MogoMoney update: on-time payments now help work towards improving your credit
With our mission to empower our members to reach their financial best, we believe those who borrow responsibly should get rewarded.
Starting this month, we’ll be reporting MogoLiquid loan payment history to Equifax, one of the two credit bureaus in Canada. That means if you have a MogoLiquid loan and you are making on-time payments, you could see improvement to your credit score. But if you’re missing payments, those little slips can hurt your credit. It’s all about staying responsible with your finances.
This update may help our users improve their financial health even when borrowing — which is especially important for those new to Canada or new to credit in general. Paying back your MogoLiquid loan on time will now help build out what might otherwise be considered a thin credit file. With improved credit, you have proof that you’re someone who can manage credit responsibly, which may help you receive better financial treatment down the road, whether you’re trying to get a mortgage, car finance options, even renting a new place.
If you currently have a MogoLiquid loan, going forward there’s nothing you need to do to have your payment history shared with your Equifax credit bureau. We’ve got you covered.
Interested in learning more about our loan products? Visit https://www.mogo.ca/mogo-money.
You can check out some of the more frequently asked questions and answers here.