MyFICO Quarterly Monitoring NOT working for us?!Anyone else??

[Anonymous]

We've had the MyFICO QM for TU for about 2 months or so ... and despite having 3 new CC accounts show up in TC (on TU) and 3 new inquiries (again, in TC for TU), we keep getting the "No Alerts this week" email from MyFICO! And that's for BOTH DH and me!! o_O

Am I wrong here? I thought that MyFICO QM for TU was supposed to encompass ALL new accounts added to TU in an effort to monitor our credit/identity security!?

Am I missing something??? Anyone else notice this???

TIA!!

Message Edited by Wonderin on 09-04-2008 09:17 AM

[Barry]

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Wonderin wrote:
We've had the MyFICO QM for TU for about 2 months or so ... and despite having 3 new CC accounts show up in TC (on TU) and 3 new inquiries (again, in TC for TU), we keep getting the "No Alerts this week" email from MyFICO! And that's for BOTH DH and me!! o_O

Am I wrong here? I thought that MyFICO QM for TU was supposed to encompass ALL new accounts added to TU in an effort to monitor our credit/identity security!?

Am I missing something??? Anyone else notice this???

TIA!!

Message Edited by Wonderin on 09-04-2008 09:17 AM

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Since you're not the first to ask this question, Wonderin, this is probably an area where myFICO could do a better job of describing this product.  The FICO Quarterly Monitoring product monitors some things weekly and some things quarterly.

All of the TU credit report and FICO score monitoring is done on a quarterly basis only.

On a weekly basis, FQM also checks other non-credit databases for changes to your identifying information, i.e. name, address, phone number, and alerts you to any such changes or sends a weekly 'all clear' email.  These non-credit databases consist of magazine subscription mailing lists, public records, and other non-credit bureau sources.  The idea here is that such changes to your ID info could be an early warning of ID theft.

I'll be talking to the myFICO marketing folks about clarifying this better in our product description.  Let me know if this still isn't clear or if you have any other questions about FQM.

[Anonymous]

Ah. Thank you for the clarification, Barry.

To be honest, and with all due respect, I wouldn't have signed us up for it if I had have known that. Though I can see the usefulness of knowing when Jane Q. Identity-Thief begins the process of stealing my identity (and believe me, if she's dumb enough to try to steal my crappy credit, she's welcome to it! LOL! JK), my biggest concern was seeing how adding new accounts might effect our TU FICOs.

That said, may I ask if there are any plans to develop a system for monitoring TU as SW does EQ now? I don't think I'm alone in saying that I would most CERTAINLY pay the same amount per month for TU tracking as we do EQ tracking ...

MyFICO's done an awesome job with EQ ... I bet it could do an even better job with TU ... and maybe one day, EX?

[Barry]

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Wonderin wrote:
Ah. Thank you for the clarification, Barry.

To be honest, and with all due respect, I wouldn't have signed us up for it if I had have known that. Though I can see the usefulness of knowing when Jane Q. Identity-Thief begins the process of stealing my identity (and believe me, if she's dumb enough to try to steal my crappy credit, she's welcome to it! LOL! JK), my biggest concern was seeing how adding new accounts might effect our TU FICOs.

That said, may I ask if there are any plans to develop a system for monitoring TU as SW does EQ now? I don't think I'm alone in saying that I would most CERTAINLY pay the same amount per month for TU tracking as we do EQ tracking ...

MyFICO's done an awesome job with EQ ... I bet it could do an even better job with TU ... and maybe one day, EX?

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While IM(unbiased)O I think FICO Quarterly Monitoring is a good value for the price, I can understand it not being what you thought you were getting.  So, feel free to cancel your subscription(s) if you don't feel FQM is worth the money.  (I can take care of that for you if you want to PM me.)

Glad to hear you're happy with Score Watch, though!  (You did say "MyFICO's done an awesome job with EQ" didn't you?)

myFICO would love to be able to offer the same kind of monitoring service with the other two bureaus, but, unfortunately, I'll just say that the necessary business components from both myFICO and the bureaus haven't  been able to come together to develop such a product -- and it doesn't look like it's going to happen anytime soon.

Thanks for your question and your feedback, Wonderin.