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Should I sign up with myFico? or Stay with equifax?

csam18
Visitor

Should I sign up with myFico? or Stay with equifax?

I'm a bit confused here. I had monitoring and score plans through truecredit and equifax. After reading a bit about FICO vs FAKO scores, I decided to cancel my truecredit plan (which was a pain in the a$$ since the sales guy would just not get it). So here I am now on myFICO and I seem to see a lot here about how myfico monitors my equifax score.. so why would I sign up through myfico to monitor my score / credit vs just staying with equifax? I would greatly appreciate it if someone shed some light on this for me, thanks!

Message 1 of 7
6 REPLIES 6
MarineVietVet
Moderator Emeritus

Re: Should I sign up with myFico? or Stay with equifax?

 


@csam18 wrote:

I'm a bit confused here. I had monitoring and score plans through truecredit and equifax. After reading a bit about FICO vs FAKO scores, I decided to cancel my truecredit plan (which was a pain in the a$$ since the sales guy would just not get it). So here I am now on myFICO and I seem to see a lot here about how myfico monitors my equifax score.. so why would I sign up through myfico to monitor my score / credit vs just staying with equifax? I would greatly appreciate it if someone shed some light on this for me, thanks!


 

Hi and welcome to myFICO.

 

I don't know a lot about monitoring services but I do know that Score Watch which is available here will give you a true Equifax FICO credit score and FICO Quarterly Monitoring will give you a true Transunion FICO credit score.

 

NONE of the scores you get at True Credit are FICO scores. Neither are the scores offered with the new Equifax Complete product.

 

I'll let others give you more details on credit monitoring through myFICO.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


Message 2 of 7
GregB
Valued Contributor

Re: Should I sign up with myFico? or Stay with equifax?

While some may be worse than others, I think you will find that the "sales guys" at almost any consumer service are trained to keep customers.

 

I'm not familiar with credit monitoring through Equifax. If they are giving you reports that are FICO reports (with the seal), then the reports should be the same. If they are giving you a score that is not a FICO, then the data should be the same since Scorewatch uses EQ data.

Message 3 of 7
haulingthescoreup
Moderator Emerita

Re: Should I sign up with myFico? or Stay with equifax?

 


@csam18 wrote:

I'm a bit confused here. I had monitoring and score plans through truecredit and equifax. After reading a bit about FICO vs FAKO scores, I decided to cancel my truecredit plan (which was a pain in the a$$ since the sales guy would just not get it). So here I am now on myFICO and I seem to see a lot here about how myfico monitors my equifax score.. so why would I sign up through myfico to monitor my score / credit vs just staying with equifax? I would greatly appreciate it if someone shed some light on this for me, thanks!


 

Scorewatch is a joint project between Equifax and FICO for monitoring EQ FICO scores and changes on one's Equifax report. It can be purchased on either the myFICO site or on the Equifax site.

 

Equifax has recently started offering a 3-in-1 monitoring service for all three reports, and alas, it's offering FAKO's, including on the Equifax report.

 

There's really nothing wrong with these other 3-in-1 services to follow changes in reports. Just because the scores are FAKO's, that doesn't mean that the reports can't be useful. (Although most don't truly update in real time.) You just have to learn to ignore their scores, which are FAKO's, and any advice they give, which is derived from their FAKO scoring formulas and often contradicts what is good for your FICO's.

 

 

eta: I meant to mention that Equifax also has something called Credit Watch Gold, which allows you to pull a full EQ report every day, if you're crazy enough to do so. It's great for monitoring your EQ report, but it doesn't give you your EQ FICO score, at least not on a recurring basis. There's also a version that comes with access to TU and EX reports, but I think you can only pull them once a year or something, unless you want to pay extra.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 4 of 7
csam18
Visitor

Re: Should I sign up with myFico? or Stay with equifax?

Right now I have EQ's Complete for $14.95 a month. I remember speaking to the customer service guy at EQ and he was telling me how they no longer utilize FICO? Said something about how they now use a "risk rating" calculation when providing lenders with scores. If the FICO score is what's looked at by lenders, shouldn't I purchase something that gives me my actual FICO score?

Message 5 of 7
csam18
Visitor

Re: Should I sign up with myFico? or Stay with equifax?

Actually, it doesn't even look like EQ offers Score Power anymore.

Message 6 of 7
MarineVietVet
Moderator Emeritus

Re: Should I sign up with myFico? or Stay with equifax?

 


@csam18 wrote:

Right now I have EQ's Complete for $14.95 a month. I remember speaking to the customer service guy at EQ and he was telling me how they no longer utilize FICO? Said something about how they now use a "risk rating" calculation when providing lenders with scores. If the FICO score is what's looked at by lenders, shouldn't I purchase something that gives me my actual FICO score?


I mentioned in my first post that Equifax Complete does not include true FICO scores and now the CSR at Equifax confirmed it.

 

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


Message 7 of 7
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