topic Re: Cancelling Membership-This is not a good service in myFICO® Product Feedback

Cancelling Membership-This is not a good service

Anonymous — Mon, 09 Apr 2007 16:57:21 GMT

What is the point of paying for this service when it does not work?

No alerts when balances and credit scores change! Why?

Cant update credit score at my convenience without paying? Why do I have to pay everytime I want to check my score? shouldnt this be included in my membership fees?

There are other sights out there that charge a monthly or yearly membership fee and allow you to check your score at your discretion without further charges.

Why are my scores from this website so much different that the scores I get from the Trans Union and Experian? It is a big difference. 693 vs. 621. HELLO!

The score you get here is accurate. The scores you get t...

Anonymous — Mon, 09 Apr 2007 19:41:53 GMT

The score you get here is accurate. The scores you get through TrueCredit are not...but I agree with you on the rest. I won't be renewing after my trial is over.

My trial is ending, and I too will be cancelling. I also...

Anonymous — Mon, 09 Apr 2007 22:37:04 GMT

My trial is ending, and I too will be cancelling. I also use TransUnions' TrueCredit. At this Walmart link, you can get TC for $11.21 a month. Bit of a monthly savings.

https://www.truecredit.com/products/optimizedOrder.jsp?versionID=0&package=TriBureauCMU&formName=freeTriBureauCMUChoice&cb=WalMart

Scores you get from TransUnion and other bureaus aren't true FICO scores. Some call them FAKO scores. However, they aren't useless. When your FAKOs change significantly, then it becomes worthwhile to pull your FICO scores from MyFico.

Re: Cancelling Membership-This is not a good service

Anonymous — Thu, 12 Apr 2007 17:42:04 GMT

Update 4/12/07

I received an actual Score Watch Alert via email today. It notified me that one of my credit card balances increased over 20% (roughly $1800 to over $2200). While true, it increased 14-17 days ago making this alert obsolete. Why does it take so long to get an Alert about it?

In addition, I paid off over 90% of the balance on this same card on Friday 3/30/07 ($2200). On Wednesday 4/11/06 I paid off the remaining balance in total (200).

So by MYFICO's standards I should be getting 2 further emails. The next one on about 4/14-4/17 stating that this credit card balance decreased by over 90%. And on about 4/25-4/28 I should get a third and final email stating that this credit card balance decreased 100% and has a $0 balance.

I do believe MYFICO presents their service to be a timely and accurate service do they not? I find this service totally deficient. 10-14 days for a credit alert is horrible!

I will keep this thread updated as the remaining alerts arrive so that YOU, my fellow paying customers, can see what kind of service we are PAYING for.

Re: Cancelling Membership-This is not a good service

Anonymous — Thu, 12 Apr 2007 21:11:26 GMT

You have to keep in mind how credit balance data flows. The credit reporting agencies do not have access to realtime data re your card balances.

The credit card companies usually only report your balance to the credit bureaus once a month. So if the reporting date is on the 25th, and you pay off a balance or charge up a balance on the 1st, you probably won't get an alert until the end of the month.

The myFICO isn't intended to be a realtime or near realtime monitoring or your credit card activity. If that's what you're interested in, your should contact your credit card company and see if there is an alert function available there. myFICO's alerts can only be as timely as the data your credit card company provides to the credit reporting agencies.

Having said all that, it would be nice if there was an alert for a balance decrease as well as increase; that would help users gain a better idea of when a score increase is due to a utilization decrease.

Re: Cancelling Membership-This is not a good service

Anonymous — Fri, 13 Apr 2007 15:39:45 GMT

fsume93 I too wondered the same thing about the differences in the scores. I have done a little research and this is what I came up with. First off, FICO scores range from 300 to 850 and Vantage range from 500 to 990-- big difference. Now if you have a 623 on your FICO and a 673 on your Vantage notice that on your fico you are closer to 700 (which is considered good for FICO), but Vantage you are closer to the bottom. A 700 on Vantage is only considered ok versus good on FICO. Another difference is the way they calculate. Now FICO, we know, uses 35,30,15,10,10. Now for Vantage their calculations are different, they use 32% payment, 23 utilization, 15 credit available, 13 length and depth, 10 recently opened credit, and 7 for something else (I forgot). Now if FICO used a grading system like Vantage a 720 would be considered a C or B- for Vantage, but in some cases an A in FICO. So just because your score is higher in Vantage it does not mean that it is better. Your goal on Vantage is supposed to be to get as close to 990 as possible, versus getting closer to 850 on FICO. If you ask me, I would rather try to get closer to 850 than 990 any day-- that is like a 140 point difference.

Re: Cancelling Membership-This is not a good service

Anonymous — Sat, 14 Apr 2007 03:07:38 GMT

I subscribed to MyFico on 3/13/07 and have received 3 alerts re Equifax score(1st no change, 2nd score down 8 points, 3rd score up 20 points). I also subscribe to Truecredit and Experian through consumerinfo.com. I noticed that Truecredit shows substantially lower scores for Equifax and Experian but I hope it is correct for TransUnion. I also now make 2 payments on each of my 3 credit cards per month on line. The first payment is right after the bill is received and I time the 2nd payment to hit 3 or 4 days before bill cut off and reporting date to credit bureaus. This brings my reported balance down to 10% - 25% of each credit limit.

Re: Cancelling Membership-This is not a good service

Anonymous — Tue, 17 Apr 2007 13:59:57 GMT

NewWorldMan,

I understand what you are talking about with credit flows but Myfico's own words on this website state very clearly that they give timely up to date info. The fact of the matter is what they are implying isnt even possible because of the nature of how creditors report your data (once a month).

Seems as though the 3 credit cards I have balances on all report about the same time every month so my score really wont change any other time of the month.

Re: Cancelling Membership-This is not a good service

Monya — Wed, 18 Apr 2007 03:36:16 GMT

I agree. It is VERY MISLEADING. I thought I could get regular updates at anytime. When I had the free trial, I was getting emailed alerts daily. After the trial was over and I PAID for it, I barely heard a thing! When I send in an emailed question, I get a "stock" answer. I am EXTREMELY disappointed. Customer service is horrible. I will not be renewing!

Re: Cancelling Membership-This is not a good service

yoreljm — Sat, 21 Apr 2007 05:42:33 GMT

It started off good then the alerts stopped. I thought is was strange, so I bought a full report. low and behold my score had fallen 22 points I did not get an alert. SO I was there thinking I had good credit when i actually did not! Apart from the fact that things are updated monthly, I'm disappointed because i did not get an alert even though my score changed.

Re: Cancelling Membership-This is not a good service

Monya — Sat, 21 Apr 2007 12:52:30 GMT

I totally agree! The alerts stopped! In the beginning, during the "FREE TRIAL" I received regular alerts, based on the settings I put in place. Boy, the regular alerts were great! Then when the free trial was over and I PAID for the service....I received practically nothing! And there was PLENTY of activity on my account to be reported! I just paid again for the scores...even though I thought the (approx.) 90.00 I paid was for a full year??? I have a question....my three scores vary greatly (by 25 points!) which one is actually used by creditors, or do they take an average of all three? I will be applying for a mortgage in about 2 months and I would like to know.

Oh, and one more beef I have ....I wrote a letter to customer service about a particular issue. I received a reply which was obviously some pre-written stock answer and it did not answer my question. I wrote again, telling them that the reply did not answer my question. Well guess what....I RECEIVED THAT VERY SAME EXACT PRE-WRITTEN STOCK ANSWER! So, I wrote again, expressing my dismay over these stock replies and that I wanted a HUMAN to answer my letter. NOTHING! They did not reply to that letter! I hope the "powers that be" are reading this...maybe some changes can be made. But probably not....these people probably believe they have a product/service that can not be duplicated anywhere and we have no choice but to accept the poor and misleading service!

Re: Cancelling Membership-This is not a good service

Anonymous — Mon, 23 Apr 2007 18:48:21 GMT

I cancelled my membership today. This is why: I have been paying every month for alerts, which have been showing my score going UP and UP and UP.. to a high of 776, at which time I finally decided to shop for a new car. One month later, no "alerts" but they are taking their monthly dues, and the car dealership tells me "Oh, your score is 670".. a full ONE HUNDRED points lower. But I have received NO alerts and done nothing different, so WHY would my score have dropped 100 points??

I called FICO Customer "Care" and was given some rude runaround about "scores are different" and lenders can use whatever they want, blahblahblah. I pulled an Experian report and it was not even close to 776.

I don't know where these people get their numbers, but IMHO, it is a true ripoff. Get a free credit report every year, stay on top of it and forget about FICO products. My report has NO late payments, Ever. No bankruptcy, EVER. No chargeoffs, etc., and good ratios.. I only owe a small amt on one card. As the dealership said: "Your credit is perfect.. we don't understand this score." Neither do I, and I'm tired of trying.

Stay on top of it, yes. But pay for it... NO !

Re: Cancelling Membership-This is not a good service

Tuscani — Mon, 23 Apr 2007 18:58:08 GMT

First off all, your auto scores are not the same as your score from myfico.com. Auto enhanced focuses on your auto loan history. I don't understand why there would be 100 pt difference if you have no derogs.

You said you pulled your EX.. except the monitoring only applies to your EQ report. Pull your EQ report. It should be what you expect.

Re: Cancelling Membership-This is not a good service

yoreljm — Tue, 24 Apr 2007 03:58:27 GMT

Monya wrote:
I totally agree! The alerts stopped! In the beginning, during the "FREE TRIAL" I received regular alerts, based on the settings I put in place. Boy, the regular alerts were great! Then when the free trial was over and I PAID for the service....I received practically nothing! And there was PLENTY of activity on my account to be reported! I just paid again for the scores...even though I thought the (approx.) 90.00 I paid was for a full year??? I have a question....my three scores vary greatly (by 25 points!) which one is actually used by creditors, or do they take an average of all three? I will be applying for a mortgage in about 2 months and I would like to know.
Oh, and one more beef I have ....I wrote a letter to customer service about a particular issue. I received a reply which was obviously some pre-written stock answer and it did not answer my question. I wrote again, telling them that the reply did not answer my question. Well guess what....I RECEIVED THAT VERY SAME EXACT PRE-WRITTEN STOCK ANSWER! So, I wrote again, expressing my dismay over these stock replies and that I wanted a HUMAN to answer my letter. NOTHING! They did not reply to that letter! I hope the "powers that be" are reading this...maybe some changes can be made. But probably not....these people probably believe they have a product/service that can not be duplicated anywhere and we have no choice but to accept the poor and misleading service!

I complained and they said (it just so happened) that the day i used my second free power score was the day my score changed, and that's why i did not get an alert... so to be nice, they gave me another free powerscore

Re: Cancelling Membership-This is not a good service

yoreljm — Wed, 25 Apr 2007 00:27:03 GMT

I pulled another report today and low and behold, my score had fallen from 622 to 607, and I had gotten no notification. I bet they are going to tell me that (it just so happened that) my score fell today; I if I had waited I would have been notified.

Re: Cancelling Membership-This is not a good service

Anonymous — Wed, 25 Apr 2007 17:18:39 GMT

Like others who have posted, I too am VERY disappointed in this service. To make matters worse, I CAN'T cancel untl I've paid three months! (I'm paying per month, instead of once per year). Here are just a few issues I have with this site:

1. myfico should have made it VERY clear to anyone signing up that you can't cancel this service for three months if you choose the pay-each-month option. Instead, it's buried in the fine print (I can only guess they're ashamed of it). Attention site owners: that is VERY unethical.

2. I ONLY saw my credit score change when I used one of the "free" scorepower reports, or had to BUY another one. I NEVER got an email that my score had changed.

3. The WHOLE PURPOSE of signing up for this service (for most people) is to be notified when their score changes, but it's 100% obvious that you have to PAY for a scorepower report to see these changes. This is the opposite of what myfico would lead you to believe.

4. I also called customer service about this issue, and they ALSO told me that my score "just happened" to have gone up on the day I requested a scorepower report, and that's the reason I didn't get an alert. Yeah, right. I just did another scorepower report this morning, and guess what? My score changed again ... and AGAIN I received no alert.

5. Finally, I can only conclude that this site is a borderline scam operation because I pay a monthly fee for a service I don't get, I have to pay extra to get what I thought I was getting in the first place, and I can't cancel this "service" until I've used it for three months.

AM I THE ONLY ONE SO UPSET ABOUT THIS?!

Re: Cancelling Membership-This is not a good service

Anonymous — Wed, 25 Apr 2007 17:33:00 GMT

sirpaul,

No you are not the only one. I am in the same boat as you. I am just so disgusted that I really havent felt compelled to write it out like you have. I am truly pissed off about this service.

I feel that Myfico is totally dishonest in their proclamation of what this service truly is. In no way, shape, or form do I see value in this service beyond the 2 free credit reports you obtain in the beginning. If Myfico was honest about what they really offer I wouldnt have room to complain. However, they totally state service which they can not deliver to their paying customers.

I repeat;

Myfico is advertising a service that they CAN NOT deliver.

In the next 3 days my credit cards should report to the credit agencies. It will be interesting to see how long, or if at all, Myfico takes to send me alerts about the changes in my balances and credit score (which is what initiated this whole thread).

Re: Cancelling Membership-This is not a good service

Anonymous — Thu, 26 Apr 2007 01:24:52 GMT

fsume93,

I share your disdain and dismay. MyFico should advertise their products for what they are and not more. If they wish to compete with 3-in-1 reports with daily pulls, then create it or get off the pot.

MyFico products aren't useless, just different from 3-in-1s. Stand on that which they are, or morph into that which they really want to be.

Re: Cancelling Membership-This is not a good service

MM1234 — Fri, 27 Apr 2007 02:36:04 GMT

Ive used the Score Watch since Dec 2006 and every month I get a notice that it was going up and up. So I go and buy all 3 scores monthly. ( to me its worth the few bucks monthly ). And MyFico is right on money with the Alerts. However this month I got an alert that there was NO Change. This sounds right cuz the past month I only paid the min on my cards.

I wonder if your Auto Loan guys Pulled your EX report. Or the one that was way off from the MyFicos. MyFICO only shows the EQ. report. I just skimmed the post but saw that part.

Still - I hope it all finally works out or the other services work out so we all can be in Perfect Sync. Personally I was gonna go over to TRUE CREDIT but once I truly found out that FICOs are the main scoreing system I stayed put. But I too would want to quit if I started getting no updates.

Re: Cancelling Membership-This is not a good service

MM1234 — Fri, 27 Apr 2007 14:34:25 GMT

Well heres a Follow up. I just ordered all 3 scores again and EQ and EX are the same but my TU dropped a few points due to a Biz Line of Credit Inquiry my biz opened in the company name. Actually they pulled my TU 2x in a week. Hmmm? Well I was approved so its worth the few points for me.

I didn't get an alert cause myFICO and TU are not connected so the only way to see this change is by ordering a new report. If my EQ would have changed I would expect to get an alert since MyFICO and EQ are partners.

Now if I ever see a change in my EQ that I wasnt sent an alert I would probably check with Customer Service.