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Frequent Contributor
Posts: 259
Registered: ‎03-13-2007
0

Hope Barry or Brammy could chim in here.

Can someone tell me if you have to purchase a new score and credit report each time to get updated on your score. I purchased the myfico and it says to purchase an updated report and score I have to pay. If this is the case why do I have to pay a fee for myfico score watch when its really not watching it. I hope someone can answer this for me. I only got the subscription so that I could get alerts when something chages not so I would have to keep paying to pull my reports and scores. Thanks for your help with this
Administrator Emeritus
Posts: 4,399
Registered: ‎03-01-2007
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Re: Hope Barry or Brammy could chim in here.

Score Watch will notifiy you of changes to your FICO score in certain circumstances, but there some score changes you're only going to see by buying an updated report and score.
 
Sound confusing? Well, I'll admit to being a bit confused myself so in the coming weeks after sorting this stuff out myself I'll be posting a more detailed description here of how the Score Watch alert system really works.  For now, though, let's just say that some changes to your score generate alerts and some don't.
 
Basically, there a two kinds of score alerts: 1) the score that's posted on all alerts resulting from such activity as new accounts, inquiries, balance increases, etc., and 2) alerts generated from reaching/exceeding the 'target' score.
 
In these forums you'll see examples of folks receiving Score Watch alerts indicating score changes and you'll also see examples where the score changed but no alert was received.  Stay tuned for a more comprehensive description of the Score Watch alert system.
 
So, the answer here is, no, you don't have to buy a new report/score to see every score change, but if you do buy a new one, don't be surprised to see a different score.  More later.....
 
-Barry
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In a past life I served as consumer affairs manager, media spokesman and myFICO Forums community manager at FICO. I'm now freelance writing about credit at CreditCards.com and my own site, SpeakingOfCredit.com.
Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
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Re: Hope Barry or Brammy could chim in here.

Hurry Barry, inquiring minds REALLY want to know what's going on.  While you're there, can you let us know why we don't get alerts when the score reaches or exceeds the settings?
 
Thanks in advance
Frequent Contributor
Posts: 351
Registered: ‎04-02-2007
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Re: Hope Barry or Brammy could chim in here.

I have been signed up with Score Watch since the end of March.  I had CO's removed on EQ - no alert.  I had a EQ FICO increase of 36 points, no alert.  I had a new TL reporting on EQ - no alert.  I know I had all of these because I also am subscribed to True Credit.  I called myFICO customer support and complained early last week.  I got my first alert today reporting that I have a new TL reporting on EQ - it's the same TL that began reporting over a week ago.  Just got the alert TODAY.
 
If I didn't also subscribe to True Credit, I could have something negative reporting and not know it thinking ScoreWatch is up to date which apparently it is not.  In the meantime, I could be applying for credit thinking my score hasn't changed at all and get denied over and over again not understanding why.  (Not that this would happen to me right now since it appears that I'm going to have to sell my soul to get a revolving line of credit without all of the fees.)
Frequent Contributor
Posts: 259
Registered: ‎03-13-2007
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Re: Hope Barry or Brammy could chim in here.

House Hunter,
 Do your scores on True Credit match your fico scores? Cause on Myfico my scores are near or in the 600's and on TrueCredit they are in the lower of the 500's. That just dont look right as I have had a collection removed and now my scores are lower. Any suggestions Barry if you read this that will help us out with this it is getting very aggrivating and I am about to give up. I have been trying my hardest and it is not working. Thanks in advance.
 
Debbie 
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: Hope Barry or Brammy could chim in here.



nikkoslilmouse wrote:
House Hunter,
 Do your scores on True Credit match your fico scores? Cause on Myfico my scores are near or in the 600's and on TrueCredit they are in the lower of the 500's. That just dont look right as I have had a collection removed and now my scores are lower. Any suggestions Barry if you read this that will help us out with this it is getting very aggrivating and I am about to give up. I have been trying my hardest and it is not working. Thanks in advance.
 
Debbie 



No. They are FAKO scores and should be ignored. The points difference can be as much as 100+/-. Your true score is from MyFico.
 
 
Frequent Contributor
Posts: 259
Registered: ‎03-13-2007
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Re: Hope Barry or Brammy could chim in here.

Tuscani,
 Thank you so much for your help I was going to go with Truecredit because I did not want to keep paying for an update on Myfico.com but I guess I will just have to wait a while and pull it again. Thank you for your help:smileyvery-happy:very-happy smiley
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Hope Barry or Brammy could chim in here.



nikkoslilmouse wrote:
Tuscani,
 Thank you so much for your help I was going to go with Truecredit because I did not want to keep paying for an update on Myfico.com but I guess I will just have to wait a while and pull it again. Thank you for your help:smileyvery-happy:very-happy smiley


My pleasure!
Frequent Contributor
Posts: 351
Registered: ‎04-02-2007
0

Re: Hope Barry or Brammy could chim in here.

One of my FAKO scores is higher than the FICO otherwise my FICOs are higher.  The only reason I'm keeping True Credit is because I get my updates almost immediately when they occur whereas Score Watch is extremely slow and I'm not always the most patient person so I want to see things sooner than later.  As soon as my mandatory 3 month waiting period is up, I'll probably drop Score Watch unless it improves within that time.
 
I got back a response from my dispute with Experian and I noticed online that they offer their 3 bureau monitoring service for only $4.95/month.  I may check them out.  It's cheaper than TU's service.

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