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New Member
abberration
Posts: 1
Registered: ‎07-14-2011
0

Why is myFICO so expensive?

I would like to know my Fico score, not some guesstimate. I belive this website is the only place to get your real Fico. Your only options is to sign up for 3 months minimum, costing $45 or pull a one time report for $20. At the very least, it will cost me $20 to be told my score. I know you get two reports, but you can get them from just about anywhere for free, so that doesn't even matter.

 

This website should offer a more reasonable price for finding out something as simple as a 3 digit number. Seriously, it's messed up that you guys are the ones who calculate the Fico score and the only resource to get that number. Since this number brands me to the world, I think I should have the right to know it without costing so much money. Really, it should be free.

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Why is myFICO so expensive?


abberration wrote:

I would like to know my Fico score, not some guesstimate. I belive this website is the only place to get your real Fico. Your only options is to sign up for 3 months minimum, costing $45 or pull a one time report for $20. At the very least, it will cost me $20 to be told my score. I know you get two reports, but you can get them from just about anywhere for free, so that doesn't even matter.

 

This website should offer a more reasonable price for finding out something as simple as a 3 digit number. Seriously, it's messed up that you guys are the ones who calculate the Fico score and the only resource to get that number. Since this number brands me to the world, I think I should have the right to know it without costing so much money. Really, it should be free.



It's actually $40 ($20/FICO report) if you want both. :smileysad:

 

I'm posting as a 5-yr user and certainly mods don't get peanuts, but I can see why the price is the way it is. We don't have any insider info and can only guess here based on past comments from FICO. MyFICO gets their report information from the CRAs. Because they get it from the CRAs, the CRAs (EQ and TU namely) charge a large fee to get access to the report information by which to generate a score and to provide data by which to create a nice looking report. There had been posts in the past by FICO Admins stating as such. Each time the CRAs jack up the rates they charge myFICO, myFICO has to pass the buck, or go broke.

 

MyFICO isn't the only place to get FICO scores. There are others:

 

For EQ FICO, you can buy it from your lender, from myFICO, or buy it via equifax.com. Equifax offers 2 or 3 different products that include a FICO score, though they offer others that don't include a FICO (a FAKO is provided instead; buyer-beware). 

 

For your TU FICO, you can only buy it from your lender or myFICO. 

 

For your Ex FICO, you cannot buy it from anywhere without the help of your lender. 

 

There are other sources for your FICO though at a free or reduced-price. For your EQ FICO, you can get it for free each month if you have an account with Digital Credit Union or Unitus Community Credit Union. You can also get it for $3/mo via M&T Bank. For your TU FICO, you can get a new version of your TU FICO for free if you have a Wal-Mart CC. Finally, you can get your EX FICO for free via PA State Employees Credit Union (PSECU). In addition, there are many CUs out there that off all sorts of different FICO scores for free as a benefit to membership. Check with a CU near you to see if that offer this service. Also, I think if oyu are active-duty military, you also can still get free FICO reports.

 

IMO, it shouldn't be for free for everyone. If it were free, then it means that the folks putting this site together would have to work with no pay. Or that the math whizzes who put the scores together do so for free.  All costs for myFICO like rent, taxes, labor, benefits, legal, insurances, these very forums, and so on would have to go away in order to have the ability to provide free scores. I'm a business owner and never would do anything for free (outside of certain charity work).

 

 

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Valued Contributor
DaveSignal
Posts: 2,111
Registered: ‎07-29-2011
0

Re: Why is myFICO so expensive?


llecs wrote:
Also, I think if oyu are active-duty military, you also can still get free FICO reports.

 



Yes, but active military can't do it ourselves.  We need to schedule an appointment with the financial counselor at the community service building on-base to get the free FICOs.  For me, I would rather pay the fee and be able to see my scores at my leisure.

EX:694 TU:744 EQ:777
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Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Why is myFICO so expensive?


DaveSignal wrote:

llecs wrote:
Also, I think if oyu are active-duty military, you also can still get free FICO reports.

 



Yes, but active military can't do it ourselves.  We need to schedule an appointment with the financial counselor at the community service building on-base to get the free FICOs.  For me, I would rather pay the fee and be able to see my scores at my leisure.



Was it always like that? I might be mistaken, but when I put the CMS Guide together it was easy to pull a new FICO report for those serving. The page looks different now and I see where you now need codes to unlock the reports.

New Member
abberration
Posts: 1
Registered: ‎07-14-2011
0

Re: Why is myFICO so expensive?

Thank llecs for your very informative post. I didn't think about the possibility that myfico had to pay EX and TU for information.

 

As for my statement that it should be free, I have always believed that if an agency decides to collect information on you (especially when they don't ask your permission), then you should have a right to know what that information is.

Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Why is myFICO so expensive?


abberration wrote:

Thank llecs for your very informative post. I didn't think about the possibility that myfico had to pay EX and TU for information.

 

As for my statement that it should be free, I have always believed that if an agency decides to collect information on you (especially when they don't ask your permission), then you should have a right to know what that information is.


You do actually have the right to claim a free copy of your credit report annually from annualcreditreport.com. if you think you have been an identity theft victim; you are entitled to more frequent free reports. Any time a lender decides not to issue you credit or doesn't give you the best rate ; you again are entitled to your report so that you can make sure there are no errors. 95% of consumers never even claim their free report. The fico is not free because it is intellectual property. That would be like the author of a book giving away 2 million copies of his book while not getting paid.for the 1 yr he.took to write it. Or like artists not getting paid for songs because people are pirating them and giving them away for free online.

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Established Contributor
bettercreditguy1
Posts: 760
Registered: ‎02-11-2012
0

Re: Why is myFICO so expensive?

+1 to that. "Nothing of any value comes easy or freely".

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


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