08-27-2013 08:27 PM
so I set my alert to one point higher then its currently sitting at...does it update the score automatically but not the report? I can see where it says to purchase a new report, how does this work?
08-27-2013 10:22 PM
SW monitors your EQ report and EQ FICO score for changes. There are two types of alerts: a credit alert and a score alert. Credit alerts happen whenever there are major changes to your EQ report like balance changes, new accounts, new inquiries, changes in stati, etc. Whenever you get a credit alert, SW will grab your latest EQ FICO score and provide that for you. So, if changes are happening daily, you can literally get a new EQ FICO daily.
However, there are some who are coasting into the credit sunset. They aren't getting any credit alerts because there's nothing to be alerted to. As a fallback, SW also provides score alerts. Absent any credit alerts, SW will begin monitoring your EQ FICO score for changes and does so every 7-10 days. Score alerts are based solely off your set target score found within your settings. Anytime your EQ FICO hits or surpasses your target score you will get a score alert within those 7-10 days. For best results, always set your target score to EXACTLY match your current EQ FICO. That way if your EQ FICO increases or decreases you'll get a score alert absent any credit alerts. If set below your EQ FICO, you will not get any alerts until your score drops below that threshold. Conversely, if set too high, you will not get any score alerts until that goal is met. As your EQ FICO changes, immediately reset your target score.
SW will provide 2 reports per year with the first of the two being used when you first subscribe. After using up both reports, then you can purchase new reports at a 30% discount (EQ only). Credit and Score alerts will not generate a new report, but it will give you a general idea of what changed and provide your new FICO if that changed.
Read the Guide below for more detailed info as to what it catches and what it doesn't catch (e.g. dropped accounts, etc.).
Score Watch Guide (note: SW recently added a feature that alerts you to dropped balances. Before it didn't and I'm not sure if the Guide was updated to reflect that)
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO