MyFICO has carved out a niche for themselves by both offering and monitoring FICO scores, a rare combination in the industry. However, their credit reporting and monitoring options for major credit bureaus falls a bit short, which is an inconvenience for those who are interested in an all-in-one solution.
MyFICO.com offers a service that has great value to every consumer. When you are preparing to apply for a car loan, mortgage or if you are thinking about getting a home equity loan to put your child through college then you need to know your FICO score to see what kind of credit terms you can expect. The higher your FICO credit score the better your credit terms will be. Ordering credit reports on a regular basis to monitor your credit score can get expensive.
In this MyFICO review we will discuss how MyFICO helps you to maintain your score, and the other services it offers. We will also discuss why you need to be careful when you sign up for MyFICO and some of your alternatives.
Benefit of MyFico.com
The biggest advantage to MyFICO is the comprehensive credit monitoring services that they offer. You can receive updates on your mobile phone, in your email or log in to your online account and check out your credit scores. This is helpful in tracking any changes that may occur in your credit reports, and it also helps you to see any suspicious activity as it is just starting. With these MyFICO services you can protect yourself from potential identity theft and watch for any credit accounts added to your profile that may not be yours.
Another positive service offered by MyFICO is the comprehensive library the site offers of credit help topics. There is information on applying for and managing credit cards, understanding mortgages and car loans, how to manage your debt and a comprehensive library on student loans. This is the kind of valuable information that consumers need to help manage their debt and keep their obligations under control. It is a service that seems to offer more information that most other credit management services, and it does so at no charge to the consumer.
The customer service department at myFICO.com is easy to access and responds to queries within two business days. Representatives can be reached via email through the website, or you can call the department directly at 1-800-319-4433.
CREDIT MONITORING FOR FICO SCORES:
While you’re able to obtain FICO scores on several websites, MyFICO also offers credit monitoring for FICO scores, which is commonly used by lenders to determine creditworthiness. With Score Watch from MyFICO, you can monitor your FICO scores and access your Equifax credit report. You also receive alerts of major changes to your credit reports along with a Score Simulator, which shows you how certain financial moves affect your FICO score and overall creditworthiness, all for $14.99 per month.
GET YOUR FICO SCORE FOR FREE:
When you sign up for a 10-day trial of MyFICO’s Score Watch credit monitoring, you also get to view your FICO score at no cost. You must cancel your account within the trial period to avoid a $14.95 monthly charge, but it’s still a great opportunity to access your FICO score. There aren’t many sites in the industry where you can get your FICO scores for free, and since it is the credit score most commonly used by lenders, it’s definitely a good idea to make sure you know where it’s at.
HELPS YOU MAKE SMART SPENDING DECISIONS:
MyFICO’s Score Simulator tool enables you to see how certain actions like applying for a loan or quickly paying off your balances affects your credit score. This kind of tool is extremely valuable because it helps you make informed decisions about your finances. You can then use this knowledge to improve your FICO credit score. Not all credit report companies have this type of tool.
ONLINE DISPUTE TOOL:
When it comes to correcting errors in your credit report, MyFICO goes the extra mile by offering an online dispute tool that makes it easy to file a dispute and fix the mistake as soon as possible. Other sites require you to contact the credit agency that generated the report in order to reverse the error. MyFICO’s online tool makes the dispute process fast and simple.
MISSING MOBILE TOOLS:
Although MyFICO does have a mobile website you can use to access your info on the go, it’s the not the same as having a dedicated mobile app. They are not the only credit score and monitoring company that doesn’t provide this to their customers, but there are many others that do offer dedicated mobile apps and one of these may be better for you if you find yourself frequently wanting to check your credit while away from home.