In this article, we present coupled experimental/simulated results about the influence of interface and border traps on the electrical characteristics and split-CV mobility extraction in InGaAs MOSFETs. These results show that border traps limit the maximum drain current under on-state conditions, induce a hysteresis in the quasi-static transfer characteristics, as well as affect CV measurements, inducing an increase in the accumulation capacitance even at high frequencies where trap effects are commonly assumed to be negligible. Hysteresis in the transfer characteristics can be used as a sensitive monitor of border traps, as suggested by a sensitivity analysis where either the energetic or the spatial distribution of border traps are varied. Finally, we show that mobility extraction by means of the split-CV method is affected by appreciable errors related to the spurious contributions of interface and border traps to the total gate charge, ultimately resulting in significant channel mobility underestimation. In very narrow channel devices, channel electron spilling over the InP buffer layer can also contribute to mobility measurement inaccuracy.