topic Re: Credit Monitoring Question in General Credit Topics

Credit Monitoring Question

fabrownii — Mon, 01 Jun 2015 19:15:32 GMT

I am currently using Identity Guard to monitor my credit. I pay $24.99 a month and get 3 scores and 3 reports every 30 days. Is this the best service or should I cancel and sign up with MyFico? Thanks

Re: Credit Monitoring Question

Anonymous — Mon, 01 Jun 2015 19:44:11 GMT

Are the scores given from identity guard "true" FICO scores or are they Fako scores (Vantage or some other unused scoring model)?

Re: Credit Monitoring Question

Anonymous — Mon, 01 Jun 2015 19:45:46 GMT

aaaannnd - Here is the answer:

"The scores you receive with Identity Guard® are provided for educational purposes to help you understand your credit. They are calculated using the information contained in your Equifax‚ Experian and TransUnion credit files. Lenders use many different credit scoring systems‚ and the scores you receive with Identity Guard are not the same scores used by lenders to evaluate your credit."

FAKO, not worth beans, and certainly not worht paying money for. Get your true FICO scores from here.

Re: Credit Monitoring Question

fabrownii — Mon, 01 Jun 2015 20:00:15 GMT

@Anonymous wrote:
aaaannnd - Here is the answer:

"The scores you receive with Identity Guard® are provided for educational purposes to help you understand your credit. They are calculated using the information contained in your Equifax‚ Experian and TransUnion credit files. Lenders use many different credit scoring systems‚ and the scores you receive with Identity Guard are not the same scores used by lenders to evaluate your credit."

FAKO, not worth beans, and certainly not worht paying money for. Get your true FICO scores from here.

Well thats good to know. I'l have to look into MyFico to see if they have a monthly service. Thanks again that is really helpful.

Re: Credit Monitoring Question

Anonymous — Wed, 03 Jun 2015 22:04:49 GMT

@fabrownii wrote:
@Anonymous wrote:
aaaannnd - Here is the answer:

"The scores you receive with Identity Guard® are provided for educational purposes to help you understand your credit. They are calculated using the information contained in your Equifax‚ Experian and TransUnion credit files. Lenders use many different credit scoring systems‚ and the scores you receive with Identity Guard are not the same scores used by lenders to evaluate your credit."

FAKO, not worth beans, and certainly not worht paying money for. Get your true FICO scores from here.
Well thats good to know. I'l have to look into MyFico to see if they have a monthly service. Thanks again that is really helpful.

Yes, you want the 3 bureau credit monitoring.

Re: Credit Monitoring Question

LifeSAVERS — Thu, 04 Jun 2015 01:46:45 GMT

I agree with NormanFH, I have ran EX Free Credit Report (now Direct) and TR monitoring along with MyFico standard. I am now just using MyFico 3 credit bureau monitoring and it works great. If you decide to go with them, be sure and get the App. I get email alerts, however, it is nice to just use my thumb id on my iphone to open myFico's App and there it is!

Re: Credit Monitoring Question

fabrownii — Thu, 04 Jun 2015 11:16:56 GMT

I signed up the other night. Thanks.

Re: Credit Monitoring Question

crrredit — Thu, 04 Jun 2015 12:43:47 GMT

I have the 3-bureau monitoring as well, and I like it. But I wish we could get credit reports more often. Credit Karma doesn't give you real FICO scores, but you get two of your credit reports updated every week. So those two combined only leaves Experian's report as something you only see twice a year (I'm including the one free report you receive once a year at annualcreditreport.com.

Re: Credit Monitoring Question

Anonymous — Thu, 04 Jun 2015 22:07:04 GMT

While I'd like to recommend MyFICO for monitoring, it has two major weaknesses:

1. Only one set of credit reports per year. Very limiting, and much can happen in a year.

2. Scores update based on triggers instead of on a regular basis. Many events won't trigger an alert; leads to much confusion. Also, chances of a trigger being severely delayed or missed entirely.

CreditCheckTotal.com (CCT) operated by Experian recently re-launched and now offers much the same service MyFICO does with full report pulls with real FICO 8 scores updates 3X per month plus daily monitoring. Fantastic and works great for many, including myself...

Costs a bit more than what you're paying now, and only shows FICO 8 scores. Generally, this is sufficient for monitoring, but for one taking out a mortgage soon or getting a car loan, the MyFICO 3 Bureau service provides a bunch of other FICO scores one time only (they don't update) upon signup. Some sign up with MyFICO for a month or so to get their reports and other FICOs, then cancel and resubscribe again (another option is buying more reports, but even at 20% or whatever off, can add up) and/or use another monitoring service, such as CCT.