Very disappointed with Myfico purchase/report. Not impressed.

[Anonymous]

For the first time, I purchased a report directly from MyFico and I'm pretty disappointed with the quality of information provided. Am I missing something? I'd been under the impression that it would provide a superior quantity of data and instead it seems to be providing far less. 

For example, I have a single paid collection on my report, and on Credit Karma and Experian.com, it shows the original balance (~$500) and the current balance ($0). On the report provided to me by MyFico, all it shows is the original balance, with absolutely no indication of whether or not the collection's been paid or not. How useless is that?? What it I had 15 collections and bought the report to help deal with them, only to find that MyFico doesn't even tell me the amounts that have been paid or still owed on them?

Secondly, the MyFico report only shows me the Inquiries that are from the past 12 months. While I understand that after 12 months inquiries no longer affect my score, if I'm paying for a credit report I expect it to show me the data that's ON my credit report. If someone is manually reviewing my report, they will see inquiries from the past 24 months, yet I pay for my own report and am given partial data? That's pathetic!

Also, on Experian.com and Credit Karma, I am shown the date the card balances were last updated, which is extremely useful information. Do I get that with MyFico? Nope.

Another gripe: when I purchased my report with Equifax, I was given the date of first delinquency and the date the item was going to be removed from my credit report. Do I get that with MyFico? Nope.

Finally, on the other sites I'm shown which addresses and employment are listed in my credit file. Does MyFico show me that? Nope.

What did I buy this for? It's been touted here so much as the end all be all of credit report data and I'm left wondering why and feeling like I wasted my money. Except for all of the various auto and mortgage scores, the most relevant of which I can already get for $1 from experian.com, I see absolutely no benefit whatsoever from this. 

What am I missing, and why is the data on MyFico so paltry? Why in the world do any of you pay for it when the data on FAKO Credit Karma is literally more comprehensive and useful?

I was really excited because I'd been waiting so long to subscribe to MyFico and I'm just deflated. As I signed up I was thinking, "Okay, now I'm going to get the real deal!"

Instead I end up with info worse than CK. Feels like a joke! Have already paused the subscription and will cancel it unless anyone here can tell me what in the world it's good for. 

Thanks for listening. 

[Appleman]

Happy to listen. I saw you were getting views but no replies so I thought I would give my 2 cents.

I have been a long time subscriber to myFICO and wish the service was free. I continue to subscribe because I can see all of my actual FICO scores in multiple versions across all 3 bureaus.

I also have free accounts with Credit Karma and Credit Sesame and many of my cards provide FICO scores as well. I really like the debt analysis on Credit Sesame but know that information lags 30-60 days (my personal experience watching loans update).

I have yet to find another place that provided all of the true FICO scores and versions. I know my mortgage broker was impressed a number of years back when I told him what my actual scores were going to be before he pulled my credit. myFICO was spot on.

I get it, you were hoping for additional data that an Underwriter can see. For me, myFICO works, and I have additional sources to get more details as needed.

Welcome to myFICO

[MudkipsRKooL]

is CK better than creditsesame?

[thornback]

I don't think, in the 4 years I've been a member, I've ever seen the myFICO service touted as the end all be all of credit report data -- the actual forum for credit help maybe, but not the report service as we are well aware of its shortcomings.

myFICO is, however, suggested as a purchase for those needing to monitor additional scores such as mortgage and auto as it is the only service that offers all 28 FICO versions -  and that is really what you are paying for.  It's almost a necessity when preparing for something like a mortgage. 

I see members pushing the use of Experians free trial service (or CreditCheckTotal) to those simply needing their FICO8 scores - so that's something to look into.

I'm sorry for your disappointment.  But as recommended to you in a different post,  your reports from annualcreditreport.com are comprehensive and free to pull (currently) on a weekly basis.  There is no need to purchase full reports elsewhere at this time.  

[Anonymous]

Thanks for the replies. I guess I just got the wrong impression from browsing the forums, and probably projected my own assumptions because I find the forums so good, I assumed I'd be thrilled with the reports, too. But I understand now that they have their limitations but are useful when one wants to be on top of all 28 scores for specific purposes.

[Appleman]

I actually find the member's on the forums to be the most valuable asset. As you come to know the community you will find a few names that you actually seek out for advice. I chuckle thinking about the various products I have obtained after a thread goes crazy here (Blispay). Many freely share their DPs (data points) when they get approved or in my case when my Lowe's card with the $25,000 credit line was shut down (likely lack of use).

I know myFICO members have increased traffic in many a credit union or bank. 

Have a good weekend!