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CRA Reporting VS. myFICO Reporting

Community Leader
Super Contributor

Re: CRA Reporting VS. myFICO Reporting

You can read up on the product you have purchased here:

 

https://www1.myfico.com/products/fico-scores-credit-monitoring

 

You will see that myFICO offers a version that costs $40/mo and one that costs $30/mo.  The $40 gets you a 3B report monthly; the $30 package gets you that report quarterly.

 

You will also see that the only score that gets updated outside of the monthly or quarterly report is the FICO 8 Classic score.

 

Just as an FYI, many people opt not to pay the $480 or $360 per year for reports and scores.  Reports can be obtained at least monthly and often weekly for free.  And there are free options for FICO 8 scores (or nearly free, such as Credit Check Total which costs a buck).

Message 11 of 19
Established Contributor

Re: CRA Reporting VS. myFICO Reporting


@Atmos_7 wrote:

 

My 3B reports are every 3 months but I do get scores and alert adjustments daily, though.


Nothing except the three FICO 8 scores will change until a new report (quarterly/monthly/paid) is pulled.

 

The alerts and score updates only trigger on specific things (different for each CRA, see https://www.myfico.com/Include/Store/Legal/FAQAlertMatrix for the details).

 

Deletion of anything (negative or postive) on your report is not one of the triggering items, so just the removal of those collections will not have even triggered a FICO 8 score update.  The next triggering event for each CRA (balance/limit change, inquiry, etc) will include the removal of the collections in the updated score, though. (Also remember: the trigger for an alert is not necessarily the reason for a score change. It's just the event that caused the monitoring software to display the current score.)

 

If you've verified through other methods (free Experian, CreditKarma, etc), that the collections are gone from all CRAs, go ahead and pull an updated 3-B report if you want to see a full set of scores with the updated data. (Only if you need updated mortgage scores, or are just really curious, though - the cost can add up if you keep doing that!)

 

EQ8:843 TU8:840 EX8:850 EQ9:850 TU9:850 EX9:850 EQ5:774 TU4:791 EX2:809 - 2018-11-07
Message 12 of 19
New Contributor

Re: CRA Reporting VS. myFICO Reporting

Right on. Thanks for all the additional information guys! Since March is a ways away in terms of the updates I really want to see before then, I'm most likely going to buy another report the one time so I can get a clearer picture what my FICO profile looks like.

 

Thanks, Pika and everyone for the responses!

 

Smiley Happy

Message 13 of 19
Valued Contributor

Re: CRA Reporting VS. myFICO Reporting


@Atmos_7 wrote:

Right on. Thanks for all the additional information guys! Since March is a ways away in terms of the updates I really want to see before then, I'm most likely going to buy another report the one time so I can get a clearer picture what my FICO profile looks like.

 

Thanks, Pika and everyone for the responses!

 

Smiley Happy


Please update with what you find, when you do it.

I'm invested now. LOL

 

Thanks IV for explaining it so succinctly.. 

My garbled, disjointed mess even confused me. 0000whew.gif


Message 14 of 19
New Contributor

Re: CRA Reporting VS. myFICO Reporting

Pika~

 

If you ever get to a point where you feel like your forum-ese might require an international translator, give Grammarly a shot. 

 

Smiley Tongue Smiley Tongue Smiley Tongue

Message 15 of 19
Valued Member

Re: CRA Reporting VS. myFICO Reporting

The scores are most certainly not updated each time you open the app. FICO 08 Scores are updated upon alertable events as stated by the other members. If you purchase a new report, it will cause a refresh of all scores, including the FICO 08 scores. Scores are routinely updated WHEN the CRAs push info to MyFICO. It is NOT in real time and maybe 48 hours or more delayed. But,if you purchase a report, all scores are refreshed as of that moment in time.
I was actually waiting the other day until I verified through CK that a payment had been reported to the CRAs. This was a decent payment and I knew it would cause attend a 10-15 point increase. The payment had been reported (per CK), but MyFICO did not report any score change.
I ordered my new report, which I had waited a week to get my quarterly update, and when I pulled it, all my scores updated including my FICO 08s.
Hopefully I have given all accurate information. If not, more experienced members please correct me.
Bank: Retail cards : Installment (EQ only):

Payment History=100%; Utilization=under 10%; AAoA=6,5,5(EQ,TU,EX), AooA=44; Newest=under 6mo, Inq=4,2,6(EQ,TU,EX); No Baddies.
Message 16 of 19
New Contributor

Re: CRA Reporting VS. myFICO Reporting


@Birdman7 wrote:
The scores are most certainly not updated each time you open the app. FICO 08 Scores are updated upon alertable events as stated by the other members. If you purchase a new report, it will cause a refresh of all scores, including the FICO 08 scores. Scores are routinely updated WHEN the CRAs push info to MyFICO. It is NOT in real time and maybe 48 hours or more delayed. But,if you purchase a report, all scores are refreshed as of that moment in time.
I was actually waiting the other day until I verified through CK that a payment had been reported to the CRAs. This was a decent payment and I knew it would cause attend a 10-15 point increase. The payment had been reported (per CK), but MyFICO did not report any score change.
I ordered my new report, which I had waited a week to get my quarterly update, and when I pulled it, all my scores updated including my FICO 08s.
Hopefully I have given all accurate information. If not, more experienced members please correct me.

Thanks for posting your experiences with this. I still haven't purchased another report as of yet. My subscription isn't supposed to give me another one until March but I'm really interested in seeing an updated FICO profile before then.

Message 17 of 19
Valued Member

Re: CRA Reporting VS. myFICO Reporting

Well you have that option, but keep in mind when your quarterly report is due, you don’t have to take it on that day. You can wait and strategically pull it at a later date. you might also consider changing to the monthly report update to see it refreshed more often.
Bank: Retail cards : Installment (EQ only):

Payment History=100%; Utilization=under 10%; AAoA=6,5,5(EQ,TU,EX), AooA=44; Newest=under 6mo, Inq=4,2,6(EQ,TU,EX); No Baddies.
Message 18 of 19
Valued Member

Re: CRA Reporting VS. myFICO Reporting

Something I learned that I want to share with everybody, you may already know. Before I pulled my new reports I waited until the date that I knew an inquiry would drop off my MF report . In other words the MF reports only show inquiries from the last 12 months because those are the only ones that affect your score, so I waited until 12 months had passed from a particular inquiry. Well I should’ve waited 12 months and and a full day, because it was still showing. For example if the inquiry was on January 5 of 2018, I waited until January 5 of 2019 to pull a new report, but yet it still showed the inquiry and presumably still affected the scores. (Those are not the actual dates, so I got a couple more days to wait and see if my score changes anywhere else to know whether or not it actually affected the scores.) UPDATE:
After speaking with customer service, the actual date and time of inquiries log at the bureaus. Consequently, had I pulled in an hour or two later it would not have shown depending on the time the inquiry was entered on that date a year ago. So my advice is to wait a full 24 hours after the anniversary of the inquiry to avoid it showing on your MF report.
Bank: Retail cards : Installment (EQ only):

Payment History=100%; Utilization=under 10%; AAoA=6,5,5(EQ,TU,EX), AooA=44; Newest=under 6mo, Inq=4,2,6(EQ,TU,EX); No Baddies.
Message 19 of 19