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For the benefit of those hanging on the edge, wondering whether to purchase the 3B MyFICO credit monitoring service for $19.99 a month, I will document my experiences. I bought my subscription on 8/29. It has not worked as advertised to date, but who knows, maybe something will change. To date, my TU score is 17 points different in the Walmart FICO score report which was updated in September than the 3B MyFICO report, which has remained stuck at the same score it was 8/29 despite several major changes that should have triggered alerts and score changes.
MyFICO claims that the delay in getting the scores updated is due to the 3 CRAs not reporting changes on the reports. I am going to document how this is false by giving day by day accounts of my own alert triggering activities and how fast MyFICO updates their alerts for me compared to other monitoring services I am subscribed to.
Today is 9/18. Each day I am going to update this main post with an update.
9/18/2014
MyFICO 3B Monitoring Service:
EQ Alerts- Last update was 9/6. Last CR pull was 8/29. Since 8/29, the EQ alert has correctly identified 1 new account (Account A) and 1 new inquiry (Inquiry A). It has failed to mention 1 new account (Account B) and 2 transferred accounts with paid balances (Accounts C and D), and one major balance change in another account (Account F).
EX Alerts- NO alerts. Has failed to alert to 2 new accounts (A and B), 2 transferred accounts with paid balances (C and D) and major balance change (greater than 20%) in Account F. Hard pulled CR for EX only on 9/8 to show MyFICO customer service that it was not alerting to real changes and miraculously, accounts A and B are now on CR and so are the transferred accounts (C and D) and balance change in account F. In other words, the report is current as of today, but only because I pulled it, not because EX alerts actually worked because there should have been at least 5 alerts according to the advertising.
TU Alerts- ONE alert: New account (Account A). No alerts to date for Account B, C, D, F.
Summary for 3B monitoring: EQ missing B, C, D, and F changes. EX only current because of CR pull but there have been no alerts despite 5 changes since 8/29. TU missing A, C, D, and F changes.
Stay tuned as some more major changes are coming down the road.
I have seen many changes through other sources that should have definitely triggered Alerts with this service, yet NOTHING. Only 2 TU on 9/7 and 1 EQ 9/13. I am getting so discouraged and frustrated.
@Anonymous wrote:For the benefit of those hanging on the edge, wondering whether to purchase the 3B MyFICO credit monitoring service for $19.99 a month, I will document my experiences.
Those considering any CMS should definitely consult the CMS thread as well:
9/20/14
No changes yet in MyFICO reporting. Last updates/alerts continue to be:
EQ- 9/6 (11 alerts since 8/29),
TU 9/4 (1 alert since 8/29),
EX 9/8 (no alerts since 8/29)
In short,
EQ continues to lack B, C, D, and F changes.
EX only current because of CR pull but there have been no alerts despite 5 changes since 8/29.
TU missing A, C, D, and F changes.
This weekend my creditors will be reporting very significant new TLs G and H to the CRAs. I may buy USAA monitoring just to see how badly the 3B service compares to it in terms of alerts. I am curious to see how fast these TLs will be picked up by the different monitoring services and if MyFICO will finally change scores. No high hopes.
9/22
No changes. Still waiting for accounts to update on CRAs. No changes in MyFICO. Things are still incorrect and we're almost a month into the "service".
Thanks so much for this review, I will look into other options
My alerts were slow at the onset, then began becoming fairly regular but confusing (such as an increase in score for a new inquiry, which we all know is not what increased the score, but whatever DID increase the score did not trigger an alert), then when I was disputing a fraudulent medical account, somehow that read "please place a fraud alert on my file" and so all three proceeded to freeze my reports ("per my request"..that I DID NOT request), and every since then...myfico monitoring has been "frozen" as well. So essentially I'm paying for nothing. I too got the service on 829 and it looks like I'm locked in until 11/29 at which point I will downgrade to the scorewatch product, and I hope I get it at the discounted rate I had finagled prior to the 3 monitor product.