How often does ScoreWatch _actually_ look at your report to find changes to accounts, changes to credit scores, etc... ?
I recently refinanced and paid off all my cards. Equifax has the new mortgage account and my score has gone up roughly 40 points. The data appeared on my report about a week ago; I know this from another 3-in-1 monitoring service I subscribe to.. it's right there on the equifax report. But I have yet to receive any alerts from ScoreWatch... no new account alert, no change in score alert... What's going on?
I know equifax has the data because I can see it, from a third party no less. What good is a credit monitoring service if they don't alert you IMMEDIATELY to new activity (or other changes you've configured to be notified for) on your report?
For those who are going to ask... the other service I use because I can update my information once a day.. reports and scores. It does not offer an 'alert' service similar to myFico, but myFico doesn't offer unlimited (daily) free updates. For someone who is closely watching their credit, this is very important. I already pay $8.95/mo for the service, I shouldn't have to pay another 11 bucks when I want to view a new report when I get alerted to something. (which hasn't been happening anyway, so...)
The problem is, the other service's scores aren't Fico scores... though they range from 350-850 just like Fico, they must use their own best guess algorithm because the difference between my Fico scores and what this thing was reporting to me was in the range of 50-60 points. So that's useless, but I keep it around for the unlimited updates.
Nuggy, The Score Watch alert information is provided to m...
The Score Watch alert information is provided to myFICO by Equifax. This is the only way we have of knowing about changes to your credit file, since myFICO doesn't have direct access to your credit information. My suggestion is to pull an updated Equifax report and let our Customer Care department know if you feel you didn't receive alerts you should have.
Formerly consumer affairs manager, media spokesman and myFICO Forums community manager at FICO, I'm now freelance writing for CreditCards.com and my own site, SpeakingOfCredit.com.
So, now I'm confused. I thought myfico would alert me wh...
So, now I'm confused. I thought myfico would alert me when my score changes? It doesn't? I have to actually pull a report to get the changes? I thought that was the whole point of the alerts. If not, what IS the point?
It is supposed to but only notifies you when EQ notifies...
It is supposed to but only notifies you when EQ notifies fair issac. I would complain, or should I say will, because my score does not update correctly either even though it is supposed to be within 24 hrs.
It seems like I have the same problem. Together with the Score Watch from MyFICO I use the FREE service from Paypal & Equifax - it lets you know if you open a new account, when you have an inquiry etc. Well - I got 3 alerts already for the last month from the paypal service - one for a new inquiry (opened a citibank checking account) and another 2 - when I paid off two CC that were maxed out because of 0% Balance Transfers. Using the Score Simulator paying off this much would increase my score between 20 and 35 points. I did not get any alerts from the score watch service. Additionally I clearly recall that when I subscribed to the service in the FAQ section I read that I will be getting 2 free reports when subscribing and 1 more every 3 or 4 months. Can you clarify this as well. Equifax offers paid service similar to Score Watch - you don't get to see the FICO score but I feel like I will get more timely alert. If MyFICO waits for Equifax to let them know of changes it makes me feel like I will be getting faster service directly from Equifax. Thank you for taking the time to address my questions.
I also agree that we should be able to pull at least 3 or 4 reports a year without having to pay anything for them. We already pay 89.95 for the yearly service, so we should get a little something more with it.
My wife and I are planning to purchase a house within the next 12 or so months, and being able to pull my reports more times during the year would really help me in knowing where we stand. I actually have been getting my notices about 4 days after Equifax got the hit. The alert for this month was dated the 8th and I got it on the 12th. The 8th sounds right as that is when the CC usually reports to the CRA's.
If Barry reads this, it seems like having the option of being able to pull more than two reports is something that alot of us are interested in. It also seems that there is about a 3-4 day lag between when Equifax gets the hit and when myFico gets the Alert.
Also, Barry, I don't know if this is a glitch with the Simulator as I posted in another thread, but I ran a simulation for my TU report that I got a few days ago, and it says all things being equal that my score will go up 70 points in 1 month. I find that a little hard to believe. I'll have 6 months worth of car timely car payments on my file at the end of March but I don't think that would account for the huge increase. I always keep my util at about 15% and none of my other lates are scheduled to come off. The only other thing that I have on there is a tax lien which was submitted in March 2004. Just wanted to make sure that there is nothing wrong with the simulation for TU and get my hopes up in vain.
It does eventually update. As to the econd question, I b...
It does eventually update. As to the econd question, I believe scorewatch is a partnership between FICO and Equifax. The other bureaus are busy trying to sell their own versions of the score so they wouldn't promote FICO.
Actually Skiffy I have a three in one report I pull regul...
Actually Skiffy I have a three in one report I pull regularly especially when I'm waiting for something, so I have seen with my own eyes that the info is there on EQ it just doesn't come over on scorewatch til a week later.