Are you in the process of buying a home or car?
Do you need to monitor or fix your credit score?
Then you might be interested in this MyFICO review, which discusses a site, similar to Credit Sesame, that lets you access all your major credit scores.
Credit scores are three-digit numbers generated from your credit report. Their purpose is to determine to banks and loaners what risk they have when they loan you money.
According to CFPB (Consumer Financial Protection Bureau) FICO (Fair Isaac) scores range from 300 to 850, where the lower the number, the higher the risk of extending credit.
The majority of financial institutions in the U.S. use FICO scores when making decisions about lending money or extending consumer credit.
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What will I learn?
What is MyFICO?
MyFICO, originally known as “Fair, Isaac and Company”, is a data analytics company based in California that is focused on credit score services. Its FICO score is a measure of consumer credit risk and has become one of the most widely used credit scores in the United States.
You can join their website to get your score as well as access dozens of other services to help you improve you and your family’s credit. We’ll discuss those features soon, but first, let’s show you how to sign up.
How Do I Join?
Signing up can be done in a few easy steps!
- Step 1: Click here to sign up through the MyFico site. Put your email and decide your password, then continue.
- Step 2: Put in your personal information into the form.
- Step 3: Select the way you’d like to pay for your subscription and then continue.
- Step 4: Review all your information to make sure it’s correct.
- Step 5: Verify your email address and identity.
After that, you can start using the program and request your scores.
What Features Can I Get with MyFico?
When you sign up for a membership, you get a lot of features that go beyond being told a score.
Here’s a quick breakdown of what you can expect:
- Access every quarter to 3-bureau credit reports with 28 FICO scores
- 19 FICO scores used in mortgage, auto, and credit lending that most banks use
- Constant monitoring of your credit and receive alerts whenever the data changes
- FICO Score Simulator that can show you how different financial decisions you may make can affect your FICO scores
- 24 different simulations included, which can be stacked in case you need to make any financial decisions at once
- View a side-by-side comparison of a simulated FICO® Score 8 for all 3 bureaus
Additionally, this membership comes with identity theft protection. They will monitor for identity theft and can detect threats quickly.
The site also offers black market website surveillance, which may sound crazy but is actually quite useful. It checks underground internet networks for any exposure or illegal selling of your personally identifiable information.
This can help prevent companies from buying your data and harassing you with ads. It can also prevent people from trying to steal your identity or learning more about your personal life.
There is also an SSN watch, where the site monitors names and addresses associated with your identity. If you are worried someone might try to get access to your social security number, this company can help prevent that from happening.
Additionally, if your wallet is lost or stolen, a certified restoration specialist can be called to help you cancel and replace missing cards instantly.
If you do become a victim to identity theft despite their best efforts, they will reimburse your expenses up to one million dollars. This includes legal fees, lost wages, restoration of stolen financial documents, and more.
myFICO Mobile App
Unlike a lot of credit companies, you can actually use this business’s app to monitor your credit and finances on the go.
The average rating for the MyFICO mobile app is 4.5 stars out of five across both the Apple App Store and Google Play.
According to their site, you can use the app to review your Bankcard Score while talking to loan officers. You can also access the app to help you negotiate a good interest rate on things like mortgage and cars.
Some features of the app include:
- Phone alerts when your credit changes
- Phone alerts for identity theft threats
- Access to your 3-bureau credit reports from anywhere
You can find the app on the Apple App Store and Google Play.
How Much Does myFICO cost?
There is one major downside to this product, which is that plans range from $19.95 – $39.95 a month. There are currently no free trials you can get or promo codes, unfortunately, which makes this a hard product to invest in.
Later on, we will show you a few alternatives to the site. However, most of them do not have the comprehensive features this one does.
Better Business Bureau Rating
According to the BBB, this company offers credit information products that help consumers understand, protect and improve their credit rating. MyFICO is an accredited business since 2010. It’s been in business for 69 years.
The company has an A+ rating from the BBB due to the way they have handled customer complaints. That being said, the company does have a one star out of five ratings from the 15 customer reviews on the site.
There have been 29 complaints lodged against the company. However, all of these have been resolved between the business and customers. It seems that the company acts fast when it comes to complaints and does its best to help out the customer.
To read the full BBB profile on the company, click here.
Customer Reviews of myFICO
Before investing in a product, you’ll probably want to explore what customers have to say.
Here are a few reviews we found across various sites.
“Myfico.com is the official site of Fair Isaac Company which is why it’s called the FICO in the first place. So I recommend it if you want your FICO score. Having said that, there are dozens of credit scores per person. Like your mortgage lender is going to use one, using FICO as a template and applied by TU/Experian/Equifax, that emphasizes mortgages and other related factors. So FICO gives you 3, but they don’t give you the 39+ scores that are actually computed,” said one Reddit reviewer.
“Most lenders use the mortgage enhanced scores and to my knowledge, Myfico is the only one who provides those. The dashboard will give you the FICO8 scores, but under the scores tab you will find the mortgage, bank, auto, and other scores,” said another reviewer from Reddit.
“We are in the process of buying a home and this app (it’s a paid service) gave us the exact info we needed across all three bureaus. Was able to clean up some negative stuff and they updated any changed info along the way. One of my scores does not reflect the actual since changes on my end and I think the subscription-only “checks” for an update once a month. Happy with this app and service and yes I do recommend if you’re serious about fixing your credit or buying a house or car,” said a reviewer on the Apple App Store.
Top MyFICO Alternatives
If the price of this product is too much for you, we have a few alternatives which come highly recommended by the internet.
We also will list a few of their features to help you get a quick idea of what they are like.
- Free credit score
- Score change chart
- Credit report card
- Payment history tracking
- Free credit report
- Educational resources for financial improvement
- Score monitoring and alerts
- FICO score
- Fraud protection
- 3-Bureau credit scores
- Suspicious activity alerts
- Annual credit report
- Credit report assistance
How to Get a Real Free Credit Report
Most of these credit report sites, such as Credit Karma (review), will show you an estimated credit score (that are mostly accurate) for free but you can’t get a detailed credit report for free. You have to pay for that.
But you don’t have to!
A lot of people don’t know this but the federal government gives you the right to access your credit report once every 12 months for free.
And the only authorized site that you can get your free credit report from is AnnualCreditReport.com.
And when I say free, it really means free. You don’t have to sign up for a free trial or apply for their recommended credit cards to access your report. All you do is provide your identification info to prove you are indeed the person whose report you are requesting to see and they’ll send it to you.
It covers reports from each major credit reporting agencies. So you get an accurate and up to date report.
So is myFICO Worth It?
For the price that it comes at, I would argue no. While the site offers tons of great features, the cost is so high that many people will find it unaffordable. Thankfully, there are a few alternatives out there that can get you free reports.
Have you used MyFico? Are there other sites you like to use to get a FICO score? Let us and our readers know about your experiences and how you review myFICO in the comments below!
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