Credit Karma is a free credit score reporting company In Canada. It also offers a free mobile app and a desktop version making it easier for you to check your credit score and reports. But how does it compare to the likes of other free credit reporting companies such as Borrowell, Mogo and others?
Credit Karma, Borrowell and Mogo are three of the best Fin-tech companies In Canada offering free credit scores and reports to Canadians. The credit scores offered on these platforms are obtained from Equifax and TransUnion.
If you want to directly get your scores from Equifax or TransUnion you’ll have to shell out almost $20 per month to access your credit score and reports. But is there a catch here? Why are these scores even FREE? Should you be concerned or cautious before using these platforms? Let me try to address these concerns here.
With that said, the most important thing you need to know here is – your credit scores vary across the different platforms and it is not consistent. Now, why is that so?
For example, your score might be 740 in Credit Karma and 720 in Borrowell. That does not mean that 740 is wrong or inaccurate. It is just that each of these free credit score companies has different scoring models (formulas and algorithms to calculate your individual scores) at any given point.
Remember the days when all roads led to the doorstep of the credit unions for all credit-related queries? It seems so long ago now. No longer do people have to pay $20 or more every single time they want to check their credit score.
Thanks to innovation in the Fin-tech industry, TransUnion and Equifax have ceded their monopoly on these services. Today digitally-focused financial institutions offer credit score checks and credit reports for free. They also go-ahead to send your update report to you on a monthly basis at no cost.
Have you ever heard the saying that “you get what you paid for?” It is true for the most part. However, Credit Karma has been trying to buck the trend with their free credit score services that they have been offering since 2008.
Naturally, people are skeptical as to the authenticity and trustworthiness of the company, and rightly so.
Credit Karma offered its first free credit score back in 2008, and since then it has grown into a large brand offering free credit score checks and various credit monitoring services at no cost to over 60 million people.
What Is Credit Karma?
Credit Karma is a free credit score and reporting company. It has been operational for 7 years and much longer than Borrowell. However, until recently they only operated in the United States. This personal finance company through its services cater to over 60 million people.
Like Borrowell, Credit Karma offers free credit score checks and credit reports, but unlike Borrowell and Mogo, they offer score checks and reports weekly and not monthly. However, they are mostly known for their credit card service.
On the Credit Karma platform, you can compare a plethora of cards for different reasons and apply for the best fit. They did a good job of categorizing different cards for different financial situations: cards for good credit, bad credit, balance transfer, low-interest cards, rewards and cashback cards, secured cards and more.
They do have other financial products such as loans, tax filing, high-interest savings, personal finance advice and a lot more. Their loans include personal loans, home loans, business loans, student loans, auto loans and more.
Credit Karma’s credit score service utilizes TransUnion’s Credit Vision Risk Scoring model for checking your score and report. So don’t be surprised if your score checks on Credit Karma tally with the results from the credit bureau. Currently, Credit Karma majorly offers credit score, report and monitoring services in Canada and almost nothing else. The full-service suite can only be accessed if you live in the U.S.
How To Use Credit Karma?
Credit Karma offers free credit score checks from 2 out of 3 of Canada’s biggest credit reporting bodies – TransUnion and Equifax and free credit reports as well.
While it has always been possible to request your credit reports for free with other services like Annual Credit Report, you can only get that report once a year, while Credit Karma can avail you of your credit reports from both credit bureaus as often as once a week.
That should be saying something for the legitimacy of their service. Still, there are features of Credit Karma that some people may find uncomfortable.
Like most financial solution services, Credit Karma continues to divide opinion. So before you decide for or against it, we’ve created a review of their services to help you make an informed decision.
What Is A Good Credit Score In Canada?
Credit Score is a numerical number starting at 300 all the way to 900.
A credit score of 900 is the max you can attain, but I don’t think anyone would want a score of 900.
Any score of above 750+, in general, is considered pretty good in the eyes of banks and lenders and you can get any type of loan or mortgage you may need to apply for.
Also keep in mind, knowing your credit score is not only to apply for new loans or financial products, its more to do with your overall financial situation and whether you pay your bills on time.
Say you want to rent a place, or rent a car, apply for a new credit card, worst still – apply for a credit card limit increase, apply for a basic internet or mobile connection – your credit score will be pulled online.
In a few seconds after applying, your application may be approved or denied because of the credit score. So, it’s always good to have a decent credit score In Canada.
Why Credit Score Is Important In Canada?
Let me keep it simple here, Credit scores are one of the most important parameters that represent you as an individual. You may be making a decent income at the end of the day, but not having a good credit score and a credit file might ruin your case to get a mortgage, worst still you’ll end up paying higher interest rates than a person making half your income.
It’s more to do with how well organized you are with your finances, how disciplined you have been in making bill payments on time in the past (payment history) and the overall financial health of you.
Say, for example, you want to purchase a property tomorrow. Your credit file is definitely pulled and looked upon by the lender. Be it from Equifax or TransUnion. If your credit score is bad in one to say Equifax, it’ll mostly be the same in the other as well. Your score will not be 550 in one and 750 in the other. That’s impossible.
Now, then the mortgage is a big term, credit scores impact your interest fees and rates from the banks, renting a new apartment or even getting a simple cellular phone connection or cable tv. If your credit file is good, it leads to peace of mind, better overall increases in – credit limits (credit cards), better mortgage rates, Line Of Credit applications (LOC), Personal Loans, Car Loans etc.
If you have a good credit limit, your credit score, in turn, will not be impacted much even if you make a large purchase on the card. Even if you end up making the minimum payments every month, your credit utilization will be low until you pay off the full balance. Do you see where I’m going with this?
That’s because – say your credit limit is $5000 and you make a purchase of $4000. That’s 80% credit limit utilization which will directly impact your credit scores. Consider this, say your score is bad, your credit limit increase application will be denied by the bank.
Now consider this, you have an excellent credit score of more than 750+, you call the bank and ask them to increase the limit (or if your limit is good the bank will do it automatically every year – pre-approved. There’s no harm in increasing your credit limits as unless you use it, you don’t have to pay a dime for the interest or to the bank).
Say, for example, the bank increases your credit limit from $5000 to $10000. You see the difference, your $4000 purchase now contributes to only 40% of your overall credit limit utilization which will not hurt your credit score that much. That’s why having good credit is so much better, for you and your loved ones.
That’s why NEVER get into bad debt! If you are stuck with one, find ways to come out of it soon. There are a ton of articles on this blog on making EXTRA FREE money in your spare time, saving money, frugal living and personal finance apps that can help you. Do look out for those blog posts or browse through the categories!
Credit Score Range In Canada
Credit Scores in Canada are categorized into three major categories.
1. Poor Credit Score Score – You are considered having a poor credit score if your credit score falls in-between 300 to low 600’s
2. Fair To Good Credit Score- If your credit score falls in the range of low 600’s and all the way up to mid 700’s
3. Very Good To Excellent Credit Score- Any credit score above 750+ is generally considered as an excellent credit score
Again, it all depends on the individual credit scoring models used. Each of the credit scoring models may have different ranges and scoring criteria. That means the same credit score will represent something different depending on which credit model a lender uses at that point in time.
Credit Score In Canada
What It Should Mean To You
|300 to 599||If your credit score is in this range. Then, you really need to work on improving your score immediately. Download the credit report which is FREE from Credit Karma and start working on it. You really need to focus on the missed payments if any (especially credit cards), pay off credit card balances or fix the many queries on your report.|
|600 to 649||With this score range, you are doing OK but not there yet. Again, download your free Credit Report from Credit Karma Canadian Site. Analyze your report carefully, also look at your Payments History, Missed Payments if any. My personal recommendation is the Credit Karma report. It’s wonderful and shows you the complete history on what needs to be fixed. Do it!|
|650 to 719||If you are above 700 then you are doing good, if below that even by a mark then you need to take the last correction methods and stick to it. Again, Credit Karma Report should pretty much help you out with identifying the loopholes.|
|720 to 799
||You’re good, nothing to worry. Just maintain the same pace 🙂 Do not lose focus and once in while do look at the score and the credit report just to be sure.|
|800 to 900
||You’re financially sound. You’ve never missed a single payment and you are the best in finances. Please educate others on how you did this 😉|
Lenders can also set their own credit range in place and criteria for approving or denying an application. But its always good to have an overall idea of where you stand on the credit score range. This helps you to make an educated guess about your financial profile and standing.
Credit Karma uses the VantageScore 3.0 scoring model and displays both the Equifax and TransUnion credit scores which are the two biggest credit bureaus in North America.
Top 6 Benefits of Credit Karma
Credit Karma is a bundle of features and resources to help boost your financial standing.
But there are a few features that most of their users agree are the main reason they use the service. We’ve mentioned a few of them before but they are worth repeating.
1. Credit Score from TransUnion
Credit Karma calculates the score from TransUnion credit bureaus. That’s where the base score comes from. The rest is calculated using an algorithm derived out of the VantageScore 3.0.
That’s the exact reason why your score will be different across Transunion, Equifax and Banks. Each has its own ways of arriving at your scores and they never are the same. All you can do it make sure your financial history is neat and payments are on time.
These two scores (Equifax and Transunion) are rarely ever the same, which is expected because they come from different credit bureaus.
However, they are both calculated using the VantageScore 3.0. Both scores will be shown differently and also include a history of the change in your credit score over time. This gives you a general idea about whether you’re making the right financial decisions or not.
2. Factors Affecting Your Credit Karma Credit Score
Whether you check your score and it isn’t where you want it to be or it is better than you could have ever hoped, Credit Karma avails you insight into the factors determining your score.
These include the age of your credit history, your credit inquiries, total accounts, your credit file’s derogatory marks (if any), history of payments and credit utilization.
3. FREE Credit Report
As stated earlier, you can check this as frequently as once a week. What’s even more pleasing is the fact that Credit Karma’s credit report is not as difficult to read as those from other sources. They present the credit reports from the credit bureaus in a simple and easy-to-read format.
4. Spend Tracker
It is really easy to go overboard on your spending plans for a myriad of reasons. Credit Karma offers its users a feature to track their spending.
You just have to log in to your Credit Karma account and connect it to your credit cards and bank accounts. You can track all your spending as one lump sum or categorize the spending. The latter helps in the case of budgeting.
5. Credit Score Simulator
A proactive feature from Credit Karma, this helps you to look ahead and see how the financial decisions you are yet to make will affect your credit score and creditworthiness.
With this feature, you can simulate a myriad of situations: applying for a new credit card or closing an old one; taking out an additional loan; increasing, decreasing, or paying off all your credit card balances; paying on time or allowing your payments to default; adding a public record to your account; increasing your card’s credit line; adding credit inquiries; letting an account go into collections, etc.
6. Unclaimed Money Search
This is one of their most recent features. Now users of Credit Karma can use the platform to search for any unclaimed money that may be theirs. The feature searches in a state-specific pattern and will lead you to a state-exclusive resource whenever you use it to search.
Credit Karma App
Credit Karma’s app is available on both iOS and Android.
The app is simple, intuitive and extremely easy to set up and get started.
All you have to do is log in to the credit karma app using valid credentials and boom you can see your credit score and reports in a flash.
Also, the app keeps getting frequent updates on both the stores. It is both secure and robust in terms of functionality and usage.
How To Open A Credit Karma Account?
Now that we know what credit karma is all about, let us quickly look at how to open an account for free and check your credit score.
1. Click on the link here or go to the creditkarma.ca website. (Link opens in a new window, so don’t worry)
2. Once you are on the Credit Karma’s website, click on the “Sign up for free link” at the top corner end of the screen.
3. You’ll now be re-directed to the Credit Karma’s Sign Up page.
4. Here, all they ask is to enter your email address and a new password to login later.
5. Click on the link “create account” (blue button below)
6. On the next page, you need to enter your first and last name, residential address, Province details and SIN number. Remember, entering your Income is an optional field and is used to showcase Credit Karma’s products to you, based on your income and credit score. Do check this box with caution, only if you are interested in their promotions.
7. As the last step, enable the checkbox for acceptance and click on the “Next button”. That’s it you are done signing on to Credit Karma. Congratulations!
You now have access to your Credit Karma’s free credit score and report. You can now login to your account and check your credit score any time of the day for free.
After Signing up
Upon signing up, Credit Karma offers a lot of solutions to its users. You’ll get everything from credit score checks and reports to guidance on credit card and savings account usage among other things.
As stated earlier, it is completely free to sign up; with no recurring monthly payments or hidden fees.
Additionally, unlike many other credit reporting sites, their credit report card gives you a robust detailing of the effects of your financial decisions on your credit.
Credit Karma Report outlines:
1. Credit score inquiries
2. Past due balances
And more, all based on the information they source from Equifax and TransUnion.
Credit Karma always strives to make its operations as swift and simple as possible. This is why, your updated credit summary is the first thing you see upon login, right there on your dashboard.
How To Know Your Free Credit Score Using Credit Karma?
Now that you have registered in Credit Karma, in order to check your credit score, follow the below steps
1. Login to creditkarma.ca or click the link here
2. Once you log in – the system takes a few minutes to update your credit score in the background making you wait.
3. The next thing you’ll see is the 3 digit number displayed, which is your credit score.
Please note – The blue shaded box in the screenshot below is where the credit score and the range over the past 6 months are displayed. I had to hide my score from the world sorry 🙂
4. You can also see your credit score for the past 6 months on the dashboard.
Is Credit Karma Safe In Canada?
The simple answer is yes. It is very much safe to use Credit Karma.
Here are a few reasons as to why it is safe to use credit karma and its services –
1. Credit Karma will never sell your personal information to a third-party for any purpose. They have been around for more than a decade now and have no negative news or scandals to prove this.
2. They have firewalls and other security precautions to ensure your data browsing safety – If you notice, creditkarma.ca has a prefix “https” when you first access the site thus ensuring your login credentials and all the data that follows is pretty much safe (SSL). “s” stands for “secure.” They also use 128-bit encryption to protect and safeguard your personal data. Along with this, they also have rigid firewalls in place for data theft prevention.
3. I’ve been a credit karma user for over 3+ years now. Every time I leave my system on and idle for a couple of minutes, I get logged off the site due to inactivity.
What Are Credit Inquiries and Does It Hurt My Credit Score?
The simple answer is “YES”, credit inquiries do hurt your credit score. The impact is immediate and you can see all the credit inquiries in the report section.
First Of all, what are credit inquiries?
When you look at your credit report, you’ll see all the credit inquiries listed there. In the long run, they don’t have much impact on your credit scores but for the short-haul yes they do.
When you apply for a new credit product in the market, such as a new credit card, internet connection, personal loan, line of credit etc, companies usually run the credit checks, which are nothing but credit inquiries. A lot of credit inquiries on your file over the past 2 years or so will have a huge impact on your score. The lesser the credit inquiries on your file the better.
The impacts will not be for long, 6 – 8 months at the max. But do remember that inquiries stay on the file for almost 2 years before it completely goes off the record.
What Are Soft and Hard Credit Inquiries?
There are soft credit check inquiries and hard inquiries depending on the credit product you are applying for. As the name implies, soft credit inquiries do not have much of an impact on your credit report while the hard checks will be costlier on the report.
Do remember that, credit inquiries can also be made to check eligibility before actually applying for the product. So be double sure before you actually enter into one. Make sure you know that your credit report is being pulled, inquiries can really ruin your file if too many on your file. Better be careful than sorry!
Does Using The Credit Karma App Hurt Your Credit Score?
The answer is a clear “No”.
Like I said before, Credit Karma has been around for more than a decade now, since 2008 and has a wide presence across the United States and Canada.
Also, another thing to mention here is – your credit score won’t be affected by frequently logging in to the app (if you want to even once a week) or the desktop version as it is considered a soft credit enquiry by creditors. It shouldn’t have any impact on the credit score whatsoever.
Is Credit Karma Legit?
The answer is a 100% “yes.
Credit Karma is a very credible company and has been around for more than a decade now. You can trust the data you see (credit score and report) and the company is very much legitimate for any and every transaction performed.
As stated earlier, Credit Karma has been around for over a decade – since 2008 – and they have been providing credit checks, financial tools, and other financial advice to their users since then.
While most of the other credit report companies offer the same services like Credit Karma for less than $20 per month, Credit Karma is really absolutely free.
But the service is not a non-profit, which begs the question: how does Credit Karma bring in revenue?
It’s simple really – advertisements.
Users of Credit Karma are used to seeing adverts displaying strategically while they are logged into their accounts. These advertisers pay Credit Karma to advertise their various credit and loan products to their user base.
What Is Credit Karma’s FREE Credit Monitoring?
Basically, Credit Karma’s job is to always keep you abreast of your credit situation while giving you the advice to better your financial standing by boosting your creditworthiness. They do this by offering free, daily and weekly credit monitoring along with updating your credit scores.
So the better your credit score, the more appealing you are to the big banks and other loan facilities who will pay big money to have their ads shown to you. The advantage these institutions enjoy when advertising with Credit Karma is that they ultimately pay a much smaller fee than if they were running generic ads across the web.
This is because Credit Karma’s relationship with each of their users gives them a very personal insight into their financial habits – kind of how Facebook uses your social media behaviour to decide what ads to show you – which in turn helps them show the users very highly targeted ads that appeal to the very core of their financial situation.
Also, besides the advertising revenue, whenever any of their users opt into the offering of any ad, Credit Karma also receives a small commission for their efforts. These streams of revenue help them to continue to offer vital and free credit and financial services to their teeming user base.
Is Credit Karma’s score accurate?
This answer can never be fully satisfactory to everybody because it is dependent on everyone’s financial situation.
However, while Credit Karma does come as advertised, it is still wise to cover all your bases. This service offers you credit score checks and reports from TransUnion and Equifax, but not Experian. It makes sense to check your score and credit report from all three.
This is because, although relatively rare, credit reports can sometimes contain massive errors that can strangle your credit score. Whether these are due to identity theft or lousy clerical errors, it is unlikely that all three major credit bureaus will make massive errors at the same time.
If the reports from one bureau are vastly different from the other two (which is rarely the case), chances are that there are errors in the one that stands alone. Simply put, each credit report helps to keep the other two honest.
So while Credit Karma is a useful resource that is truly free and safe to use, combining it with results from other credit reporting services (especially for Experian’s credit report) is a financially savvy thing to do.
1. Your credit scores from TransUnion and Equifax. Although these are not your FICO score, these scores help to paint a clearer picture of what your true FICO score would look like since your FICO score is determined from the data of these credit bureaus anyway.
2. Factors Affecting Your Credit Score. There are a number of factors that determine the score that is assigned to your credit. These include your inquiries, credit utilization (ratio of credit used to credit extended), collections, delinquencies reported, as well as your Average Age of Accounts (AAoA). These metrics will also help you to point out the differences between the data being reported to Equifax and TransUnion.
Borrowell Vs. Credit Karma Vs. Mogo
Time for some comparisons!
Now then, let’s right jump into the topic for today – Borrowell Vs. Credit Karma Vs. Mogo. Three huge massive Fintech credit companies offering free services. But why?
Borrowell, Credit Karma, and Mogo belong to this of digitally progressive financial institutions that are changing the game and helping Canadians save money on their financial situations.
These companies also provide a plethora of other services such as credit monitoring, credit cards and personal loans, mortgages, identity protection and a host of others.
Borrowell, Credit Karma, and Mogo all have services that are similar and some others that are unique to each of them. So if you only want to check your credit score, any of them will do. However, if you want a more robust list of services in Canada, this review will compare all three of them so that you know which one makes the most sense for you.
Credit Karma Vs. Borrowell
In this section let’s look at how Credit Karma compares to Borrowell and what similarities or difference exists between both? Let’s get started.
First of all, Borrowell is a financial tech company that came into existence in 2014. It is mostly known for personal loans. Besides the free credit score and report services, the company also provides a host of other financial products such as mortgages, personal loans, and credit cards which is very similar to what Credit Karma offers too!
This online lender has garnered itself a series of powerful partnerships to enable it to keep delivering top-notch services. Borrowell partners include EQ Bank, Meridian, Capital One, CIBC, Scotiabank, BMO and more. The company currently boasts over 900,000 customers who have used them to check their credit scores and reports since 2014.
Borrowell’s Loans are all categorized and structured as unsecured personal loans. To get a loan from Borrowell, your loan amount must fall within the range of $1000 – $35,000. Depending on your loan amount, loan term, credit situation, and personal income, Borrowell will tack on a fixed APR ranging from 5.99% to 29.19%. This interest rate also incorporates the origination fee required after your loan is approved.
Compared to Credit Karma, Borrowell only offers two loan terms: 3 years and 5 years. However, you can pay off your loan earlier if you want lower interest rates. There is no early repayment penalty. Borrowell’s personal loans are not available to residents of Quebec
Similar to Credit Karma, Borrowell’s credit cards and mortgages have a dedicated platform on the Borrowell website where you can go and compare the different credit card and mortgage options and apply for them. This comparison site will show you the interest rates, credit limit requirements (for credit cards), mortgage rate types (variable or fixed), terms of the mortgage or credit card, and other conditions.
Borrowell has a vast network of credit card and mortgage providers so that you always have a lengthy list of options to choose from
Again, similar to Credit Karma, Borrowell also delivers banking services, insurance, savings and investments. Whenever a customer opts for a credit card, mortgage, investment, or any other financial products through Borrowell’s platform, the product’s provider (banks, lenders, mortgage companies etc in Borrowell’s network) pays them a commission.
You can read my complete review on Borrowell here – Borrowell Canadian Review – Free Credit Score and Report (2020)
Credit Karma Vs. Mogo
Between Credit Karma and Borrowell, Mogo looks more like the latter. Mogo is also the oldest of the three: it was founded by David Feller in 2003 and is headquartered in Vancouver.
Mogo is a publicly-traded company and is listed as MOGO on the Toronto Stock Exchange (TSX, since 2015) and the NASDAQ (since 2018). The company currently boasts over 700,000 customers.
Mogo’s complete line of financial products includes free credit score checks, mortgages, identity fraud protection, personal loans, cryptocurrency trading, and Prepaid Visa Card.
Here are the key Features and Benefits of Mogo when compared to Credit Karma:
1. Mogo’s FREE Credit Score checks
This is supplied once a month to their customers for free. Mogo’s credit score is the same as that from Equifax. While you cannot directly get your credit report with Mogo, they redirect you to Equifax’s platform to get one.
Credit Karma gets its score base from TransUnion.
MogoMortgage, as it is called is the service that provides mortgage offers from different financial institutions to Mogo’s customers based on their particular needs. You can use the Mogo App to check your mortgage offers and apply them.
Credit Karma Canada has a similar service with “Nesto”. That’s right when you log in to Credit Karma and click on Mortgage offers, you will be redirected to the “Nesto Mortage Agency’s” website. The best part here is based on your credit score from Credit Karma – Nesto already has an answer for you, you’ll instantly see the best mortgage prices available.
3. Identity Fraud Protection
Information and identity theft isn’t anything new. Mogo offers protection for your sensitive data through its MogoProtect service. This service carries a monthly subscription fee of $8.99. However, with the Mogo-generated promo code “PROTECTME“, you get one month of identity fraud protection for free.
Credit Karma offers a similar service called “Identity Protection”. Log in to your credit karma account to know more.
4. Mogo Personal Loans
Mogo’s loan offerings are really flexible. If you’re cash-strapped for whatever reason, you can find a personal loan that speaks to your specific situation. Loan amounts range from $2000 – $35,000. While your APR starts at 5.9%, Mogo’s loan APR maxes out at an alarming 45.9%, so you need to be careful with that.
Mogo’s loan terms are anywhere from 2 to 5 years and can be fully repaid in one repayment without incurring any penalties.
If you don’t love your loan experience, Mogo offers you the option of just paying back your principal and they’ll also refund all the fees and interest your loan accrued at that time. The condition though is that this can only happen within the first 100 days of your loan term.
Once you login to Credit Karma, click on the Loans tab right at the top of the page, you’ll then be redirected to the “Loan Connect” page where you’ll see the personalized loan options for you based on your credit score and quickly apply for one if you need to.
5. Cryptocurrency Trading
Mogo is the only one on this list that offers crypto trading. Mogo offers a crypto-exchange where crypto enthusiasts than buy and sell different cryptocurrencies at real-time prices. This can be done via Mogo’s mobile app.
The crypto trading comes with a 1% fee for every trade. There is a $5 bonus when you sign up to the platform and a $5 bonus for every friend you refer.
This feature is exclusive to Mogo and Credit Karma does not offer any similar service for cryptocurrency trading.
6. Mogo Prepaid Visa Card
This no-fee cash back card helps Mogo customers to better control their spending. For every purchase made with the card, Mogo offers a cashback of 1.5% for domestic purchases and 3% for foreign purchases.
There is also no limit on the amount of cashback you can make. However, while there is no annual fee, this Prepaid Visa Card attracts a fee of $1.50 for using Canadian ATMs and 3% for international ATMs.
Credit Karma Does not offer Any Prepaid Cards but they do offer Credit Card offers. You need to login to your Credit Karma Canada account and click on cards to see all the card offers available to you.
There you go, that was my honest review of Credit Karma. You can create your free account by visiting creditkarma.ca.
There’s absolutely no sign-up fee or any sort of charge to use their services whatsoever. I’ve personally been using credit karma to know my credit score and report for over 3+ years and to date haven’t had any bad experience with them.
Equifax and TransUnion both charge close to $20 Canadian for the same service that credit karma offers free.
Definitely give them a try, you have nothing to lose here. Whatever the case, your due diligence is the final decider. If you find one that helps you make better financial decisions overall, go for it – and it doesn’t necessarily have to be any of the three on this list.
There you go, that was my honest review comparing Credit Karma, Mogo and Borrowell. As I said, all three companies offer free credit scores In Canada. If you found the contents of this article helpful, please share it on social media and help spread the word. Also, do let me know your thoughts and comments below. Thanks for reading!
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Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.