@OneDay_750 wrote:UPDATE: Just spent 10 minutes on the phone speaking to a CSR and a manager about downgrading back to my SW until they can fix the 3-credit bureau monitoring debacle. I explained my frustration with the service and they told me the same BS that's been reported by others on here. In the end, and despite threats of a BBB complain, they refused to cancel my service or downgrade me. They're obviously more concerned about their bottomline than about their customers. On my request, they did earmarked my account for canx in November. I am strongly considering not doing business with myFICO after November. This company's misleading practices and their refusal to admit that they are wrong are infuriating.
I finally did file a BBB complaint to get mine cancelled. I bought this back on 8/21/14, and I have yet to receive a single update from TU, did get one from EX, and several of the same alert a from EQ. The only time I've gotten an update on TU was when I bought the three scores/three reports separately from the monitoring service.
@EW800 wrote:
@_sidhe_ wrote:I finally did file a BBB complaint to get mine cancelled. I bought this back on 8/21/14, and I have yet to receive a single update from TU, did get one from EX, and several of the same alert a from EQ. The only time I've gotten an update on TU was when I bought the three scores/three reports separately from the monitoring service.
The fact that you had to go through the BBB to cancel a service that is not working speaks volumes about MyFico. So sad to see such poor service from them....
It was insane, and MyFico still wouldn't acknowledge there was anything wrong. I think they just wanted me to shut up with the complaining and whatnot.
@tt92618 wrote:If you are having problems with this product, complain to the CFPB.
In very simple terms, the way this product is advertised appears to be deceptive. It is advertised as 3 bureau monitoring, including score changes. However, as this entire thread suggests, it is not really performing up to what that title would suggest.
Complain at cfpb.gov and I suspect we will start to see some change rather soon.
I did complain to the CFPB but was told that it wasn't the type of business issue they handle. Even after contacting the BBB, MyFico didn't admit anything was wrong, but they did cancel my membership. I won't be charged for the remains two months that are required.
This is the response from the CFPB:
"We reviewed your complaint and couldn’t send it to the company for a response. This could be because we’re unable to identify and register the company or because your complaint did not involve a Federal consumer financial law within our authority.
What happens now?
We entered the information you provided into the Consumer Sentinel Network, a secure online database operated by the Federal Trade Commission. Civil and criminal law enforcement authorities worldwide use the Consumer Sentinel Network to identify questionable business practices that may lead to investigations and prosecutions.
Can I hire my own lawyer to look into this?
Yes. While we can’t give legal advice or represent individuals in legal matters, if you want more help you can contact a private attorney or your local legal aid office for free or low-cost legal resources at www.lsc.gov.
Is that it?
Not by a long shot. Complaints help us identify trends and problems in the marketplace and understand the challenges people are facing so we can do a better job looking for these problems when we supervise companies, enforce Federal consumer financial laws and write rules and regulations.
Thank you,
Consumer Financial Protection Bureau
consumerfinance.gov
(855) 411-CFPB (2372)"
@tt92618 wrote:I think you must have failed to be specific. The problem with this product is not that it doesn't work, it is that it is deceptively marketed. The mouse-print for the product states all sorts of exclusions based on bureau that make it clear that the product isn't really monitoring in the sense that a consumer would expect. And credit monitoring services are certainly within the purview of the CFPB, including how they market and sell their products. There is even an option in the complaints form regarding "credit and identity monitoring services".
I signed up for this product and like everyone else I am very unhappy with it. And mostly that derives from the fact that the product does not behave as I expected based on how it is marketed. The product claims to provide score monitoring. But when you read the fine print, you find that balance change alerts are not even generated for TU, etc. So, how exactly can the product effectively monitor scores then? If it isn't watching balance changes, there is no effective way for it to be calculating a correct score.
I put that theory to the test, by the way. After allowing balance changes to report and observing no change to the TU score, I actually bought a TU report. And guess what happened? My TU score changed.
Here is the thing: it is deceptive to tell me that you are going to monitor my TU score when you are not including important report changes that would impact the score. It means that your reporting is innacurate, and it makes the claim that you are monitoring my score innacurate at best, and deceptive at worst. And THAT is absolutely within the purview of the CFPB.
Nope, I submitted a report, and I spoke with them the next day. They said they didn't handle it but would continue to work on the matter. After a few days, they sent that email. They saidFICO is neither a credit bureau nor a financial institution and that those are the only institutions they authority over.
You can give it a shot if you don't believe me.
