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Myfico Credit Monitoring

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Way
Contributor

Myfico Credit Monitoring

Good Morning All - 

 

I'm confused by how often and/or what triggers credit monitoring updates.  I subscribe to Fico Premier which is relatively pricely, but all of my free credit monitoring services are generally well ahead of Myfico and I'm curious why?  I'm not so much concerned about inquiries and more concerned about balance change / pay down updates.  For example, I paid an Amex that reported a 2k balance last month (thx to the statement date change for the short month in Feb) to zero.  CreditKarma had it updated Monday and it should've have been substantial enough to drive at least a few points, but I still have no alerts or changes to TU here on Myfico.  I've noticed this general trend over the past several months.  Are my expectations out of line?  Is there an interval or trigger I need to understand?  I'm paying $40/month to make sure I have a legit score, but feel like I'm getting more out of the free services in terms of day to day change.

Home Depot - $14300 | Care Credit - $11000 | CCUFL - $10000 | Penfed - $7500 | BECU - $7500 | DCU - $7500 | Overstock - $7200 | Discover it Miles - $5500 | Amex Hilton Aspire - $5100 | Discover it Cash Back - $4200 | Cap One QS1 - $2000 | WF Cashwise - $2000 | Apple - $2000 | Citi AA - $1500 | Amazon - $1200 | Sync Car Care - $1200 | Amex Delta Gold - $1000 | Amex BCP - $1000 | Barclay's Apple - $1000 | Cap One QS1 - $850 | Lowes - $500 | Bealls - $350 | Kohls - $300 | Target - $300
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Myfico Credit Monitoring

You're not alone in stating that free services (Credit Karma, Credit Sesame, WalletHub, etc) provide alerts quicker than MF.  This is a very common complaint about MF products/memberships.  The problem with those sources among others is that they don't provide Fico scores, just VS 3.0 for the most part.  They are still great free tools to use for report monitoring.

 

The scores you are getting from MF are "legit" at the time they're generated, but they may not be the most recent / up to date in the days/weeks following them if your report data is changing and new scores aren't being generated (with the new report data).  Your scores should have a date attached to them.  If that date is anything other than today, there's a chance that your report data may have changed (which you can verify through a free monitoring service) and therefore your Fico score if generated could be different.

Message 2 of 9
CreditMagic7
Mega Contributor

Re: Myfico Credit Monitoring

Please dont be confused. Sometimes we dont always get what we pay for, or meet to expectations.

 

Free Monitoring services IMO is been heads above pay services as this.

 

Oh sure they can offer this and that but geniune FICO Score is their chief business. And can point out reason codes.

 

Many save wasting money and only order FICO 3 Bureau every so often

Message 3 of 9
SouthJamaica
Mega Contributor

Re: Myfico Credit Monitoring


@Way wrote:

Good Morning All - 

 

I'm confused by how often and/or what triggers credit monitoring updates.  I subscribe to Fico Premier which is relatively pricely, but all of my free credit monitoring services are generally well ahead of Myfico and I'm curious why?  I'm not so much concerned about inquiries and more concerned about balance change / pay down updates.  For example, I paid an Amex that reported a 2k balance last month (thx to the statement date change for the short month in Feb) to zero.  CreditKarma had it updated Monday and it should've have been substantial enough to drive at least a few points, but I still have no alerts or changes to TU here on Myfico.  I've noticed this general trend over the past several months.  Are my expectations out of line?  Is there an interval or trigger I need to understand?  I'm paying $40/month to make sure I have a legit score, but feel like I'm getting more out of the free services in terms of day to day change.


I can't justify the $40; I think it's a ridiculous price. I wish they gave you more value for the dollars.

 

What you are getting, reliably, is a whole raft of FICO scores, across all 3 bureaus, once a month.

 

Basically the  only other thing you're getting is hit and miss, a collection of occasional time-delayed alerts on certain subjects, with your then current FICO 8 score tacked onto them.

 

For $10 a month I get an Experian service, which gives me daily updates of my credit reports and 7 FICO scores based on Experian data. I find that much more useful. I wish MyFICO -- for the $40 -- gave me daily updates of the scores and the reports; then it would be worth the money in my opinion.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 4 of 9
Horseshoez
Senior Contributor

Re: Myfico Credit Monitoring


@SouthJamaica wrote:

For $10 a month I get an Experian service, which gives me daily updates of my credit reports and 7 FICO scores based on Experian data. I find that much more useful. I wish MyFICO -- for the $40 -- gave me daily updates of the scores and the reports; then it would be worth the money in my opinion.


Experian has a $10 per month plan?  Interesting, I just checked and the only plan I see is $19.99.  For that I'm thinking the ExtraCredit $24.99 plan from credit.com is a better deal.  What am I missing?

Chapter 13:

  • Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
  • Filed: 26-Feb-2015
  • MoC: 01-Mar-2015
  • 1st Payment (posted): 23-Mar-2015
  • Last Payment (posted): 07-Feb-2020
  • Discharged: 04-Mar-2020
  • Closed: 23-Jun-2020

 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 5 of 9
House2021
Established Contributor

Re: Myfico Credit Monitoring

I'm on the phone with myFico now explaining this same thing, I asked them to provide me a free Experian updated report to show what they are claiming that Experian gets this info 3-5 business days before it's completely updated in their system for others to see. So rather than just honor my request so I get the updated info that I'm paying for since their monitoring today failed, I'm on hold for the supervisors supervisor and am being told they will email another department and I may  hear back by that department in 24-72 Business hours (3-9 business days). Seriously this sucks I'm very unhappy with the product and their resolution. 

Message 6 of 9
House2021
Established Contributor

Re: Myfico Credit Monitoring

Where do you find the MyFico reason codes? I'm looking to switch products, I only pay because I want the mortgage scores. Is there another service that offers those?

Message 7 of 9
designated_knitter
Established Contributor

Re: Myfico Credit Monitoring

It would be really nice if myFico would spend more time fixing the reporting issues (i.e. scores not updating etc) rather than just trying to make the website look prettier.

 

I've cancelled my subscription and switched to Experian's offering.  I won't get the TU score updates throughout the month but at least I don't have to wait once a quarter to get my EQ score to update so it balances out.

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 8 of 9
SouthJamaica
Mega Contributor

Re: Myfico Credit Monitoring


@Horseshoez wrote:

@SouthJamaica wrote:

For $10 a month I get an Experian service, which gives me daily updates of my credit reports and 7 FICO scores based on Experian data. I find that much more useful. I wish MyFICO -- for the $40 -- gave me daily updates of the scores and the reports; then it would be worth the money in my opinion.


Experian has a $10 per month plan?  Interesting, I just checked and the only plan I see is $19.99.  For that I'm thinking the ExtraCredit $24.99 plan from credit.com is a better deal.  What am I missing?


I don't think you're missing anything. It's possible that my plan, which is called "IdentityWorks℠ Plus", is no longer being offered, or perhaps it's offered but not promoted and you need to call up to get it. It's 9.99 mo. plus tax.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 9 of 9
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