ANGRY myFICO Customer

[Anonymous]

Why can't we, the credit report consumer, get a product or service from myFICO that will simultaneously monitor ALL 3 credit reports AND FICO scores daily, where we can check our reports and scores at ANY TIME WE WANT? This service should be an purchase option for consumers who care deeply about their credit and protecting it on an ongoing basis. I resent not having this type of service from myFICO when it clearly can happen. myFICO is trying to milk us for all the money they can get. I HAVE PAID TOO MUCH MONEY TO MYFICO FOR CREDIT REPORTS OVER THE PAST 3 YEARS - ONLY TO GET SNAPSHOTS OF MY CREDIT. SOMEBODY COULD HAVE EASILY SCREWED ME OVER BETWEEN EACH OF THE TIMES I PURCHASED MY (SUZE ORMAN) REPORTS (ABOUT 3-4 REPORTS EACH YEAR FROM MYFICO). IT WOULD TAKE ME MONTHS TO FIX FRAUDULENT ACTIVITY IF IT HAPPENED TO ME JUST AFTER I PURCHASED MY REPORTS AND CAUGHT IT THE NEXT TIME I PURCHASED MY CREDIT REPORTS, 3-4 MONTHS LATER. HAVING A DAILY MONITORING SERVICE FOR ALL 3 REPORTS WITH SCORES, WILL ELIMINATE THE WORRY CONSUMERS HAVE ABOUT HAVING OUR IDENTITIES STOLEN AND FRAUDULENT ACTIVITY AGAINST US. This piece-mealing, paying a premium to see ONLY a SNAPSHOT of all 3 of your reports and scores, or paying a monthly fee just to monitor 1 credit report, does not provide the customer the best possible service. The current suite of products offered is a rip-off.

[Anonymous]

Welcome, j180.

I think your anger may be misdirected.  If Fair Isaac offered a monitoring product for all 3 CRAs, it would sell like hotcakes.  ALL of us would buy it.  And they would make a fortune.  They're not offering it, so there must be a good reason or two.  Perhaps TransUnion and Equifax are not willing to play ball.  Perhaps it would be too expensive and not enough consumers would buy it to make it profitable.  I'm sure someone has run the business case. So let's not assume that FICO isn't offering it because they are mean and nasty when they probably could get a whole lot more $ out of us if they were able to provide such a product.  Maybe sometime in the future ... we can only hope ...

In the meantime, before you buy your scores, cruise the 'net (google) for FICO discount codes and coupons.  Sometimes you can get 20% off!

[Tuscani]

Do you honestly believe MyFICO would not offer a 3-in-1 product if they could? Blame the CRAs.

[ficus]

Well, actually there is a Chase Protector Plan or whatever it's called that offers people daily monitoring of all 3 CRs at about 12 bucks a month. I've never purchased this plan, but Chase is always soliciting it to me whenever I call their customer support. I understand that one doesn't have to be a Chase customer to sign up for this service, either.

It seems to be one of the most affordable ones, and the daily monitoring of all 3 reports is exactly what most of those CR snapshot products are missing.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=8824#M8824

I understand that the product even includes the scores, but those aren't FICO scores, so we go to myfico.com for those. The name of the thread is "Economical Approach to Staying on Top of Your Credit Scores and Reports," I think that says it all.

[ficus]

But I myself would actually prefer it if myfico.com would offer a 3-in-1 report product. I like the way the site functions, it's clean and robust, and has a busy community. But if they don't offer it, they don't offer it. When I found out that EX and TU didn't sell us FICO scores on their websites and EQ did, I was confused as to why. But I guess it's all about business deals/relationships. Think about it, how ridiculous is it that a person who just started taking an interest in their credit history and score goes onto the websites of CRA's websites and being presented with scores from those websites and not knowing any better than those aren't actually FICO scores. And clearly, there's no agreement between FICO and those sites, and if they were to start using the word FICO on their sites, they'd get sued.

[Anonymous]

Only Fair-Isaac can offer a FICO score, because they own the formula for FICO scoring. The formula is dynamically generated and updated from their headquarters in a bunker near Minneapolis. When you consider the expense Fair-Isaac incurred in obtaining the hive brain of one of the Roswell, NM saucer pilots and maintaining it in a carefully-controlled vat of green aqueous solution (where it continually updates consumer credit scores), one can understand why they guard it closely.

The use of the hive brain in FICO calculations explains why credit scoring can be so capricious at times, like when some reports are updated immediately whilst other updates take weeks, when scores go up rather than down, etc. The hive brain is the most advanced functioning computer (albeit organic rather than cybernetic) on Earth, bar none, but one must remember the life form it was taken from is used to functioning as part of a collective whole (hive). Since it by necessity operates alone, this can result in erratic behavior (like when credit scores go down after removing an old baddie).

[Anonymous]

thank you for the clarification with myfICO. it really angers me that this information is not consolidated and available for continuous viewing for a fee. i'm sure of it that people will pay for this service.

it would be so much easier and less costly for the consumer if we had this. We need to push the credit bureaus and push for legislation that will allow us to keep an even closer tab on the very scores and reports that influence our financial circumstances!!

annualcreditreport is not enough. you don't even get your fico score, you get some plus score or something.

most lenders use the FICO score to extend us credit and determine the rates. not a plus score!

The credit bureaus need to come together to help the consumer!! this is our financial lives here!!!

it is so obvious what they are doing. paying 40-50 bucks a pop for a credit history snapshot is wrong.

they already screw us over with erroneous information on our credit reports and then lenders jack up the cost of loans.

I've had to correct things on my credit reports too many times to keep them current. It is costing the consumer alot of money. We need to be able to stay on them to correct wrong information any time we want.

Everybody's getting over on us!

It's awful.

[haulingthescoreup]

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@Anonymous wrote:

it would be so much easier and less costly for the consumer if we had this. We need to push the credit bureaus and push for legislation that will allow us to keep an even closer tab on the very scores and reports that influence our financial circumstances!!

The credit bureaus need to come together to help the consumer!! this is our financial lives here!!!

it is so obvious what they are doing. paying 40-50 bucks a pop for a credit history snapshot is wrong.

they already screw us over with erroneous information on our credit reports and then lenders jack up the cost of loans.

I've had to correct things on my credit reports too many times to keep them current. It is costing the consumer alot of money. We need to be able to stay on them to correct wrong information any time we want.

Everybody's getting over on us!

It's awful.

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The thing that underlies all of this is that the credit bureaus' customers are the lenders, not us consumers. They get their real income from the lenders who purchase their deeply flawed reports. Our piddle-squat $13.95/ month is nothing against the money flow they get from the big guys. This is not paranoia, just common sense--keep the customer satisfied, and the real customer is not you or me. Also, they have now started selling the demographics of those of us whose credit scores are rising to collection agencies, so that the CA's can try to pick over our flesh. (In case you didn't know that yet.) Unless and until the flaws in the reports irritate the lenders so much that they object, nothing will change.

If you have a good lender, and your flawed credit report is screwing up the loan process, you should ask the lender to complain to the CRA. The only other possible counterforce would be government regulation. I'm always a bit wary of more gummint intervention, but there are certain areas such as utilities and other monopolies where regulation is appropriate. There sure hasn't been a lot of consumer-friendly activity going on in the last 7 years, IMHO.

[Anonymous]

I'm sorry.  I'm confused.  I thought MyFICO updates your account via email whenever the score changes or something happens to your report?

I've been getting emails when my score has gone up.  And I got an email recently after I purchased something large on one of my cards.

[haulingthescoreup]

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@Anonymous wrote:

I'm sorry. I'm confused. I thought MyFICO updates your account via email whenever the score changes or something happens to your report?

I've been getting emails when my score has gone up. And I got an email recently after I purchased something large on one of my cards.

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A lot of us got them initially, and then they sort of petered out. (This is ScoreWatch.) I still get an occasional twitch, but not as many as there should be.