myFICO Review: The Best Credit Reporting Tool
The process of loan application is stressful and tedious. Sometimes, it gets even worse after getting rejected in the end due to a bad credit standing. Having a good credit standing makes a considerable difference whether you’re planning on getting a loan or even as simple as getting a credit card. With a good credit score, you’re more likely to benefit from lower interest rates and fast approvals. Unfortunately, if you have an unsatisfactory credit score, you might find it challenging to qualify for certain things. People who have below-average credit scores are more likely to suffer from higher interest rates and loan rejections.
In a world where credit standing plays a huge role in gaining access to several perks and privileges, how do you keep up? How do you make sure that your credit standing is good and favorable? As stated by the law, US citizens are only able to access their credit scores for free once a year through AnnualCreditReport.com. Each report usually contains your scores from the three major credit reporting bureaus: TransUnion, Experian, and Equifax.
Once you’ve used up that single access, you become unknowing about your credit standing again – for the rest of the year. This one-time access is not a helpful scenario if you want to regularly track your credit score, let alone maintain a good credit score. This gap is mainly why credit score monitoring services are available – to give you regular visibility on your credit standing.
This kind of service is perfect for individuals who want to regularly check up on their credit score or improve their credit standing. If you’re interested in signing up for a credit monitoring service, one option would be myFICO. In this blog, we’ll go through what myFICO offers, its features, and benefits that you should know about in deciding if it’s worth a try.
myFICO is the official consumer arm of FICO, the company behind the FICO credit score. The company began in 2001 to help individuals gain access to their credit scores anytime they wish to. myFICO’s creation is brilliant because put it simply - there’s no other place to get and monitor your credit score than the one who created FICO score itself. myFICO offers several packages depending on your requirements, which you’ll see in the next section.
Single source of accurate data
FICO is the official credit score acknowledged by 90% of the top lenders. Since there are many versions of the FICO score available, it’s challenging to know which one is the most accurate. Several versions highly vary, even for as much as 100 points.
myFICO only gives its users actual FICO scores from all three credit bureaus: TransUnion, Experian, and Equifax. Since most lenders only acknowledge these three bureaus, you’re sure to get the most precise figure when applying for mortgages and loans. By knowing your FICO score accurately, you’ll get full visual on your credit standing, making it easy for you to apply for loans with confidence.
On top of all that, by getting access to three full credit reports, you can quickly compare each report side by side to spot errors & differences. If not reviewed and assessed correctly, these errors and discrepancies may negatively impact your credit standing.
myFICO will continuously monitor your credit information with the three credit bureaus and make sure that you stay on top of credit changes. With myFICO, you get real-time notifications for every credit update, including inquiries, late payments, and more.
When you know every movement that happens in your credit score, loan applications and fraud detection will come easy.
FICO Score Monitoring
Aside from credit monitoring, you also benefit from myFICO's score monitoring service. Like with every update in your credit movement, you’ll also get alerts every time your FICO score changes. With this service, you’ll get a better understanding of how each credit movement affects your FICO score.
myFICO also provides a tracking tool that helps you visualize your progress towards our credit score goal.
Since identity theft is rampant nowadays, myFICO helps secure your identification through this service. myFICO conducts regular scans in tons of websites, chat rooms, and other web pages for illegal trading of personal information. Once myFICO discovers that your details get involved in fraudulent transactions, you’ll instantly get an alert.
myFICO will also search public records for other signs of identity theft to detect fraudulent names and addresses tied to your Social Security Number.
If you’re one of the unlucky ones who fell victim to these scams, myFICO can help you recover through its identity theft restoration and insurance. With this service, you get up to $1,000,000 in identity theft insurance, which covers data breaches, fraud, and stolen identity. myFICO boasts a team of identity theft experts that are available to take a call 24/7 who can help you recover the lost money and restore your identity.
myFICO offers identity theft insurance through American Bankers Insurance Company of Florida, an Assurant company. However, it’s worth noting that not all jurisdictions are part of the coverage.
Get exclusive access to FICO tools
What’s cool about myFICO is that it gives you access to the 3-bureau’s FICO Score Simulator. With FICO Score Simulator, you get a side by side simulation from the three credit bureaus on what will happen to your FICO score when you apply for a loan, pay down a credit card, and more.
myFICO also offers tools to help you identify the factors helping and hurting your score, so you know which ones to avoid. You’ll also see up-to-date interest rates for several loans based on your FICO Score.
Gain in-depth insights on FICO scores and credit reports
If you want to learn more about credit, FICO Scores, and credit reports, you can access myFICO's credit education center, where you can find useful resources about these topics. There’s also a forum that you can use if you have any questions relating to your credit. With over 750,000 active members, you’re sure to get answers about your queries.
One-time Report pricing
If you’re meeting with a prospective lender and would want to showcase your current credit score, then going for a one-time report is a good option. This option is useful when you only need it for a simple purpose, like credit card applications and several mortgages.
myFICO offers two types of One-time Report packages: 1-Bureau Credit Report and 3-Bureau Credit Report. The main difference is that for the first package, you only get a credit report from Experian, while the second option gives you a full credit report from the three credit bureaus. This report gives you access to various scores and options, including the new FICO Score 9, plus other commonly used information with mortgages and auto loans.
This package is best for people who need to check their credit score instantly but don’t need regular credit score monitoring. 1-Bureau Credit Report costs only $19.95, while a 3-Bureau Credit Report will cost you $59.85.
myFICO Subscription Plans
myFICO offers a 3-tier plan: Basic, Advanced, and Premier. Each subscription plan includes FICO scores, credit reports, FICO score monitoring, credit monitoring, identity restoration, tools & analysis, and access to resources & community. Let’s go through what each plan has in the succeeding paragraphs:
The Basic package starts at $19.95 per month. Its core offering includes a 1-bureau coverage (conducted by Experian), which is updated every month. As a standard, the package has FICO scores, scores for mortgages, auto loans and more, credit reports, score & credit monitoring, $1 million identity theft insurance, and 24/7 access to identity restoration team.
Then we have the Advanced subscription plan, which costs $29.95 per month. This package includes a complete 3-bureau coverage with quarterly updates. The Advanced package contains everything from the Basic package plus identity monitoring service.is
Lastly, we have the Premier plan, which starts at $39.95 per month. This subscription package has complete 3-bureau coverage with monthly updates, so you’re sure to know your credit score regularly. The Premier plan includes everything in the Advanced and Basic packages.
myFICO offers programs to suit your needs, whether you’re just in for one time or actively seeking credit. myFICO’s subscription plans provide an excellent way to continually monitor your credit seamlessly while the one-time packages will help you with your current requirements and engagements. Each package is crafted carefully, considering the different needs of its users - all while gearing towards better credit standing.
Do I recommend myFICO?
myFICO is the best choice if you want to access your credit score instantly or if you want to monitor your credit standing carefully. With a myFICO account, you get instant access to credit scores and reports from the three major credit bureaus. All while benefiting from myFICO’s 24/7 fraud & identity theft protection, plus a bunch of other features. myFICO has successfully solidified itself in the credit monitoring service space being the official consumer of FICO. Thus, where else would you sign up for when the experts are right in front of you?
Overall, if you’re considering signing up for a credit monitoring service, then I surely recommend you to get it from myFICO. The company’s background alone will give you a strong foundation on its expertise in FICO scores.
What do you think of myFICO? Leave us a comment below!
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