FICO 3-Bureau Credit Monitoring Issues and Troubleshooting

[BUN]

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@Kelsey_H wrote:

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@oilcan12 wrote:

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@Kelsey_H wrote:

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@BluePoodle wrote:

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@Anonymous wrote:

I got the same alert on TU as Oilcan (first TU alert after 3 weeks), however mine came with an inquiry alert as well on TU.  Some bank called Farley Bank.  So I got nervous and was thinking identity theft, because the balance change was no where close to any balance I had, and because of the inquiry.  So i bought the 3 bureau credit report, wanting to double check.  Guess what.  Nothing of the kind there.  No inquiry from Farley Bank, no balance remotely close to the "balance change".  So I went to the TU site and got the report there as well.  Nope.  Nada.  Nothing there of the sort.

It was only after I logged on to Credit Karma that I noticed the "change in balance" was actually the sum of what I owe on every card I have.  I called to complain, because I want my money back on the 3 bureau report I purchased as a direct result of their alert.  Someone is supposed to call me back within 24 hours.

This really makes me wonder where they are actually pulling their information from.  Because it sure isn't TU.

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I just had the same thing happen to me. TU alert stating that I owe $5909 on credit card!  1) I don't own that or even have that limit on any of my cards. 2) I have not received alerts from any other places stating such.  There is not even a card or bank associated with the alert!  What a joke!

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The TU balance change alert (that our team has been working hard on implementing quickly and just launched this week!) provides the account balance change total for all of your credit card accounts. We will be updating the  Member Center copy for the alerts and the FAQS shortly. 

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Sounds like a welcome improvement. Will be looking forward to hearing the details.

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As noted above, we have added TransUnion account balance change alerts for our 3-bureau credit monitoring products! TransUnion balance change alerts are a little different as they alert on the total number of credit lines in that category - not on each card or credit line. Please check out the forums FAQs for a more detailed explanation: http://ficoforums.myfico.com/t5/myFICO-Product-Feedback/FICO-3-Bureau-Credit-Monitoring-Frequently-asked-questions/td-p/3410319

Frankly that makes no sense. Because of this I received an alert for a 47 point drop for a "bankcard" balance of 3,000!!! Credit Karma doesn't do this, and TU monitoring doesn't do this. This is very irritating.

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[heyarrnold]

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@BUN wrote:

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@Kelsey_H wrote:

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@oilcan12 wrote:

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@Kelsey_H wrote:

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@BluePoodle wrote:

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@Anonymous wrote:

I got the same alert on TU as Oilcan (first TU alert after 3 weeks), however mine came with an inquiry alert as well on TU.  Some bank called Farley Bank.  So I got nervous and was thinking identity theft, because the balance change was no where close to any balance I had, and because of the inquiry.  So i bought the 3 bureau credit report, wanting to double check.  Guess what.  Nothing of the kind there.  No inquiry from Farley Bank, no balance remotely close to the "balance change".  So I went to the TU site and got the report there as well.  Nope.  Nada.  Nothing there of the sort.

It was only after I logged on to Credit Karma that I noticed the "change in balance" was actually the sum of what I owe on every card I have.  I called to complain, because I want my money back on the 3 bureau report I purchased as a direct result of their alert.  Someone is supposed to call me back within 24 hours.

This really makes me wonder where they are actually pulling their information from.  Because it sure isn't TU.

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I just had the same thing happen to me. TU alert stating that I owe $5909 on credit card!  1) I don't own that or even have that limit on any of my cards. 2) I have not received alerts from any other places stating such.  There is not even a card or bank associated with the alert!  What a joke!

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The TU balance change alert (that our team has been working hard on implementing quickly and just launched this week!) provides the account balance change total for all of your credit card accounts. We will be updating the  Member Center copy for the alerts and the FAQS shortly. 

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Sounds like a welcome improvement. Will be looking forward to hearing the details.

---

As noted above, we have added TransUnion account balance change alerts for our 3-bureau credit monitoring products! TransUnion balance change alerts are a little different as they alert on the total number of credit lines in that category - not on each card or credit line. Please check out the forums FAQs for a more detailed explanation: http://ficoforums.myfico.com/t5/myFICO-Product-Feedback/FICO-3-Bureau-Credit-Monitoring-Frequently-asked-questions/td-p/3410319

Frankly that makes no sense. Because of this I received an alert for a 47 point drop for a "bankcard" balance of 3,000!!! Credit Karma doesn't do this, andTU monitoring doesn't do this. This is very irritating.

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The aggregate alert that they are providing has nothing to do with your score drop. Your score dropped because your accounts are reporting balances. Whatever equations TU 08 uses, that's the reason for your score dipping. The alert is just telling you how much you owe. Because the alert was generated, your info was ran through the TU 08 scoring model and a 43 point drop occurred. Reduce your util and your score will increase. 

[Kelsey_H]

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@EW800 wrote:

Per my note above, after going through the updated FAQ, I suspect the reason that I have not heard anything from TU is that at the time that I had significant balance reductions, this was not a triggering component of the TU 3B product.  Perhaps if I did the balance reduction in the past week when this element was added, then it would have.  

I am not sure that the statement about monitoring our three reports daily is all that accurate.  Perhaps it is, however with a whole bunch of asterisks after it.  The way I read it, it sounds like we could go quite a period of time between getting score updates if we do not have a qualifying event take place.  Would I be correct that score updates from events such as a derog items aging or falling off, could not be know for months or more?  Would it be possible that if say there were no qualifying triggers over a month period of time, the score is updated anyway?  This would then let us know that at least the product is working and be aware of other issues that may have happened that triggered a score change.  

I am still trying to figure out why I have not heard a peep from the Experian aspect of the product either.  I suspect that it is much like TU, although I have had a lot of changes, I just have not had a change that MyFico recognizes as an event that would generate a score update or report change alert.  

I really, really want to see this product work.  Being a paid subscriber since 2008, I am not ready to throw in the towel just yet, however I truly hope that in the coming weeks we can see more updates and addition of items that trigger score updates.  It would be great to see the return of the mobile app as well, which from what we have been told is in the works.  

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Hi EW800, 

You are correct that you won't be alerted of items falling off your report. If you do not have any activity on your TU reports, then it's possible that you would not be notified for several weeks or more. However to your other point (bolded), yes we are working on adding a feature that would notify you of your updated score periodically (weekly or similar), even if you didn't receive any alerts. We're hoping to have this added in October. We already have this feature for EQ. And in regards to the app, yes that's a top priority and should be updated very shortly. Finally, have you checked your PMs lately? 

Also, I see you asked about the triggers but it sounds like you figured it out from the FAQs. Let me know if you still have questions. 

[EW800]

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@Kelsey_H wrote:

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@EW800 wrote:

Per my note above, after going through the updated FAQ, I suspect the reason that I have not heard anything from TU is that at the time that I had significant balance reductions, this was not a triggering component of the TU 3B product.  Perhaps if I did the balance reduction in the past week when this element was added, then it would have.  

I am not sure that the statement about monitoring our three reports daily is all that accurate.  Perhaps it is, however with a whole bunch of asterisks after it.  The way I read it, it sounds like we could go quite a period of time between getting score updates if we do not have a qualifying event take place.  Would I be correct that score updates from events such as a derog items aging or falling off, could not be know for months or more?  Would it be possible that if say there were no qualifying triggers over a month period of time, the score is updated anyway?  This would then let us know that at least the product is working and be aware of other issues that may have happened that triggered a score change.  

I am still trying to figure out why I have not heard a peep from the Experian aspect of the product either.  I suspect that it is much like TU, although I have had a lot of changes, I just have not had a change that MyFico recognizes as an event that would generate a score update or report change alert.  

I really, really want to see this product work.  Being a paid subscriber since 2008, I am not ready to throw in the towel just yet, however I truly hope that in the coming weeks we can see more updates and addition of items that trigger score updates.  It would be great to see the return of the mobile app as well, which from what we have been told is in the works.  

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Hi EW800, 

You are correct that you won't be alerted of items falling off your report. If you do not have any activity on your TU reports, then it's possible that you would not be notified for several weeks or more. However to your other point (bolded), yes we are working on adding a feature that would notify you of your updated score periodically (weekly or similar), even if you didn't receive any alerts. We're hoping to have this added in October. We already have this feature for EQ. And in regards to the app, yes that's a top priority and should be updated very shortly. Finally, have you checked your PMs lately? 

Also, I see you asked about the triggers but it sounds like you figured it out from the FAQs. Let me know if you still have questions. 

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Thank you, Kelsey.  

I am pleaesed to hear that there may be periodic updates of scores.  I am hoping that perhaps with the TU product now providing updates on balance changes, that too would provide ocassional score updates.  That would be a real plus, in my opinion.  Would this be the case for Experian as well?

It is great see that several people are now reporting TU and Exp alerts coming through.  I have not received alerts from either one, however it gives me strong hope that the product is working and that I will see something before too long.  

Thank you very much for your time.  

[Anonymous]

I wouldn't sweat it. Like I've said, I have had two CC companies and a mortgage broker all tell me this month that FICO is not that accurate. Despite the brainwashing on this site, the scaores are determined by the creditor's own systems. In the case of the CC companies, their scores are higher and the mortgage company was a little lower for me this month. plus or minus 15 to 20 for me.Fico scoring seems to be as accurate as the monitoring service that we have been discussing for a few weeks now.

[Anonymous]

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@Kelsey_H wrote:

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@BluePoodle wrote:

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@Anonymous wrote:

I got the same alert on TU as Oilcan (first TU alert after 3 weeks), however mine came with an inquiry alert as well on TU.  Some bank called Farley Bank.  So I got nervous and was thinking identity theft, because the balance change was no where close to any balance I had, and because of the inquiry.  So i bought the 3 bureau credit report, wanting to double check.  Guess what.  Nothing of the kind there.  No inquiry from Farley Bank, no balance remotely close to the "balance change".  So I went to the TU site and got the report there as well.  Nope.  Nada.  Nothing there of the sort.

It was only after I logged on to Credit Karma that I noticed the "change in balance" was actually the sum of what I owe on every card I have.  I called to complain, because I want my money back on the 3 bureau report I purchased as a direct result of their alert.  Someone is supposed to call me back within 24 hours.

This really makes me wonder where they are actually pulling their information from.  Because it sure isn't TU.

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I just had the same thing happen to me. TU alert stating that I owe $5909 on credit card!  1) I don't own that or even have that limit on any of my cards. 2) I have not received alerts from any other places stating such.  There is not even a card or bank associated with the alert!  What a joke!

---

The TU balance change alert (that our team has been working hard on implementing quickly and just launched this week!) provides the account balance change total for all of your credit card accounts. We will be updating the  Member Center copy for the alerts and the FAQS shortly. 

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Please explain the inquiry alert from "Farley Bank" (I have screen shots of all this) that caused me to purchase the 3 bureau report.  I mean, isn't this one of the main reasons to have this service?  I get an alert for an inquiry to a bank I have never heard of, along with a substantial balance change alert, I immediately think identity theft.  

Perhaps instead of implementing quickly, you should have been more concerned with implementing correctly.

[JohnJohn1995]

I've had new accounts open up this month that the myfico 3b monitoring product hasn't made a peep for since september 2nd. Can I at least trust that when October 2nd comes and I fork over another 20 dollars that I will get updates across the board or is this product just broken for good?

[Anonymous]

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@JohnJohn1995 wrote:

I've had new accounts open up this month that the myfico 3b monitoring product hasn't made a peep for since september 2nd. Can I at least trust that when October 2nd comes and I fork over another 20 dollars that I will get updates across the board or is this product just broken for good?

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The only thing GUARANTEED with this service is that, if you let them, they will charge you the twenty bucks.  Everything else is just a possibility...

[Anonymous]

Well, kudos to myfico.com.  They actually refunded my money for the unnecessary 3 bureau I paid for due to the false inquiry alert.  

[EvilR-T]

Unbelievable! Even when Equifax finally reports, they still get it wrong. I closed and account with a zero balance yet they are showing that I owe $591. I called AMEX and they told me that they indeed reported a zero balance. I called Equifax and looked at my Equifax report and it showed a zero balance. in the description it shows paid in full yet in the amount section it shows $591 on the mFICO report alert. Of course when I called into customer service to ask if they can correct the problem she copped out and pushed me aside basically and told me that I needed to send them an email. I'm curious to see what kind of cut-and-paste response they send me to let me know that it is not their problem. I have never shown so much restraint in using swear words before in my life. My subscription is already set to cancel on the 22nd next month.  I have the $30 ripoff, err plan. $90 down the drain. Thanks, a-holes.