myFICO also includes a wide variety of tools to monitor your credit reports, such as financial calculators. These features are all worth it as long as you’re willing to pay the $24.95/month with a minimum three-month commitment. On top of that, you have to pay extra for its identity theft protection services and there’s no free trial. Still, with three-bureau monitoring and ongoing score updates, myFICO offers a rarity with your actual FICO scores, which is a huge plus.
The signup process takes just a couple of minutes. There a few different packages you can choose from, so we picked the standard three-bureau FICO credit scores and credit monitoring plan. As you sign up you’ll need to provide some basic personal information, such as your name, address and social security number. All of this is done over an encrypted webpage, so you don’t need to worry about any security leaks of your personal information.
You’ll receive your three FICO credit scores instantly after signing up and answering a few personal verification questions to confirm that you are who you say you are. These questions relate to public records that detail things like loans you’ve taken out, where you live and what area code your cell phone number belongs to.
After activating your account, you will instantly get access to credit monitoring, which will alert you if changes occur on your report, as well as your three-bureau FICO credit scores. MyFICO also provides you with your FICO Score Three-Report View that shows how you’re doing on your payment history, debt amount, length of credit history and any new credit.
Although this report is helpful, the downside is that it’s not a full credit report. The FICO Score Three-Report View acts as a snapshot of your credit health, but it doesn’t show you everything that a credit report would, such as monthly payment history on every account you have. This makes it impossible to spot any specific errors that might be on your report. You can purchase a three-bureau credit report for 30% off if you have a myFICO membership, but it still costs $41.89.
Where myFICO really shines is updating your credit scores. With MyFICO, you’ll receive real-time updates to your credit scores. This mean your credit scores are updated anytime a change is reported by one of the bureaus, so you’ll know exactly where your credit stands, which can be seen as a positive or negative feature (depending on how active your credit is). For example, if changes aren’t reported to one of the bureaus for three months, you won’t be alerted during that time. This might be frustrating for someone who wants an update every month, but it’s comforting to know you’ll be alerted as soon as there’s a change.
Sadly, only myFICO’s most expensive plan comes with identity theft protection. The FICO Identity Ultimate plan is $29.95/month (with a minimum three-month commitment) and comes with everything the standard plan offers. With the identity theft protection plan, you’ll also get lost wallet protection, black market website surveillance, (to make sure your personal information isn’t being sold) and alerts of potential threats via email or text, among other useful services. While the identity theft protection tools are very helpful, it’s one of the most expensive services out there.
We found myFICO’s customer support to be very helpful and easily accessible. We waited less than five minutes for a representative to connect with us on the phone, which is above standard for these kinds of services. They answered all of our questions thoughtfully and thoroughly. You can reach myFICO by telephone Monday through Friday 9 a.m. to 9 p.m. ET and Saturdays 10 a.m. to 7 p.m. ET. You can send an email as well, and myFICO promises to respond within two business days. The website also has a list of commonly-asked questions with answers and an active user forum.
Overall, myFICO is a great service for those looking to continually monitor their FICO scores and have an up-to-date picture of their credit. However, the service does not provide you with a complete three-bureau credit report and has limited add-ons, such as identity theft protection. On top of that, there’s no free trial, so testing out the service is pricey, and many of its products require three-month minimum commitments. You might feel nickel-and-dimed with myFICO, but if having access to your three FICO scores is important, this is the service for you.
|Credit Scores:||Free Equifax and TransUnion scores|
|Credit Reports:||Equifax and TransUnion reports|
|Trial Period & Price:||Free|
|Credit Monitoring:||Equifax and TransUnion monitoring|