myFICO® Product Feedback

[Nuggy]

Ok, here's a direct quote from the Support FAQ:

"Score Watch monitors your Equifax credit report on a daily basis and sendsservice alerts via email or to your cell phone notifying you of relevant changes to your Equifax credit report and/or FICO score."

It also mentions DAILY in several other FAQs, leading any reader to believe that this is a DAILY process, not "whenever Equifax gives myFico updated information".

myFico is lying to you. There is a new mortgage on my account that has been on my Equifax report since March 8th (as pulled from another monitoring service). I have yet to receive an alert regarding the new account. I also know that several cards have since reported my payments (bringing them to zero balance), as also shown on my Equifax report from another monitoring service. That service says my "score" (even though it's not fico) has gone up about 60 points over the course of a few weeks. I haven't seen a single spot of activity from ScoreWatch since March 8. If someone had illegally opened that mortgage (or any other) account in my name, I still wouldn't know about it if I relied on myFico alone. What am I paying for, again? Can anyone give me a better answer than "contact customer service"?

If Equifax is partnered up with myFico to provide this service, and they aren't endeavoring to provide the service that they promised when I signed up, then me, you, and every paid subscriber on here is being taken for a nice fat ride. I'm thinking I want off.

[pjfan]

I would have to agree. The scorewatch service seems to be misleading.

I have not received a single alert and I know for a fact I have had some major changes to my report. I can not be sure they affected my score but I still should have got an alert!

I have had a new tradeline added, and inquiry added and a collection deleted. Scorewatch did not  ealert me of any of this!

[GiGi]

In one month I've had an illegal report from a CA, weeks later got the CA removed, had a late mortgage report, 2 weeks later mortgage corrected, 4 new credit lines, 3 closed lines, and I'm still waiting for my scorewatch to let me know of all these changes.

I too subscribe to a daily 3 in 1 and I've pulled my reports directly from the CRA's to verify all changes that the 3 in 1 reported......still waiting for scorewatch to let me know

[Nuggy]

I've compiled a letter and fired it off to myFico customer service to see what they have to say about the matter... Thank you to the recent posters for confirming that something seems to be broken.

I will post back when I receive a response.

I am also keeping track of my recent activity, my scores, and what not and plan to put together some sort of timeline to post, just to show people exactly what impact certain things can have on your score. I'm amazed at how much utilization factors in. I know it's a big part of the score, but after pulling a new Score Report (since score watch doesn't seem to be working), my score went up 55 points after paying off about 1/3 of my CC balances, and the simulator says once the rest of the balances report as being $0, it will go up another 100-120 points. The "Best Scenario" tool says that in 24 months, assuming I keep my cards paid up, my score will be 180-200 pts higher than it is now (it's currently 595 - it says 775-795 projected). Can't wait to qualify for that 0% truck loan - the 11% I'm paying now really stings!

-Nuggy

[matt4prez]

my score watch almost seems useless to me.. my credit card gives me free credit updates pretty much every month as there seems to always be some minor changes.. yet myfico score watch has updated twice in the 5 or 6 months i have been suscribing to it. whats the deal??

[Brammy]

I went to reread the info on this product both on this site and Equifax.  It states will give you immediate notification of 'key changes' whaever constitutes a key change and weekly updates otherwise.  I know that is not the language that was included when I signed up. 

Key Changes

Your Equifax credit file is monitored daily for:

• Newly opened accounts
• Inquiries from applications for new credit
• Increases in account balances
• Changes in account status, such as a missed payment
• New activity on accounts that were inactive
• Newly listed public records, such as bankruptcies, court judgments, and tax liens
• Newly listed collection company records
• Changes to public records and collection company records
• Changes to the name listed on your credit report
• New addresses or phone numbers

Message Edited by Brammy on 04-03-2007 08:22 PM

[twnkltoz]

I have mine set (supposedly) to notify me at every change in score.  I got an alert last week for a 4pt increase, but I think it was 2-3 days after the change actually occurred.  I went ahead and ran my free report today and got another 4pt increase, but no notification yet.

[Brammy]

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twnkltoz wrote:

I have mine set (supposedly) to notify me at every change in score.  I got an alert last week for a 4pt increase, but I think it was 2-3 days after the change actually occurred.  I went ahead and ran my free report today and got another 4pt increase, but no notification yet.

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Same here, everytime I get a new alert I modify my settings to the new score.  Problem is that I know it is more than a week after being reported before I receive said alerts.  Thew last tiem was over a month

I know a card that was showing maxed out (doesn't report a credit limit) reported 0 balance today on EQ.  Just waiting to see how long it takes to update without pulling a score. Should be a significant increase since it will bring my utili from 34 to about ten and this one has no updated the past two billing cycles.

Message Edited by Brammy on 04-03-2007 10:46 PM

Message Edited by Brammy on 04-03-2007 10:51 PM

[dealingbob1]

THere is some type of legal action regarding scorewatch or myfico.com I received a settlement notice state that I would received some type of refund.  Anyway, the servcie appears to have some other issues besides not updating in a timely manner.

[Nuggy]

Hey everyone,

I received an e-mail today from a certain very helpful individual from myFico who, after investigating my concerns, confirmed that a new account that appeared on my report a while ago failed to generate an alert. They will be submitting this information to their internal tech support to find out where the issue lies... it could be an issue with myFico, but it could also be a problem with Equifax themselves, from what I understand (myFico can only report to me what Equifax informs them of).

So, in short, yes, there was something amiss with my account, and whatever the problem is could potentially (and I stress potentially since I don't have any facts) be affecting others as well, I guess depending on the nature of the problem. So if everyone can hang ten for a bit, it sounds like they are working to investigate the issue.

Thanks to the support folks for being responsive in regards to this, and for being patient with those users - myself included - who have expressed some frustration here in the forums.