myFICO

• Reputation
• Access to True FICO Credit Scores
• Three-Bureau Credit Reports
• Credit Monitoring
• Resources
• Mobile App
• Identity Theft Protection
• Credit Score Simulator
• Community
• Security
• Easy-To-Use Interface

Reputation

The credit monitoring industry has a reputation for being full of shady, fly-by-night operations, and scams. myFICO has had far fewer complaints than the majority of the companies in the credit monitoring industry, has been around a while, and is completely transparent in how it operates.

Although myFICO itself has been operating since 2001, it's important (if not unsurprising) to note that it's currently owned by FICO (formerly known as Fair Isaac Corporation), which is a publicly-traded company that's been in business since 1956 and introduced the original FICO score back in 1989. The company has a long, consistent track record that is clean of any major scandals or privacy breaches.

Access to True FICO Credit Scores

As part of its credit monitoring service, myFICO gives customers access to their FICO credit scores. This is a critical distinction, as FICO is the industry-standard credit score that is used by an overwhelming majority of lenders when they make a consumer lending decision.

The particular scores provided by myFICO include FICO 8 as well as other versions of the FICO score which are still commonly used by lenders to determine creditworthiness in specific industries like mortgage lending, credit card approvals, and auto loans.

At the time of writing, a standard three-bureau credit report from myFICO includes 19 different FICO scores, along with an explanation of who uses which score and what you can do to increase it. No other company offers such a comprehensive look at so many credit scores used in so many different industries. 

Three-Bureau Credit Reports

myFICO offers access to credit reports from all three credit bureaus and provides standard credit monitoring on each of those reports with its Fico Ultimate 3B subscription service.

In addition to the credit reports from the three bureaus, the company provides specific credit information and advice on how consumers can improve their credit based on where they're currently at, including access to a credit score simulator to help them determine their next personal finance move.

Credit Monitoring

In addition to providing ongoing access to one's credit reports, myFICO also provides daily credit monitoring across all three credit bureaus. Basically, each day, myFICO will alert account users of any major changes to their credit reports.

These credit monitoring alerts arrive by text, email, or through the company's mobile app (if it's installed on the client's phone). myFICO will alert users if any of the following critical changes occur on any of their reports:

• Newly opened credit account
• New inquiries
• Change in public records or address
• New addresses
• Newly listed collections accounts
• Balance changes

The company also provides additional alerts on other activities, depending on the bureau. These alerts are fully configurable in a convenient, easy-to-use customer dashboard.

Resources

As the inventors of the modern-day credit scoring model that lenders actually use in their lending decisions, no other company in the industry can currently speak with as much authority as myFICO on how credit scoring actually works.

myFICO provides a comprehensive library of specific, well-written, and most importantly, up-to-date educational articles and content tailored to newcomers and experienced credit aficionados alike.

These resources cover topics like credit history, credit inquiries, credit reporting agencies, how credit scores are calculated, ways you can improve your credit score, and more. 

Mobile App

myFICO offers a well-designed mobile app for both Apple and Android devices. It's a bit more robust than some of the apps we've seen in that it provides full access to the entire credit report, credit score history, credit score simulator, and, as far as we can tell, all of the same functionality as the website.

The company's mobile app is fairly intuitive, easy to use, and provides an effective way to get mobile alerts if consumers prefer to limit the number of texts or emails they receive.

Identity Theft Protection

As part of its FICO Ultimate 3B subscription, myFICO regularly scans the internet, black market sites, and other databases for illicit use of a customer's personal information that might not be included on a credit report, including the following and more:

• Email addresses
• Phone numbers
• Driver's license numbers
• Passport numbers
• Up to 10 credit card numbers
• Up to five bank accounts
• Medical ID numbers

Whenever personal information is discovered, an alert is sent immediately via email, SMS, or through the app (if installed). Additionally, myFICO provides identity restoration services, up to $1 million in identity theft insurance, and lost wallet protection.

Although our review team doesn't necessarily find that identity theft protection services are a critical part of credit report monitoring, it is still a useful feature that some customers will find appealing.

Credit Score Simulator

myFICO provides the most accurate credit score simulator in the industry, allowing users to experiment and see the potential credit impact of different hypothetical decisions, from paying off half their credit card debt to taking out a car loan.

Because the projected scores are based on the actual FICO scoring formula, myFICO's simulator is, pound-for-pound, more accurate, and, therefore, more useful, than those offered for free by other companies such as Credit Karma.

Community

The myFICO forums have, for years, been one of the most active communities and best resources for those seeking to answers to specific questions as they learn more about their credit reports and credit scores.

These forums can be useful to those who want more information regarding credit history and credit inquiries as well as those looking to learn good credit habits and improve their current financial situations.

Security

myFICO has no known data or privacy breaches, standing in stark contrast to much of the rest of the industry.

Although its terms and conditions permit it to market third-party products to you, the company opts its users out by default and one must specifically opt-in to have their information shared.

Easy-To-Use Interface

Both the website and the mobile app provided by myFICO deserve high marks for being both easy to use and navigate, making it easy to dive into as much or as little detail in one's credit report as desired. The core product is ad-free and features a clean interface.

• Monthly Refresh Rates
• Purchased Reports Expire After 30 Days
• Monthly Fee
• Cancellation

Monthly Refresh Rates

Although customers can always purchase their reports à la carte to get the most updated credit report, myFICO's FICO Ultimate 3B credit monitoring service only refreshes these credit reports once per month.

This is less often than we like to see in this industry when other companies offer weekly or even daily updates. That said, like most companies, myFICO does monitor credit reports from all three credit reporting bureaus and alert consumers of changes.

Unlike most companies, myFICO also provides users with an updated FICO score for each report whenever a change is detected, which is quite valuable.

Purchased Reports Expire After 30 Days

Purchasing a one-time single credit bureau or triple-bureau credit report through myFICO does not guarantee lifetime access to that report.

In fact, credit reports expire after 30 days. Unless the user has either saved it to their hard drive or printed it, they will lose access to their report after that timeframe.

Monthly Fee

Although its security, scores, and features are impressive, myFICO's monthly fee is slightly higher than some of its competitors, such as Experian, CreditKarma, and Credit Sesame.

Cancellation

In order to cancel myFICO credit monitoring services, customers are required to call in by phone. Although this is fairly standard in the industry, many consumers would prefer to cancel online rather than over the phone.