topic Re: Economical Approach to Staying on Top of Your Credit Scores and Reports in Understanding FICO® Scoring

Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Wed, 14 Apr 2010 19:16:10 GMT

[Update April 14, 2010:] Be sure to read llecs Credit Monitoring Service (CMS) Guide for the best comprehensive listing of the CMSs.

If you're new to credit or this site, be sure to read Credit Scoring 101.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

In fact, the FRT thread has a lot of good reading in it.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=5000

Reasons for being here vary, but most everyone here wants to know more about credit, their scores, what's in their reports, and how to monitor them.

There are a number of different Credit Monitoring Services (CMS), or 3 in 1 services. The TU product and TU resellers have starting banning people who pull their reports "too often". Exactly what constitutes "too often" is very unclear, but what's clear is that once banned one cannot easily get back in. The really odd part is that TU was advertising it's product as having the option of getting a new report every day--a very useful feature when you're watching for a balance to update, or reporting to be corrected, in anticipation of applying for a loan.

The two services which permit daily pulls and which don't ban you for "overuse" are EX CreditCheckTotal (CCT) and AMEX CreditSecure (CS).

http://www.creditchecktotal.com
https://www124.americanexpress.com/cards/loyalty.do?page=creditsecure

CCT is $30 a month. CS is $12 a month, but you have to be an AMEX cardholder. Yet another reason to apply for an AMEX, and any AMEX will do.

I also optionally recommend a month to month subscription to MyFico ScoreWatch (MFSW) so you can keep tabs on your FICOs. However, you may not need this if you already know what's in your CRs. I had MFSW, then let it lapse after I got my house in September. I've signed back up for it as I continue to pursue a HELOC and other credit.

Equifax also has a ScoreWatch product. However, I don't use it so I cannot recommend for or against it. I know what you're getting with MFSW, and I recommend that.

Before buying MFSW, or any MyFico products, google is your friend.

http://www.google.com/search?sourceid=navclient&ie=UTF-8&rls=GGLG,GGLG:2006-16,GGLG:en&q=myfico+discount+codes

There are 5, 10 and 20 percent MyFico discount codes. You'll know it's a 20 percent discount because the $8.95 a month charge for MFSW will be discounted down to $7.16. The discount will last for your 12 month subscription, and you will be prompted to see what the monthly charge will be before you confirm your order. A year from now, when it comes time to renew, go searching for another discount code.

Through the end of 2007, or Christmas, FICO has been advertising the discount code of HOLIDAY25 which yields a 25% discount.

A CMS lets you see all 3 CRs anytime you want--some permit daily pulls and others do not. When your MFSW alerts, the CMS alerts, or anything else prompts you, go and refresh your reports on your CMS.

You get alerts, just like MFSW. And just like MFSW, they aren't always timely--albeit better than MFSW alerts, IMHO. However, seeing the reports themselves is what's of real value, even more valuable than your FICO scores.

You do get scores with most monitoring services, but they are FAKOs. Your FAKO scores should track close to your FICOs, but results vary. Mine have varied from within 10 points to within 30 points of my FICOs at various times, but others report a 100 point difference between FAKOs and FICOs--up or down. Buying a monitoring service for the FAKO scores is like taking a coach commercial airline flight for the meal.

When you sign up for MFSW, you get your EQ score and then updates as your EQ score changes up or down. IMHO, that is adequate for most folks if you are seeing your CRs via a monitoring service. If there's a collection on your EX report, that isn't on your other CRs, and isn't yours, then knowing your EX FICO score isn't going to help any. It ain't yours, you need to dispute it and fight it off, and your EX score is likely suffering a lot because of it. Once it's off, rest assured your FICO score will rebound.

With MFSW, you can pull your scores when you need them. They are $15.95 each, $12.76 with a 20 percent discount.

I honestly do not see a reason to pull my EQ FICO score when one has SW and a monitoring service. I get the score updates (which I track in an Excel spreadsheet), and I can see my report anytime I like via the monitoring service.

My current monthly cost is $37 ($30 for CCT and $7.16 for MFSW). Once I'm back in the AMEX family, my cost will drop to $19 a month with AMEX CS.

My EX and TU FICO scores are $12.76 each, when I want them. Because I'm getting EQ FICO score updates as they happen, and because I know what's in my CRs via my CMS, I have a pretty good idea what my EX and TU FICO scores are. As such, I don't have a need to know what my FICO scores are most days. Only time it really becomes necessary is if one is considering a major purchase (car or home) or considering applying for credit.

I also get my TU FICO score through my WAMU CC. It's free, and it appears to update at least once a month. It's a decent perk so consider a WAMU CC.

Message Edited by Noah_Bodie on 12-18-2007 01:01 PM

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Tue, 26 Jun 2007 15:47:21 GMT

Thanks Noah for doing this. I've been on here for a few weeks now, and this is a very informative recap of what many of you are doing. I think with the time you've spent in doing this thread, you must be looking for a locked pushpin at the top of the board.

Thanks again.

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

taxman5455 — Thu, 09 Aug 2007 19:12:20 GMT

Could you tell us or if anyone knows what the time delay between TC increase in scores and a SW

update is? In the last 2 days I have had score increases from both exp and eq web sites and they

reflect on TC but SW has not sent me any alerts.

thanks

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

smallfry — Thu, 09 Aug 2007 21:59:03 GMT

@taxman5455 wrote:
Could you tell us or if anyone knows what the time delay between TC increase in scores and a SW
update is? In the last 2 days I have had score increases from both exp and eq web sites and they
reflect on TC but SW has not sent me any alerts.
thanks

Get your scores from FICO. Equifax does provide you with their Equifax FICO but the ones I think you are speaking about are not "real" scores.

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Thu, 09 Aug 2007 22:51:14 GMT

Very good post Noah_Bodie!

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

taxman5455 — Thu, 09 Aug 2007 22:52:38 GMT

smallfry;

you missed my question.

First.,I know that scores at eq and ef are fakos and same at TC but my question is as follows:

What is the time delay from eq/ef/tc updating items that should move credit score (ie, 75% decrease

in CC utilization) and SW actually picking it up? I know I can buy new scores but I subscribe to SW

and from what I understand is that SW is suppose to send me an alert when my score changes

thru my FICO and I should not have to be paying for it again.

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Thu, 16 Aug 2007 20:09:43 GMT

There is growing dissatisfaction with TC. For those who are sick of TC:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=34624

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Thu, 16 Aug 2007 20:10:38 GMT

And if you're an AMEX cardholder, there is CreditSecure.

https://www124.americanexpress.com/cards/loyalty.do?page=creditsecure

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Tue, 28 Aug 2007 01:10:25 GMT

Looks like the $11.21 a month Walmart link is now back to $14.95

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Sat, 01 Sep 2007 18:22:46 GMT

TrueCredit from TransUnion

Trial period: 30 days (for TU report only)
What are offered:
- Unlimited access to all three credit reports and credit scores
- Notification within 24 hours of critical changes to all 3 reports
- $25,000 ID Theft Insurance at no additional cost
- No obligation, cancel anytime.
Regular:
- $14.95 per month

ScoreWatch from Equifax [Affiliate link]

Trial period: 30 days free
What are offered:
- Continuous score monitoring and notification when a change in FICO score impacts the interest rate you are likely to receive
- Daily monitoring of Equifax credit report with email notification of key changes
- Two Free Score Power reports plus discounts on additional Score Power reports
Regular:
- $8.95 per month

CreditExpert from Experian

Trial period: 30 days free
What are offered:
- Daily monitoring of your credit report and alerts of key changes alert you of potential fraudulent activity.
- Unlimited access to Experian Credit Report and PLUS Score with paid membership.
- Receive instantly personal credit report and credit score online
Regular:
- $9.95 per month
- One-time purchase: 3-bureau credit report and a credit score for $34.95, Experian credit report and PLUS Score for $14.50

ScoreWatch from MyFico [Affiliate link]

Trial period: 30 days free
What are offered:
- Credit monitors important changes to your FICO score and Equifax credit report
- Alerts when important changes are detected
Regular:
- $89.95 annual fee

IdentityMonitoring from Citibank

Trial period: 30 days free
What are offered:
- Credit Monitoring every business day to keep track of your credit file activity
- Alerts when there’s certain activity, allowing you to detect fraud
- Credit report and score free with enrollment
- 3-in-1 credit Report, score and monitoring access at no additional cost
- Reimburse up to $25,000 of eligible identity theft recovery expenses
Regular:
- $12.95 per month

CreditKeeper from HSBC

Trial period: 30 days free
What are offered:
- Unlimited access to your credit reports and score
- Daily automated credit monitoring to alert you to changes on your credit reports
Regular:
- $9.95 per month

CreditSecure from American Express

Trial period: 30 days free, for AMEX cardmembers only
What are offered:
- Unlimited access to 3-bureau credit report and Credit Scores from all 3 bureaus after the trial period
- Daily monitoring of all three credit reports with an e-mail alert when critical changes are detected
- Identity Theft coverage policy for up to $5,000 per occurrence
- Track your score each month with Experian PLUS Score Trending
Regular:
- $11.99 per month

IdentityGuard from Costco

Trial period: None
What are offered:
- 3-in-1 credit report & 3 credit scores
- 3-bureau credit monitoring & alerts
- Monthly credit report & score
Regular:
- $9.49 per month for Gold Star members and $7.49 per month for Executive members

PrivacyGuard

Trial period: $1 for the first 2 months
What are offered:
- Credit report from 3 credit reporting agencies
- Credit score instant access from 3 credit reporting agencies
- Daily monitoring of credit
- Up to $10,000 reimbursement for certain expenses you incur if your identity is stolen
Regular
- $129.99 annual fee
- Single-bureau credit report for $9.99, three-bureau $34.99

PrivacyMatters

Trial period: 7 days free
What are offered:
- Unlimited to 3-in-1 credit report
- Triple credit scores, showing all three credit scores from the national credit reporting bureaus
- Triple bureau credit monitoring with automated e-mail alert whenever new activity that may affect your credit report or credit score occurs
Regular:
- $29.95 per month
- One-time purchase of 3-bureau credit report for $29.95

Identity Protection from Chase

Trial period: None
What are offered:

Unlimited access to all three credit reports and credit scores
Notification within 24 hours of changes to all 3 reports
$10,000 ID Theft Insurance at no additional cost

Regular:

$11.99 per month

Identity Protect from National City

Trial period: $1 for first 30 days (not available to New York residents)
What are offered:

Unlimited access to your individual triple bureau credit report 24 hours a day, 7 days a week
Daily online monitoring with weekly activity alerts delivered to your email address from TransUnion -- a mailed option is available
Unlimited access to your personal credit score from TransUnion (a FAKO likely)
Recovery counseling and identity restoration service
Up to $25,000 of Identity Fraud Expense Coverage at no additional cost to you

Regular:

$8.95 per month or $14.95 per month for you and your spouse

Message Edited by Noah_Bodie on 09-01-2007 11:22 AM

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Thu, 30 Aug 2007 21:42:28 GMT

I got lucky I got in with Citi when they where $9.95/month, then one day I saw on their website they increase to 12.99 but was still being billed 9.99, then in july I got a notice that they were raising me to $11.95, so called to cancel, and when they saw I've been a member for a year, they offered me 6.95, I took it.

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Fri, 31 Aug 2007 19:05:21 GMT

Is ScoreWatch the only one that shows your true FICO score?

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Sat, 01 Sep 2007 18:26:59 GMT

honeybrook1 wrote:
Is ScoreWatch the only one that shows your true FICO score?

EQSW and MYSW are the only two I know to offer actual FICOs, but I seem to recall reading WAMU also offers a true FICO.

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Sun, 02 Sep 2007 20:28:22 GMT

Always worth mentioning the totally free copies of your CRs that are available.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=12881

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Sun, 02 Sep 2007 20:59:07 GMT

If you're looking to dispute something with the CRAs, but they won't talk to you without an "official" copy of your reports, fear now. Save your money on purchasing an "official" copy and fax in your dispute.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=22739

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Thu, 06 Sep 2007 18:55:55 GMT

I signed up for the EQ Score Watch for the monthly 8.95 version and then later saw the links for discounts for it. How do I switch to the discounted monthly rate? If I can't is it possible to cancel after 3 months and then resign up for it with the discounted rate? If I do will I lose my previous EQ scores on the score chart?

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Fri, 07 Sep 2007 05:01:52 GMT

idontlikeforms wrote:
I signed up for the EQ Score Watch for the monthly 8.95 version
...
How do I switch to the discounted monthly rate?

EQSW doesn't offer a discounted monthly rate, to my knowledge.

MFSW does.

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Fri, 07 Sep 2007 09:38:52 GMT

Actually what I have is MFSW. Sorry didn't identify it correctly.

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

smallfry — Fri, 07 Sep 2007 09:51:30 GMT

@Anonymous wrote:

@Anonymous wrote:
I signed up for the EQ Score Watch for the monthly 8.95 version
...
How do I switch to the discounted monthly rate?

EQSW doesn't offer a discounted monthly rate, to my knowledge.
MFSW does.

Sure they do. There is a link for $6.15 per month through Coastal Credit Union.

Re: Economical Approach to Staying on Top of Your Credit Scores and Reports

Anonymous — Fri, 07 Sep 2007 20:06:50 GMT

smallfry wrote:
Sure they do. There is a link for $6.15 per month through Coastal Credit Union.

My bad, and I do remember reading that here before.