topic Re: Myfico Not Accurate? in General Credit Topics

Myfico Not Accurate?

BlkQueen — Sun, 16 Oct 2016 01:46:53 GMT

My credit card reports to the credit bureaus 9/26 (every 26th of the month) I subscribed to myfico.com 10/4, but it still reflects the balance from the previous statement. I'm confused, and it hasnt changed even with the alerts. What can I do? I already emailed support

Re: Myfico Not Accurate?

Anonymous — Sun, 16 Oct 2016 18:19:15 GMT

While alerts update every time there is a change in your credit file your credit report only updates once every three months.

Re: Myfico Not Accurate?

Revelate — Sun, 16 Oct 2016 22:38:46 GMT

Two delays. 10 days honestly it might not be reflected in EQ's dataset, let alone triggered the EQ monitoring solution.

Statements get inserted via batch processes and sometimes there's a delay of around two weeks in my experience; the date that gets inserted will be the date the lender reported the update, but when it's actually reflected in the bureau's dataset, can vary wildly.

It sorta sucks but not much to see here most likely; EQ balance changes are actually one of the best tracked things here at MF historically.

Re: Myfico Not Accurate?

BlkQueen — Mon, 17 Oct 2016 00:00:48 GMT

It's been more than 10 days though. I still haven't gotten any updates as far as my utilization. Which is annoying. I also just got a collection removed and I'm not sure when that'll update. when I had cct it updated regularly. I feel like I wasted my money

Re: Myfico Not Accurate?

Revelate — Mon, 17 Oct 2016 00:45:46 GMT

@BlkQueen wrote:
It's been more than 10 days though. I still haven't gotten any updates as far as my utilization. Which is annoying. I also just got a collection removed and I'm not sure when that'll update. when I had cct it updated regularly. I feel like I wasted my money

I can empathize.

It can take up to two weeks though that is an extreme case in my experience. I'd sanity check CK or similar for piece of mind, sometimes updates get lost or similar, I know I've had some tradelines skip a month.

Yeah CCT vs. MF are pretty analogous though they developed differently, but hardly anyone's solution tracks deletions unless they do a full pull. In MF's case, just speaking historically, they were using the bureau's OEM monitoring solution; unfortunately these were originally written for the lenders who only cared about when something was added to the report, not when something was deleted. As a result there's some gaps which over time MF (and others) have been addressing with more frequent pulls.

My view of the credit monitoring industry anyway.

Re: Myfico Not Accurate?

BlkQueen — Mon, 17 Oct 2016 00:48:49 GMT

Tomorrow will make it 3 weeks. I originally got mf so I could monitor my mortgage scores, I emailed them but they haven't been much help, I guess I'll try again

Re: Myfico Not Accurate?

Revelate — Mon, 17 Oct 2016 01:01:07 GMT

@BlkQueen wrote:
Tomorrow will make it 3 weeks. I originally got mf so I could monitor my mortgage scores, I emailed them but they haven't been much help, I guess I'll try again

Yah wierd, check Credit Karma or one of the other free report sites and see if the update was made correctly. If it was it's certainly an issue for product support.

Re: Myfico Not Accurate?

iv — Sat, 22 Oct 2016 23:05:09 GMT

@BlkQueen wrote:
Tomorrow will make it 3 weeks. I originally got mf so I could monitor my mortgage scores, I emailed them but they haven't been much help, I guess I'll try again

Just be aware the the mortgage scores are not what the MyFICO monitoring subscription actually monitors.

The monitoring is only for FICO 8 scores... you only get updates to the mortgage (and other) scores when you pull a full new report, either as a one-time paid report+scores, quarterly with Ultimate, or monthly with Premier.

It would be nice if an actual mortgage-score monitoring service was available... but sadly, it's not.