topic Re: myFICO quarterly report? in General Credit Topics

myFICO quarterly report?

Anonymous — Thu, 09 Feb 2017 16:19:37 GMT

I'm looking to monitor my credit reports and score. I noticed that the reports are updates every 3 months, just curious on why they aren't updated more often. As for the scores, should I take them with a grain of salt vs literally? Thanks in advance!

Offtopic from my title, is myFICO better to use than one of the 3 bureaus that offer 3-bureau monitoring?

Re: myFICO quarterly report?

Anonymous — Thu, 09 Feb 2017 18:15:17 GMT

One is updated monthly but the 3B is quarterly. The quarterly will show you all 3 bureaus in addition to additional scores that are used for auto, mortgage, etc.

These scores, as far as I have seen, are on the money. No salt.

Re: myFICO quarterly report?

DeeBee78 — Thu, 09 Feb 2017 18:19:53 GMT

@Anonymous wrote:
I'm looking to monitor my credit reports and score. I noticed that the reports are updates every 3 months, just curious on why they aren't updated more often. As for the scores, should I take them with a grain of salt vs literally? Thanks in advance!

Offtopic from my title, is myFICO better to use than one of the 3 bureaus that offer 3-bureau monitoring?

The reports are only updated quarterly, but with the subscription you get alerts when something in your reports has changed, and any score changes that come with it.

MyFICO is the consumer divisiion of FICO, so the scores are 100% accurate. Honestly, I wish they would update the 3B report monthly, since it costs them nothing to do so.

Re: myFICO quarterly report?

iv — Thu, 09 Feb 2017 20:03:52 GMT

@DeeBee78 wrote:
Honestly, I wish they would update the 3B report monthly, since it costs them nothing to do so.

Not sure why you'd think it costs them nothing? They certainly get very, very, good rates, but the CRAs don't give them either the reports or the alerts for free. And while FICO designed and licenses the scoring models, MyFICO still needs to pay the CRAs for each pull and score calcuation.

In any case, monthly is an option with MyFICO - you can either do the $19.95/month Essentials 1B (Equifax-only, monthly), or $29.95/month Premier 3B (all three, monthly, had been $39.95 earlier). It's just Ultimate 3B that's quarterly (and given that the price for Ultimate and Premier appear to be the same now, I assume that monthly might become "standard" soon.)

(I guess I should call and ask for a price adjustment, since I paid the higher initial yearly price for Premier when the monthly was $39.95...)

Re: myFICO quarterly report?

DeeBee78 — Thu, 09 Feb 2017 23:58:44 GMT

@iv wrote:
@DeeBee78 wrote:
Honestly, I wish they would update the 3B report monthly, since it costs them nothing to do so.

Not sure why you'd think it costs them nothing? They certainly get very, very, good rates, but the CRAs don't give them either the reports or the alerts for free. And while FICO designed and licenses the scoring models, MyFICO still needs to pay the CRAs for each pull and score calcuation.

In any case, monthly is an option with MyFICO - you can either do the $19.95/month Essentials 1B (Equifax-only, monthly), or $29.95/month Premier 3B (all three, monthly, had been $39.95 earlier). It's just Ultimate 3B that's quarterly (and given that the price for Ultimate and Premier appear to be the same now, I assume that monthly might become "standard" soon.)

(I guess I should call and ask for a price adjustment, since I paid the higher initial yearly price for Premier when the monthly was $39.95...)

I'd be intersted to know how much MyFICO pays for reports, when other companies like CreditKarma get EQ and TU weekly, for free and Credit.com gets EX monthly for free... So yes, I believe it doesn't cost them anything, or next to anything.

Also, without posting a direct link to it, how can someone see the Premier 3B product offered? It's not advertised anywhere, including the product comparison page that supposedly lists all products. I would rather have that product that the Ultimate 3B I'm getting now, and will be calling customer service to get switched over.

Edit: Spoke to Customer Service- Premier 3B is not advertised right now, as they are still making changes to it. However you are welcome to sign up for it using the direct link. I just cancelled my Ultimate 3B (which is good until 2/21/17) and will sign up for the Premier 3B when my current subscription expires.

Re: myFICO quarterly report?

SouthJamaica — Thu, 09 Feb 2017 21:28:51 GMT

@Anonymous wrote:
I'm looking to monitor my credit reports and score. I noticed that the reports are updates every 3 months, just curious on why they aren't updated more often. As for the scores, should I take them with a grain of salt vs literally? Thanks in advance!

Offtopic from my title, is myFICO better to use than one of the 3 bureaus that offer 3-bureau monitoring?

IMHO MyFICO is the gold standard for getting a full picture of all of your key FICO scores.

MyFICO offers a premium product that gives you monthly updates.

In Experian.com, transunion.com, and equifax.com, you can update your credit report whenever you want to, but only experian.com offers FICO score (FICO 8).
In Credit Karma you can get your TU & EQ reports (but not FICO scores) for free on a weekly basis.

Re: myFICO quarterly report?

iv — Fri, 10 Feb 2017 01:08:15 GMT

@DeeBee78 wrote:
I'd be intersted to know how much MyFICO pays for reports, when other companies like CreditKarma get EQ and TU weekly, for free and Credit.com gets EX monthly for free... So yes, I believe it doesn't cost them anything, or next to anything.

CreditKarma and Credit.com DON'T get their reports for free.

They just make their money from selling YOU to their advertisers...

That's how that whole business model works - they get paid to run ads (that people "interested in credit" see), and get paid more if anyone actually applies using the links from those ads.

TANSTAAFL.

As a rough guess, CK/etc probably pay somewhere in the range of 25c to $2 per pull (with VantageScores).

Very cheap per pull, but it adds up (there's a reason CK doesn't do daily pulls for free anymore!)

@DeeBee78 wrote:
Also, without posting a direct link to it, how can someone see the Premier 3B product offered? It's not advertised anywhere, including the product comparison page that supposedly lists all products. I would rather have that product that the Ultimate 3B I'm getting now, and will be calling customer service to get switched over.

As you found out from customer service, it's "in beta", basically.

There is a "new" comparison page here: http://www.myfico.com/Products/Productsa.aspx - scroll down past the first screen to see the side-by-side comparison on Essentials/Ultimate/Premier (with the old, higher price still listed...)

Re: myFICO quarterly report?

DeeBee78 — Fri, 10 Feb 2017 02:35:47 GMT

@iv wrote:
@DeeBee78 wrote:
I'd be intersted to know how much MyFICO pays for reports, when other companies like CreditKarma get EQ and TU weekly, for free and Credit.com gets EX monthly for free... So yes, I believe it doesn't cost them anything, or next to anything.
CreditKarma and Credit.com DON'T get their reports for free.
They just make their money from selling YOU to their advertisers...
That's how that whole business model works - they get paid to run ads (that people "interested in credit" see), and get paid more if anyone actually applies using the links from those ads.
TANSTAAFL.
As a rough guess, CK/etc probably pay somewhere in the range of 25c to $2 per pull (with VantageScores).
Very cheap per pull, but it adds up (there's a reason CK doesn't do daily pulls for free anymore!)

MyFICO isn't any different in this regard - similar ads across the top of every page.