Does Mogo Report to Credit Bureau

Does Mogo Report to Credit Bureaus?

While many lenders report to credit bureaus like Equifax and TransUnion, Mogo does not publicly detail its specific reporting practices. For the most accurate information on what data is shared and when, it's best to contact Mogo's customer support directly. Generally, lenders report several key events.

• Account Opening: A hard inquiry is typically recorded on your credit file when you open a new credit account.
• Statement Closing Date: Lenders usually report your account balance and status to bureaus around your monthly statement closing date.
• Late Payments: Payments more than 30 days past due are typically reported, which can negatively affect your credit score.

Who Does Mogo Report Credit Information to?

While Mogo does not publicly disclose a definitive list, lenders of its type generally report to Canada's two major credit bureaus.

• Equifax
• TransUnion

When does Mogo Report to Credit Bureaus?

Mogo doesn't have a single, set date when it reports to credit bureaus for all users. Instead, the reporting is triggered by your individual account activity and loan cycle. This means information is typically sent to the bureaus around your payment due dates or after significant events, such as taking out a new loan, paying one off, or missing a payment. The exact timing can vary from person to person based on these factors.

How Reporting Can Affect Your Credit Score

Positive impact

• Consistently making on-time payments for your Mogo product helps build a positive payment history, the most significant factor in your credit score.
• Adding a Mogo loan or line of credit can diversify your credit profile, which may positively influence your score by improving your credit mix.

Potential negatives

• Missing payments or paying late will be reported to credit bureaus, negatively impacting your payment history and significantly lowering your credit score.
• Each application for a new Mogo product can trigger a hard inquiry on your credit report, causing a slight, temporary drop in your score.

Tips for Managing Credit with Mogo

Here are some actionable ways you can use Mogo's tools to take control of your financial health and build a stronger credit profile:

• Use Mogo's free credit score monitoring feature. Regularly checking your score helps you track progress and spot potential identity fraud issues early on.
• Always make your MogoMoney loan payments on schedule. Your payment history is one of the most significant factors that influences your credit score.
• If you have a MogoCard, keep your spending in check. Maintaining a low credit utilization ratio can positively impact your overall credit health.
• Understand that each credit application can trigger a hard inquiry. Try to space out applications to minimize any temporary dips in your score.
• Regularly review your full credit report for inaccuracies. You can dispute any errors you find to protect your score from unfair damage.

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