It feels like every other week another company is announcing that they were hacked and personal information was stolen. This is scary. And the number one thing that you can do as a consumer is monitor your credit. That's where myFICO comes in.
There are a lot of credit monitoring companies - some are free, and some are paid. But most of these other companies use "other" credit scores. Only myFICO uses the FICO score - the most popular rating for consumer credit.
However, myFICO is also one of the most expensive credit monitoring services. So you do pay a premium for it. Is it worth it? Learn more in our myFICO review below.
- Monitor your credit from all three credit bureaus
- From the same company that created the FICO credit score
- Credit score analysis, identity theft insurance, and more
Who Is myFICO?
myFICO.com is a division of Fair Isaac Corporation (FICO), based in San Jose, CA. You may have heard of the FICO Score. It is used interchangeably with the term “credit score.” myFICO launched in 2001 as a service that allows you to get your FICO Score directly from the company that created the FICO Score instead of having to go through credit bureaus. myFICO has an A+ BBB rating.
What Do They Offer?
myFICO offers subscriptions and one-time product purchases for credit reports, credit monitoring, identity theft, and more. For those that are looking to get a loan within the next several months, knowing what your FICO Score is and the factors impacting your score can help you improve it, leading to a lower interest rate.
Make sure you understand the credit score ranges so you can get started.
There are three subscriptions as outlined below:
- Basic: $19/month. Monthly 1-credit bureau updates with 10 FICO® Score versions with monitoring of 1 credit bureau.
- Advanced: $29/month. Quarterly 3-credit bureau updates with 28 FICO® Score versions with monitoring of 3 credit bureaus. Includes identity monitoring.
- Premier: $39/month. Monthly 3-bureau updates with 28 FICO® Score versions with monitoring of 3 credit bureaus. Includes identity monitoring.
Included with your subscription are plenty of other features such as tools and analysis that include score simulators, which let you see the impact on your score from paying down debt. You’ll also have access to “How Lenders View You” and “Interest Rates,” which show the interest rates you’ll receive based on your score.
Identity restoration is part of every plan. You’ll have $1 million in identity theft insurance, a phone number to call for 24/7 identity restoration help, and lost wallet protection, which provides coverage for credit cards, debit cards, checkbooks, driver’s licenses, Social Security cards, passports, military identification cards, traveler’s checks, and more.
You’ll be able to see your current FICO Score and history with all three credit bureaus (except for on the Basic plan). As your score changes and as account amounts change, you’ll get an update. TransUnion updates are probably the most helpful as they will also show your full debt balance by categories such as Bankcard (credit cards), Mortgage, and Personal Finance (student loans and HELOC).
FICO doesn’t put out just one score. There are actually several that are used for credit cards, mortgages, and auto loans. Some scores are not used often, and that’s why you may have never heard of them. Some examples of other FICO Scores include versions 2, 4, and 5 for mortgages, and versions 8 and 2 for auto lending.
Once logged into your account, there is a breakdown of what’s impacting your score for each credit bureau. Below are the components that make up your score along with the weight of each:
- Payment history: 35%
- Amount of debt: 30%
- Length of credit history: 15%
- Amount of new credit: 10%
- Credit mix: 10%
In addition to credit monitoring alerts, subscriptions include alerts when your information is found on suspected black market websites.
There are two one-time purchases as outlined below:
- 1-Bureau Credit Report: $19. Choose from any one credit bureau.
- 3-Bureau Credit Report: $59. Receive your credit reports from all three credit bureaus.
The one-time purchase products also include the same tools and analysis found in the subscription products.
All myFICO products include access to credit education, a community, and US-based customer support by phone or email.
Which Plan Is Right for Me?
If you don’t need monitoring but want a full breakdown of your FICO Score(s) with analysis of both your score and credit report, the one-time purchase products will do fine.
If you need ongoing credit and score monitoring, choose one of the subscription plans. The monthly Premier plan includes monitoring of your score from all three credit bureaus each month. This plan is best for someone who wants to constantly know the state of their credit.
How Do I Open an Account?
Visit https://www.myfico.com and click “Start Membership.” You can choose from one of the three subscription services or one of the two one-time purchase products.
Will myFICO Impact My Credit Score?
No — using myFICO will not impact your credit score.
Is It Safe?
Yes — myFICO uses bank-grade encryption.
Is It Worth It?
For the detailed analysis and monitoring, yes — it is worth it. There are similar services available, but myFICO makes viewing your credit score and reports from all three credit bureaus easy. A lot of information is presented in a single view in an easy-to-understand format.
At the least, give it a try for a month and see if it has everything you need for credit monitoring and analysis.
- Prices and Fees - 40
- Ease of Use - 80
- Customer Service - 70
- Products and Services - 80
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.