topic Re: MyFICO Accuracy in General Credit Topics

MyFICO Accuracy

tim1017 — Tue, 11 Nov 2014 23:20:21 GMT

With so many credit monitoring services out there which one is the best? I'm using MyFico monitoring and get a free one from Capital One. Used Credit Karma and Mint in the past but it's all just so confusing.

Re: MyFICO Accuracy

Involver — Wed, 12 Nov 2014 02:30:45 GMT

The credit monitoring here sucks but the scores are legitimate FICOs.

It all depends on what you want. I prefer Amex Credit Secure for actual daily monitoring but the scores are meaningless.

Re: MyFICO Accuracy

takeshi74 — Wed, 12 Nov 2014 17:01:11 GMT

I haven't seen inaccurate data with any of the CMS's that I've used.

As for scores -- as always, you can't rely on a score generated by one scoring model to determine a score generated by an entirely different scoring model even if you're comparing FICO to FICO.

You'll have to clarify exactly what you mean by "best" since it such a subjective term. What are your priorities? What are you looking for in a CMS? What are you willing to spend?

AFAIK Mint isn't a CMS. You can get a score but it's a FAKO. CO's score is a FAKO. CK's is a FAKO as well (CO and CK use the same model and are both based on TU so your score will be the same for both). myFICO provides scores based on the 08 model but you have to keep in mind that not all creditors rely on 08 scores in their decisions.

Re: MyFICO Accuracy

Anonymous — Wed, 12 Nov 2014 17:30:08 GMT

@Involver wrote:
The credit monitoring here sucks but the scores are legitimate FICOs.

It all depends on what you want. I preferAmex Credit Secure for actual daily monitoring but the scores are meaningless.

I find the 3B reporting service here to be quite useful and mostly accurate. You just cant take the score increases and decreases that they give you here as representative of the events that they commonly associate them with.

You can tell that process is done by a computer and not a human eye, as it appears to assign the score changes randomly among the events that occur that day.

That is certainly annoying, but it doesn't take away from the overall usefulness of the service.

Re: MyFICO Accuracy

Involver — Wed, 12 Nov 2014 17:55:55 GMT

@Anonymous wrote:
@Involver wrote:
The credit monitoring here sucks but the scores are legitimate FICOs.

It all depends on what you want. I preferAmex Credit Secure for actual daily monitoring but the scores are meaningless.
I find the 3B reporting service here to be quite useful and mostly accurate. You just cant take the score increases and decreases that they give you here as representative of the events that they commonly associate them with.

You can tell that process is done by a computer and not a human eye, as it appears to assign the score changes randomly among the events that occur that day.

That is certainly annoying, but it doesn't take away from the overall usefulness of the service.

I find the three bureau monitoring here to be a horrible product. Equifax and Experian are okay, but TransUnion doesn't work at all.

The only usefulness is the provided score. For actual report monitoring there are far better (and cheaper) services, in my opinion.

Re: MyFICO Accuracy

tim1017 — Wed, 12 Nov 2014 18:09:30 GMT

Someone asked what my goal was. It is simply to gauge the most accurate scores, that's it. I just don't know how well MyFICO represents what my mortgage company is looking at when they pull THEIR scores. So if my goal is to be at at least 650 and MyFICO is telling me it is (on all three) will it be the same as when my mortgage cmpany pulls my credit report again?

Re: MyFICO Accuracy

Anonymous — Wed, 12 Nov 2014 18:45:49 GMT

@Involver wrote:
@Anonymous wrote:
@Involver wrote:
The credit monitoring here sucks but the scores are legitimate FICOs.

It all depends on what you want. I preferAmex Credit Secure for actual daily monitoring but the scores are meaningless.
I find the 3B reporting service here to be quite useful and mostly accurate. You just cant take the score increases and decreases that they give you here as representative of the events that they commonly associate them with.

You can tell that process is done by a computer and not a human eye, as it appears to assign the score changes randomly among the events that occur that day.

That is certainly annoying, but it doesn't take away from the overall usefulness of the service.

I find the three bureau monitoring here to be a horrible product. Equifax and Experian are okay, but TransUnion doesn't work at all.

The only usefulness is the provided score. For actual report monitoring there are far better (and cheaper) services, in my opinion.

I notice user experiance still seems to be all over the map with this.

The service has been reporting flawlessly for me from day 1, and I signed up for it the day after launch.

I do note that TU reports in odd patterns, and kinda slow at times. It may not be a MyFico fault.

Re: MyFICO Accuracy

dabo1502 — Thu, 13 Nov 2014 02:05:35 GMT

I would strongly DISCOURAGE you from enrolling in the 3-Bureau monitoring service from FICO. I have had horrible experiences with this service. In the 3 month period, I have had multiple alerts from Equifax, 2 alerts from Experian and 0 (yes, Zero) from TransUnion. I actually cancelled the service after my 2nd month and was happy to sever the relationship. I am still baffled by FICO's corporate decision to roll out a defective product; hence, risking relationship with avid and devoted customers. Caveat emptor (Let the buyer beward). Peace....

Re: MyFICO Accuracy

Anonymous — Thu, 13 Nov 2014 02:43:02 GMT

+1 with dabo1502 and i will be opting out of the 3 bureau monitoring in about three weeks IMO it was a waist of 60.00 and a waist of my time.

Re: MyFICO Accuracy

Involver — Thu, 13 Nov 2014 20:54:25 GMT

@op - the scoring models sold here are not what your lender will use. The only one you can freely access is the Equifax FICO score sold on their website. They still provide the 04 score. Scores here are 08.

Re: MyFICO Accuracy

mongstradamus — Fri, 14 Nov 2014 00:06:28 GMT

I agree that myfico TU and EX are an bit wonky at the moment, but i don't know if its myfico who i would blame, i think its more ex and tu fault. My reasoning would be my CS and CK that also do credit monitoring are also about an week late just like here. I don't know why there is such an discrepncy on the monitoring services.