myFICO 3 Bureau Credit Monitoring

[Anonymous]

Hello! I'm new to the forum. I'm hoping someone can answer a few questions about the myFICO monthly subscriptions that are available.  

First,  when reading the description, I get the feeling this is for unlimited tracking (or at least daily) of my FICO scores and all 3 credit reports.  When I add the monthly "3 bureau credit monitoring" or "identity ultimate" to my cart.  What concerns me is the descrition (see the cut/paste below).  Do I really only get "one" credit report per year?  Isn't that contradicted when it says "monitoring" of your credit report?  How can I monitor it if I only get a yearly report?  So, someone please tell me. What do I get?  I want to see my FICO scores on a regular basis, at least 2-3 times a month, as I try to improve my reduce debt and improve my score.  I think being able to actually see my score increase on a regular basis would be highly motivating.  My second question, I would also like to keep track of my wifes scores since the ultimate goal will be to get a home mortgage.  It looks like eliminateIDtheft has the best deal for married couples, but I don't think they provide a true FICO score. I've read some posts here on the forum. It sounds like myFICO, in the past, has tried to discourage people from cancelling service by reducing their monthly rate.  Has anyone had success calling them and negotiating the cost for a couple.  $50 a month for the 2 of us is pretty steep!

FICO® Identity Ultimate
Includes:

FICO® Score 8 from each of the 3 bureaus; one 3-bureau credit report per subscription year; monitoring of your 3-bureau credit report and tracking of FICO Score 8 from all 3 bureaus; and additional FICO® Score versions based on Equifax and Experian data with your 3-bureau credit report.

[JayPaulM29]

Hi, I'm fairly new here too. With the package, you get daily score updates or receive alerts when there's activity to your credit report. Now as far as the actual report, you can request them as much as you want, at a cost $15.97 a piece. 

I received a 30 pt increase on Transunion, saw the increase on myfico but there was no detail as to why. I purchased my TU report and saw that a collection was removed. 

[App_Addict]

You get the initial credit reports from all 3 with score and then as noted your reports will be monitored for changes which will trigger an alert and they will report.  When a change has been detected your score will be updated with any change that has occurred.  After 12 months you get an updated 3 Bureau Credit Report as part of your subscription.  As noted if you want an additional report prior to you would need to pay for at a 30% savings.  

[Anonymous]

It alerts you of changes in your report and as your score changes, but you don't get a fresh report more than once per year without paying extra

[bradlin]

The reports need to be bought and they try to get you to buy it because the simulator works only off the reports you bought. So even if it shows a change in your score the simulator will not be accurate. Now the simulator may only be for educational purposes on most sites but these guys created the score so maybe it is accurate?

It is useful in that you get real fico scores updated daily for a price you couldn't before - you had to buy the reports. They seemed to have very recently fixed issues with EX updates and now apparently are offering specialized fico scores like bankcard and auto when you buy a report. So I'm waiting for all my creditors to report February and then buy another round of reports to look at those. This gets expensive but what can you do?

Also the reports are not fully detailed. For example the date of last update is not given nor is any payment data more than 24 months ago. Even free credit karma reports give you that. And no information on SPs like you get if you buy from the CRA. So for reports it's not useful as I believe you get more comprehensive data for less money buying from the CRAs however it seems you are paying for the scoring mostly.

[Anonymous]

Thanks for the responses.  OK then, you get an alert when there are changes.  So, when you login to your myFICO account online or the myFICO app are the reported FICO scores for all 3 bureaus always as up to date as possible?  Or, does myFICO only update these scores a couple times a month or so?

[bradlin]

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@Anonymous wrote:

Thanks for the responses.  OK then, you get an alert when there are changes.  So, when you login to your myFICO account online or the myFICO app are the reported FICO scores for all 3 bureaus always as up to date as possible?  Or, does myFICO only update these scores a couple times a month or so?

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It's not myfico that determines the update frequency but rather the OCs reporting and the CRAs reflecting that. I know my student loans update on the last day of the month but the CRAs have not yet reported the Feb 28th update. myfico will email you as soon as a change occurs in certain areas. Like it reports any changes to revolving balances but does not alert you for balance changes on student loans. In fact I get an email plus a push notification through the iphone app. It's a good service and better than just buying the reports - you will be stuck for the 3 month minimum as they want their $60 to give you that first "free" report. Otherwise people would game the system and pay $20 for a $60 product and cancel. This way you get the report at the regular cost and get 3 months score updates. Just put a reminder on which day you should cancel if you don't want long term monitoring.

[Anonymous]

Thanks for the comments. I think I have one last question. After you get the original credit reports and FICO scores, are all FICO scores "simulated" or are they actual real time FICO scores?

I have discovered from this forum that I can get a free monthly updated Equifax FICO 8 score on my CitiBank CC website. If myFICO only offers simulated FICO scores after the once a year full credit report, I might just go with USAA's monthly service which provides a full credit report from all 3 every month.

I dunno! myFICO, USAA, EIDT, Credit Karma. Credt Sesame, etc, etc. So many options! What's the overall consensus around here? What's the most accurate way of monitoring your credit reports/scores without breaking the bank? Lol, isn't that what we are trying to avoid... breaking the bank...

[racer-x]

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@Anonymous wrote:
Thanks for the comments. I think I have one last question. After you get the original credit reports and FICO scores, are all FICO scores "simulated" or are they actual real time FICO scores?

I have discovered from this forum that I can get a free monthly updated Equifax FICO 8 score on my CitiBank CC website. If myFICO only offers simulated FICO scores after the once a year full credit report, I might just go with USAA's monthly service which provides a full credit report from all 3 every month.

I dunno! myFICO, USAA, EIDT, Credit Karma. Credt Sesame, etc, etc. So many options! What's the overall consensus around here? What's the most accurate way of monitoring your credit reports/scores without breaking the bank? Lol, isn't that what we are trying to avoid... breaking the bank...

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The FICO scores on myfico are not simulated after you buy the original report(s).  When the scores update, they are 'real'.

I'm pretty sure what USAA offers isn't real FICO scores, just an enhanced version. 

CITI, DCU, Walmart, Discover and others, give actual FICO scores.

As far as you not knowing what to buy/subscribe to, I hear ya.  My solution is to use them all.

I really like experian.experiandirect.  They offer the FICO score. It is spot on my myFICO EX 08 score.  Unlimited daily pulls, alerts, etc...I think I pay $19.95/mo.

With myFico 'monitoring', you may get alerts showing a score change, but you may not know why, which in itself may pursuade you to buy a new report just so you can see for yourself why your score may have changed......sketchy?  maybe.

I had a 30 pt increase 'alert' and it stated..."your Fico score has increased by 30 pts."....lol, with no explanation.

As more and more credit monitoring services and credit card companies offer either paid for or free FICO scores, myFICO is losing its relevance.

[takeshi74]

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@Anonymous wrote:
Thanks for the comments. I think I have one last question. After you get the original credit reports and FICO scores, are all FICO scores "simulated" or are they actual real time FICO scores?

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They are FICO 8 scores.  Make sure you understand that there isn't just one "real" FICO score and that creditors use a number of different FICO models that can produce different results.  See also the Understanding FICO Scoring subforum, its stickies and prior discussion on scores.

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@Anonymous wrote:
What's the overall consensus around here? 

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Consensus is irrelevant.  You need to find the solution(s) that works the best for what you're specifically looking for.  If you want all three FICO 8 scores from one source then you have to use myFICO.  If you want daily pulls of your reports then you'll need to use another CMS that offers daily pulls.  I recommend focusing on the data in your reports versus specific numbers.  If you haven't read this then start here:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

FICO 8 scores are only meaningful if you're applying to creditors that use that specific model.

I get scores via Discover, FNBO and PenFed but I don't really monitor them.  I don't rely on daily pulls.  I use my free annual pulls and CK to monitor my TU and EQ reports.  Again, you have to figure out what works for you.