New Member
Bob_Loblaw
Posts: 16
Registered: ‎08-08-2010
Re: Credit Monitoring Service (CMS) Guide
[ Edited ]

I have a general question, that I don't know if anyone will be able to help me out with... basically I'm new to the whole credit game, and while my credit score absolutely sucks right now, I'm not necessarily in any debt. The only accounts I currently have is my auto loan which is current, and only has 1 30-day late payment on it over 4 years, 1 Cap-1 card in their credit rebuilders program, and the Reward Zone MC for Best Buy.  The one that first popped out to me was the Equifax Debt Wise service, but the more I read into it... it sounds more for people in debt, and not necessarily for people with a bad credit score. I've probably read through the lists and descriptions 4-5 times, but I honestly still don't know which one would be best for me. Any suggestions based on my situation? Really the only main thing I would really like to have out of my service, is a new and updated credit score on a daily basis.

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: Credit Monitoring Service (CMS) Guide

Bob_Loblaw wrote:

I have a general question, that I don't know if anyone will be able to help me out with... basically I'm new to the whole credit game, and while my credit score absolutely sucks right now, I'm not necessarily in any debt. The only accounts I currently have is my auto loan which is current, and only has 1 30-day late payment on it over 4 years, 1 Cap-1 card in their credit rebuilders program, and the Reward Zone MC for Best Buy.  The one that first popped out to me was the Equifax Debt Wise service, but the more I read into it... it sounds more for people in debt, and not necessarily for people with a bad credit score. I've probably read through the lists and descriptions 4-5 times, but I honestly still don't know which one would be best for me. Any suggestions based on my situation? Really the only main thing I would really like to have out of my service, is a new and updated credit score on a daily basis.


Hi Bob_Loblaw...

 

What is your goal? Is your primary focus to know your FICO scores? Or is your focus to see changes to your report on a frequent basis? Both?

 

And if your goal is to see report changes, how frequent do you want to see those changes on a report-setting? Daily? Monthly? Quarterly? Annually? Or if a report isn't as important, would a monitoring service be more important where you get alerted to any report changes?

 

Deciding is always a YMMV-thing.

 

When deciding a service, mentally seperate FICO scores and reports. You can certainly pull a new EQ and TU FICO report everyday, but it'll cost you some $$$$$$$$$$$$$$$ plus you won't have access to EX.

 

When working on credit or keeping tabs on it, IMO, it is important to track all 3 reports, not just one or two. Often things get added on one but not the others, or conversely, things fall off on one and not the others, depending on the situation. If you want a 3-in-1 service that allows you to see all 3 reports everyday, then your choices are greatly limited. The only one I know of out there is creditchecktotal. CCT also has a variant on USAA if I recall correctly and that's daily as well. There used to be others, but it's just one now. The only alternative to pull daily is to buy a new EQ+TU+EX report daily, but that would cost $30+/day easily. You can subscribe to CCT under $30 (look around...some got it for $20 or less. USAA may be less too).

 

Pros of CCT:

 

You can pull everyday all 3 reports

It comes with a CMS and you get alerted to changes if you forgot to pull.

You'll see the past 2 yrs of payment history within each TL

You can see the CLs for your CCs and mostly accurate comments/remarks.

As a CCT subscriber, you get free EX reports directly from Experian.com via a CCT link.

 

Cons:

 

CCT doesn't show the full 7-year history, so you may have a baddie in a TL you cannot see. (e.g. if you sent a GW for a 4-yo late, then you won't know if it came off with CCT)

CCT's statuses (stati?) has been inaccurate in the past (e.g. open, vs. closed).

CCT lacks detailed contact info, unlike your report from Experian.com.

CCT can get weired-out with the report format. It lines the TLs up in their own row and compares EX-EQ-TU. Sometimes it seperates TLs, when they are really the same.

CCT offers FAKOs only (PLUS scores...ignore them and the advice offered too).

Some complain about the price. Considering the alternative, there aren't too many other options.

When you sign up to CCT, you are placed in a trial period for a week or so and you cannot pull any new reports during that time.

 

As you see changes to your report (e.g. new TL, dropped baddie, etc.), then you can hop over to myFICO to pull the corresponding EQ or TU report to catch those score changes. You can save $$$ this way by pulling only after a report change, since there is no FICO service anywhere on any site that gives a new FICO score everyday, or pull a new FICO report every so often just to catch any missed score changes. Another option, for EQ only, is to subscribe to ScoreWatch in conjunction with CCT and pulling daily. SW, if the target score is set correctly, will alert you to any EQ FICO score and report changes. If you think you might be buying a few FICO reports for EQ, then SW will save you $$$ because all future EQ FICO report pulls are only $10.95 ($5 off).

 

I hope I didn't confuse you too much. There's a lot of options out there.

 

 

Regular Contributor
911gt34life
Posts: 236
Registered: ‎01-02-2010
Re: Credit Monitoring Service (CMS) Guide

has any one here try out Equifax Complete ?

New Contributor
cascade159
Posts: 72
Registered: ‎11-20-2009
Re: Credit Monitoring Service (CMS) Guide

Any advice on Equifax Complete?

EQ: 680, TU 665, EX 615 (FAKO)
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: Credit Monitoring Service (CMS) Guide

Well, I just now subscribed to EQ's Credit Complete for DW and now feel qualified to throw my two cents and edited the first post in this thread...here's what I wrote:

 

Equifax Complete  -  $14.95/mo  -  This is EQ's newest product and gives you monitoring on all 3 and an initial pull for all 3 CRAs along with EQ's FAKO score called an "Equifax Credit Score" with a range of 280-850 for all 3. There are no FICO scores offered through this service. When you register, you get a new report with the three scores in a decent format showing side-by-side comparisons of all TLs and shows hard inquiries for each, though the reporting if off with the account descriptions, CLs, etc. The 3-in-one report w/ FAKO scores only comes once per year and each additional report is $29.95 if you'd like to order more reports in the interim. However, you do get free EQ pulls for the full EQ report with your subscription of Equifax Complete. The free pulls also includes a free FAKO score for EQ.

 

It's not bad. If you are looking for a 3-in-1, this is not for you if you want to pull more than one time per year. However, this is a good service to subscribe to if you are looking for unlimited EQ pulls to check softs, detailed reporting, etc. Before I subscribed to EQ ID Patrol, but at least with this, they give you a free (well, included in service) 3-in-1 report once a year. EQ's ID Patrol only gave you EQ reports. The FAKOs are absolutely meaningless on two fronts: 1) they are FAKOs and 2) you can only get them once per year unless you want to fork out $29.95 to get a new set of FAKOs each time. But if unilited EQ pulls is a goal, this is better than EQ ID Patrol by $2/mo.

New Contributor
cascade159
Posts: 72
Registered: ‎11-20-2009
Re: Credit Monitoring Service (CMS) Guide

Thanks for the reply. I have EQ Complete and Scorewatch but they are showing different scores. I thought anything from Equifax.com was a true FICO.

EQ: 680, TU 665, EX 615 (FAKO)
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: Credit Monitoring Service (CMS) Guide

cascade159 wrote:

Thanks for the reply. I have EQ Complete and Scorewatch but they are showing different scores. I thought anything from Equifax.com was a true FICO.


It was up until a month or so ago.

Member
cardsfan_1978
Posts: 16
Registered: ‎09-12-2010
Re: Credit Monitoring Service (CMS) Guide

 

 

Hi, I am a newbie to this subject. After reading this thread, I have went to annualreport.com and pulled 3 credit reports from Experian, TU and Equifax for free. 

 

Now, I would like to find my FICO score. It looks like If I buy FICO Standard product from myfico.com, it is going to give me FICO score from either Equifax or TU but not both. 

 

1.Will the FICO score be different from each agency?  If that is the case, do I have to pay twice to get the FICO score from both the agencies?

 

I am not looking for CMS yet. But, would like to know my FICO score.

 

Any suggestions, would be appreciated.

 

Thank you.

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: Credit Monitoring Service (CMS) Guide

cardsfan_1978 wrote:

 

 

Hi, I am a newbie to this subject. After reading this thread, I have went to annualreport.com and pulled 3 credit reports from Experian, TU and Equifax for free. 

 

Now, I would like to find my FICO score. It looks like If I buy FICO Standard product from myfico.com, it is going to give me FICO score from either Equifax or TU but not both. 

 

1.Will the FICO score be different from each agency?  If that is the case, do I have to pay twice to get the FICO score from both the agencies?

 

I am not looking for CMS yet. But, would like to know my FICO score.

 

Any suggestions, would be appreciated.

 

Thank you.


You can actually purchase both if you want to. I think you can do it at the same time (we could before). It seems like there's a checkbox where you can click on either or both. Be sure to google "myFICO discount code" first or check out tweeter.com/myfico. Without the discount, the cost per report w/score is $15.95. So, it's about $32 for both. I use a 25% code for TU and get it for $12 and some change and ScoreWatch subscribers get $5 off EQ at $10.95/report.

 

The formula used by all 3 CRAs differs. It would be sheer coincidence if any matched, and even if the reports are 100% exactly alike with the same accounts on each, then the score should still vary, but only by a little.

 

 

Member
cardsfan_1978
Posts: 16
Registered: ‎09-12-2010
Re: Credit Monitoring Service (CMS) Guide

 


llecs wrote:


You can actually purchase both if you want to. I think you can do it at the same time (we could before). It seems like there's a checkbox where you can click on either or both. Be sure to google "myFICO discount code" first or check out tweeter.com/myfico. Without the discount, the cost per report w/score is $15.95. So, it's about $32 for both. I use a 25% code for TU and get it for $12 and some change and ScoreWatch subscribers get $5 off EQ at $10.95/report.

 

The formula used by all 3 CRAs differs. It would be sheer coincidence if any matched, and even if the reports are 100% exactly alike with the same accounts on each, then the score should still vary, but only by a little.

 

 


Thank you very much for the advice :smileyhappy: