If you’re looking for a more in-depth credit score review, myFICO is the perfect solution for you.
myFICO offers an extensive range of services to help you understand your credit score and take steps to improve it. You can access your score, get personalized advice, and even monitor your credit report for free.
A good credit score is essential for getting approved for credit cards, a mortgage, car loan, or job. With myFICO’s help, you can work on improving your credit score so that you’re ready when it comes time to apply for a loan.]
Read our review as we provide you with an in-depth analysis to see if myFICO is worth it.
What is myFICO?
myFICO is the official consumer division of FICO. A FICO credit score is used in many different situations to evaluate your overall credit standing. For example, over 90% of lenders will use your FICO score to determine whether or not to lend you money, how much to lend you, and how high that interest should be.
There are a lot of companies that offer similar services to myFICO, but going to myFICO is going directly to the source. myFICO reviews your credit reports from all three credit bureaus (if you select the Advanced or Premier plan), meaning you are seeing all of the credit information that is tied to your identity. myFICO provides the data from Experian, TransUnion, and Equifax.
Services offered by myFICO include credit reports, scores for mortgages and auto loans, credit monitoring, identity monitoring, identity theft insurance, and identity restoration.
Let’s review what consumers can expect with each of these services.
myFICO allows users to check their scores whenever they’d like. Users are also alerted when their FICO score changes. With the myFICO history graph, users can review how their score has changed over time and stay on track to meet their credit goals.
Scores for Mortgages and Auto Loans
myFICO users can review the data on myFICO before applying for a loan, such as a mortgage or auto loan. Users can see what their interest rates are likely to be and what FICO score lenders would see.
There is even a FICO score simulator tools that users can check out to see how different events might change their credit score.
If any changes are made to your credit data, you’ll be notified by myFICO.
If changes are made regarding your identity or personal information (such as your address), or if new accounts are opened in your name, you’ll be notified. You’ll also be notified of late payments or any potential negative marks against your credit.
Related to the prior point, with myFICO doing all that monitoring of your data, you’ll be alerted if anything suspicious comes up regarding your identity. myFICO scans thousands of websites and online forums to protect the identity of its users.
If myFICO finds your identity has been breached or your information is being sold or traded, you’ll be informed and steps you can take to prevent additional damage through their identity theft protection services.
Identity Theft Insurance
With myFICO, users have the peace of mind that they are protected from identity theft because of myFICO’s diligent monitoring and because users are covered by $1,000,000 of identity theft insurance.
This insurance covers fraud, identity theft, and data breaches.
myFICO assists its customers with restoring their identity when the unthinkable happens. They employ an entire team of identity experts based in the U.S.
If you’ve ever talked to someone who has had their identity stolen, you’ve likely heard what a nightmare it can be and how it can often take years, even decades, to fully recover and rebuild your credit if you don’t catch it early on.
That’s why identity monitoring, restoration, and insurance against identity theft is a premium service for which many people are willing to pay a monthly subscription.
Not all credit monitoring and identity protection services are legitimate or worthwhile, and many consumers are rightfully concerned with finding a reputable company when they seek these services out. myFICO has a strong reputation, as it is under the umbrella of FICO itself.
Consumers can trust the information they are given because they are receiving it from the same source as many lenders.
How myFICO Works
The myFICO website is very user-friendly and easy to navigate. All you do is choose from one of the three tiers of monthly plans and then put in your information so that myFICO can retrieve your information.
myFICO provides those who subscribe with reports from all three credit bureaus, so users can compare the three and check for inconsistencies.
With access to all of these reports in real-time, mistakes can be amended quickly, and users can see what might be keeping their score lower than they would like.
It’s important to note that checking your score with myFICO does not lower your credit score. So you can check your reports as often as you’d like.
In addition to these reports and credit alerts, users also have access to all of the aforementioned identity tools and many educational resources available through the FICO platform.
Users can learn more about building solid credit and review different techniques for improving their personal finances.
Signing up for myFICO
Singing up for myFICO is easy. Once you’ve selected your plan, you’ll need to set up for myFICO account. Once you entered you email address, you’ll need to provide personal information such as your social security number, date of birth, phone number and mailing address.
myFICO has three subscription plans: Basic, Advanced, and Premier. Let’s review what each tier covers and what each can offer regarding your credit and identity.
The Basic plan will cost users $19.95 per month. This plan includes FICO scores, scores for mortgages and auto loans, credit reports, credit score, monitoring of both your credit score and overall credit.
However, users should note that this basic plan does not use all three credit reporting bureaus but only one (Experian credit report). Hence, users cannot review all facets of their credit profile as they would be able to with the other two myFICO plans. In addition, the customer’s credit profile is updated every month.
As far as identity protection, this basic plan includes a million dollars in identity theft insurance and identity restoration, but it does not include identity monitoring.
The Advanced plan comes at the cost of $29.95 per month. Those who subscribe to this plan will receive everything that comes with the basic plan. However, rather than only using one credit reporting bureau, all three major credit bureaus are used in evaluating your credit standing.
The customer’s credit profile is updated every three months. This plan does include identity monitoring, identity insurance, and identity restoration.
The Premier plan costs $39.95 per month. This myFICO subscription comes with everything from the Advanced plan, except it updates every month.
This is the option to go with for those who want to see their credit profiles on an ongoing, regular basis. The Basic plan also updates every month, but that plan only uses one of the three credit reporting bureaus.
if the subscription model isn’t for you, perhaps the One-Time Reports option is something you should consider. While by law you are entitled to a free credit report annually, it does not include your FICO score. So if you’d like to know what score your lender will see on your credit reports, it may be a worthwhile investment.
Below are some of the pricing options you can consider.
myFICO Pros and Cons
- The ability to improve your credit and take greater ownership of your financial standing.
- Tools to protect or restore your identity
- Identity theft insurance
- Financial education resources
- Ease of use: myFICO is simple to sign up for, and the tools are easy for users to navigate.
- myFICO mobile app available for subscribers.
- · For those who only check their credit score sporadically or only want to know their credit score, the added features of myFICO may not be necessary or worth the monthly cost.
- · Reviews note that canceling the service can be difficult, and users often need to contact customer service to do so.
Is myFICO Legit?
Yes, myFICO is trustworthy and safeguards its users’ credit data. As a result, they can be relied on to give their customers pertinent and accurate information about their credit and identity data.
FICO has been trusted for years to provide lenders with the FICO score that determines whether or not a loan should be given and the interest rate that follows.
myFICO is a subsidiary of FICO, and myFICO will not disclose any of your credit information without your consent. They use the same data as your FICO score, but it is an enhanced service designed to be more than just a credit report site.
myFICO also uses the same FICO scoring model that lenders use when reviewing your information, so you can trust myFICO with safeguarding your data and protecting it from fraudulent reports.
Finally, myFICO is part of the FICO family, but has its own team and is entirely separate from FICO. Therefore, you can rest assured that a dedicated myFICO representative will meet your needs if you need assistance.
Do I need myFICO?
There are a lot of credit tools available online. Unfortunately, consumers looking to check or improve their credit score can often find themselves overwhelmed with the sheer volume of options they have.
Which credit tool you should select depends on a couple of factors:
Your needs: What do you hope to get out of it? Are you looking to simply check your credit score? Do you need more comprehensive tools that will assist you in repairing your credit or protecting your identity?
Your budget: There are ways to get a free credit report. Everyone is entitled to one-time report annually. But if you are trying to protect yourself from identity theft or you’d like a more complete view of what’s being used to calculate your credit score, a paid subscription to a reputable company may be more in line with your needs.
Wrapping It Up
Should you sign up for myFICO? If you want to keep a close eye on your credit score and actively change your credit profile, then myFICO may be worth considering.
myFICO could also be a valuable tool to those who have had their identity compromised or anyone worried about protecting their identity.
There are other credit tools on the market. Still, myFICO is a division of FICO itself, lending it far greater credibility than most other credit monitoring and identity protection companies, and reviews of myFICO are overwhelmingly positive.
A good credit score is the foundation of financial well-being. Without a decent credit score, you may not be able to get the home or the car you want. A person’s entire life is built on solid credit. Taking charge of your credit profile is far easier when you can review all information compiled by all three credit bureaus.
If you are looking to get a new credit card, new car or new loan, you’ll want to make sure your credit score is good enough to qualify. Many of the top lenders use FICO to pull your credit score. myFICO provides true FICO scores to ensure you are seeing the same score as the lender.
If you are in the process of repairing your credit, knowing and checking your credit score frequently is critical. myFICO is a great service to use to monitor your financial health.
We hope this myFICO review helped provide you better clarity on the services they offer and if it’s right for you. You can click here to visit myFICO’s website to learn more.