit cards
- Student credit cards etc.
However, the credit card selection is based on individuals’ credit history (credit score and report).
FAQs on Credit Karma Credit Score Review
Is Credit Karma Accurate?
Yes. Credit Karma uses the major credit bureaus, TransUnion and Equifax, to provide credit scores and reports.
Does Credit Karma Hurt Your Credit?
No. The reason is that Credit Karma conducts a soft credit inquiry, not a hard inquiry. Only hard inquiries affect your credit score.
Is Credit Karma Safe
Yes. Credit Karma is safe because it has advanced security protocols that protect your personal information.
Furthermore, Credit Karma will never disclose your personal information to any third party without your approval.
Is Credit Karma Free?
Yes. Credit Karma provides a free credit score, report and free monitoring services to its customers.
Which to Choose Between Credit Karma vs Borrowell?
Both Credit Karma and Borrowell offer similar financial products. However, Credit Karma uses Equifax and TransUnion credit bureaus, while Borrowell uses only Equifax.
As a result, you may want to use both companies since they use different credit bureaus. That way, you can compare your credit score according to each credit bureau.
What is Mogo?
Mogo is one of the leading fintech offering free credit services to Canadians.
Using Equifax credit bureau, this Vancouver-based company was established in 2003 to provide free credit score, report and monitoring services.
Furthermore, Mogo provides other financial products to its members such as:
- Personal loans
- Prepaid Visa debit card
- Fraud protection
- Bitcoin exchange.
Like Borrowell and Credit Karma, Mogo is also accessible on its website or its app (available on Google Playstore and Apple Store).
Key Features of Mogo
1. Free Credit Service
As mentioned previously, Mogo users can enjoy free credit services such as free credit score, report and free monitoring.
With MogoCard, you will get monthly updates on your credit score at no cost.
2. Personal Loans
If you’re looking for personal loans with competitive interest rates, you may want to check Mogo’s offers.
What I like about Mogo is that it provides personal loans to individuals with good and bad credit scores.
However, the interest rates of those with bad credit scores are usually higher compared to those with good credit scores.
If you’re looking for competitive mortgages in Canada, the MogoMortgage team is ready to help you.
Through its partners, Mogo provides its members competitive mortgages with fixed-rate and variable rates.
So if you can’t make a 20% down payment of your home value, Mogo has a high-ratio mortgage offer for you.
4. Prepaid Visa Debit Card
Mogo offers its members a free reloadable prepaid Visa card known as MogoCard.
With this card, you can easily control and build your finances by earning rewards on every purchase you make.
Furthermore, MogoCard provides 2% unlimited cash back on everything you buy with no fees.
With this card, you can monitor your spending, set spending goals, and automate your budget.
5. Theft Monitoring
If you want to safeguard your credit score to the next level, MogoProtect will help you achieve that at $8.99 a month.
With MogoProtect, you can ensure that there are no unauthorized transactions on your account as you get alerts on any potential fraud or threat.
6. Bitcoin Exchange
If you’re interested in cryptocurrencies, you can buy and sell bitcoin through MogoCrypto.
With a 1% fee on each transaction, you can fund your MogoCrypto account within 30 minutes and make withdrawals within a few days. Mogo has the fastest speed compared to other bitcoin Exchanges in Canada.
FAQs on Mogo Credit Score Review
Does Mogo Affect Your Credit?
No. Mogo’s credit check doesn’t affect your credit score because it’s a soft inquiry. However, a hard inquiry may affect your credit score when applying for loans or mortgages.
Is Mogo Credit Score Accurate?
Yes. Mogo’s credit score is accurate because it uses the Equifax proprietary model. However, the factors Mogo uses to check your credit score may not be the same as other credit bureaus.
Which Credit Bureau Does Mogo Use?
Mogo uses Equifax’s credit score. Equifax is a credit bureau that uses a proprietary model to calculate your credit score.
Is Mogo Legit?
Yes. Mogo is legit because it provides an accurate credit score and credit report based on certain factors.
Also, Mogo provides legit financial products such as personal loans, mortgages, bitcoin, and prepaid Visa cards.
Borrowell vs Credit Karma vs Mogo: Which to Choose?
We’ve now reached the climax of this review, where we shall discuss the best between Borrowell vs Credit Karma vs Mogo.
First, it’s essential to bear in mind that all these fintech are legit and safe. Their credit scores and credit reports are accurate based on the factors they measure.
That said, your payment history, credit card utilization, credit history duration, and your credit reports are most often used by credit bureaus to determine your card score.
However, different credit bureaus use different factors to calculate your credit score. As a result, it’s obvious why you may not have the same result from Borrowell vs Credit Karma vs Mogo.
Furthermore, some credit bureaus determine your potential to file for bankruptcy or payment default when calculating your credit score.
Currently, Equifax and TransUnion have more than 20 different credit score factors. Because of this, you can’t say one credit bureau is more accurate than the other.
Since it costs you nothing, you can use both Borrowell vs Credit Karma vs Mogo to check your credit score.
By doing so, you can compare the results of each credit bureau and see how they differ.
However, if your concern about comparing Borrowell vs Credit Karma vs Mogo is beyond the credit score, you should consider the fintech with the features you need.
Overall, my Borrowell vs Credit Karma vs Mogo review is positive, and you can’t make a wrong choice with any of them in checking your credit score.
Verdict on Borrowell vs Credit Karma vs Mogo
From the above Borrowell vs Credit Karma vs Mogo review; you can see that all three fintech companies offer similar credit services.
As a result, you can use any or all of them to get your actual credit score.
But when it comes to choosing between Borrowell vs Credit Karma vs Mogo, your concern should reflect your needs.
I recommend that you use any of the above fintech for checking your credit score but not for all your financial needs.
As you can see, all three fintech companies have different financial offerings that appeal to different individuals.
So you need to compare the features of each if you’re looking beyond credit check service.
Let me know your thoughts in the comment section about this Borrowell vs Credit Karma vs Mogo review.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.