In regards to Ms. XXX's complaint, we believe FICO plainly and comprehensively discloses both the terms and substance of the product and we disagree with Ms. Jackson's (THIS IS NOT MY NAME) allegations that FICO has somehow misled consumers.
FICO provides a substantial amount of information for consumers to help them understand the FICO 3-Bureau Monitoring product. The FICO 3-Bureau Monitoring information web page, available at http://www.myfico.com/Products/FICO-3-Bureau-Credit-Monitoring/, clearly describes both the subscription terms and the substance of the product. As to the subscription terms, FICO makes clear on the pages describing the product (including the purchase page) that this is a subscription-based product with a three-month minimum term. As to the substance of the FICO 3-Bureau Monitoring product, FICO delivers the product as described on the product information page. To be clear, FICO never promises that the product will provide identical alerts across the three credit bureaus because each bureau has different alert triggers, which FICO cannot control. FICO also does not promise that the product will refresh the consumer's FICO(r) Score for each bureau daily. Instead, the product monitors the consumer's credit reports daily and provides triggered alerts as well as an updated score with each report, as is stated plainly on the product information page:
"When we become aware of a change to any of your Experian, Equifax or TransUnion credit reports or FICO(r) Scores from any of the three bureaus, we'll alert you within 24 hours via email or text. Plus, you can customize your score alerts for Equifax credit data so that you get notified when you reach a specific score.
Your 3-bureau alerts will notify you when we detect:
FICO Score changes
New accounts
Account changes
Inquiries, collections and public records
Name, address and phone changes
Alerts unavailable for account balance changes in TransUnion credit reports.
Alerts for account balance changes in Experian credit reports are triggered by a change of 5% or more."
The landing page for the FICO 3-Bureau Credit Monitoring product, available at http://www.myfico.com/lp/SEM120002.aspx, likewise makes clear what the product does. In addition to providing general information and links to more detailed information, the landing page states: "When we detect a change to any of your three credit reports or FICO Scores, we'll alert you within 24 hours via email, text or iOS app." Accordingly, FICO believes it provides consumers with sufficient information regarding the FICO 3-Bureau Credit Monitoring product to enable them to make an informed purchasing decision.
FICO strongly denies that it has done anything to mislead consumers with respect to the FICO 3-Bureau Credit Monitoring product, we have taken Ms. XXXs complaints seriously and forwarded them to our product and marketing teams for consideration. We appreciate his feedback and continuously strive to improve our myFICO products and website to improve the consumer experience.
MY RESPONSE:
Clearly this is a cut and paste response. You refer to me not only by my name, Ms. XXXX, but also as Ms. Jackson. You also later refer to me as a "him." The two links you site have been changed as time goes on with your marketing of this product and even today, I do not feel offers a clear representation of what this product can and can not do. What I feel offers the BEST representation was posted on the Forum board by your staff on 9/18/2014 and SHOULD be disclosed for potential subscribers as it is the best representation of your products features. Unfortunately, this is not what you are directing people to before they subscribe and it was not made available to the public until 9/18/14. It is not easily visible unless you are a participate in the forums. http://ficoforums.myfico.com/t5/myFICO-Product-Feedback/FICO-3-Bureau-Credit-Monitoring-Frequently-a...
It is the New Alert Comparison Chart Added on 9/18/2014 by Kelsey_H an administrator representing MyFico on the MyFico Forums on your website. Had THIS been available and clearly displayed, I would NOT have subscribed to your product. MyFico should be ashamed of the way they are marketing this product and treating their long term customers. I will NOT be subscribing to any products through MyFico ever again. You have been dishonest in marketing and I was even told by one of your customer service reps on the phone that you are aware of the problem and are having your tech team work on resolving issues with the EX and TU information. Even now, you claim you have not been dishonest, when in fact you have been!
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