MyFico Credit Service Review
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I have written extensively here on FICO scores and how to improve one’s credit rating to be competive when it comes to getting a mortgage or other types of loans. I have been meaning to get to a service which purports to issue all of a clients credit scores instantly online for a fee….the MyFico Credit Service.
So here goes…
MyFico Credit Service Review
The credit reporting service at MyFico.com is simply a paid service where you get a summary of your credit history complete with credit scores. If you want only one bureau the cost is $12.95 or if you want all three bureaus it is $47.85…a one time fee.
You’ll get all 3 credit scores, the ability to view the summary reports for 30 days, and an explanation for the risk factors used to calculate your scores.
The process can get a little cumbersome if during the sign-up phase you can’t verified immediately through the websites questions and answer phase it puts you through once you’ve paid. They provide a a customer service phone number to use if the online method fails.
The MyFico.com provides a real service for a reasonable price. You get to see and understand (the FICO Score explanations really do help) all three of your credit scores…not a bad thing. This can be especially useful if you are currently shopping for a big ticket item like a car or a mortgage. Car loans are approved on the FICO score alone, so just order that score and save a little money. Mortgage are approved using all three scores, so if you are thinking of using the system prior to apply for a mortgage, order .
With the good comes the bad…and the bad on MyFico.com is they try to sell you a recurring membership for fraud detection which provides quarterly credit reports, ID theft alerts, and ID theft insurance…all of which I think is a waste of money.
Nobody needs a quarterly credit report…not now…not ever.
There were some complaints about the recurring billing going on when ordering the reporting only service through the Suze Orman website which I found on the ripoffreport .com, you can read that here. You can read all the MyFico.com complaints I found in Google, just click the link.
So, to wrap up this review of the MyFico.com Credit reporting service:
Good for big ticket shoppers or those new to credit reports. Excellent for those mortgage shoppers needing all three credit scores reported in the .
So by all means, use the service if you are mortgage shopping so you can’t lied to by an unscrupulous mortgage provider.
Good Luck!
UPDATE 2/11/09: It seems in just two days the MYFICO service no longer offers all three scores…so you may want to check out Experian’s service to get all three credit reports before mortgage shopping…link below…
Good Luck!
Author: The Mortgage Insider
Date: February 11, 2009
Tags by Post Company Reviews, Credit Scores, FICO Score, Mortgage Credit
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MyFico Credit Service Review
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My most recent visit to the Experian site didn’t produce a FICO score, but instead a Vantage score. When I searched the website for the words “FICO score” there were no results found. Has Experian replaced the FICO score with their “Vantage” score? Do I need to request a “mortgage pull” from a broker to obtain the real FICO “middle score”?
Thank you
Matt
MyFICO no longer offers Experian Credit Reports as of Fenruary 13th, so their service is almost worthless if one wants all three scores – Mr. Blake, you may want to update the above text about My FICO now.
Thanks Mike..
Although my main goal was NOT to comment on Mathew’s situation above regarding a ‘missed payment’ and losing his house, I felt compelled to do so anyway. If you DO miss payments, you are asking for trouble – both with your credit rating and possibly losing your home. But with the new deals out there today and in the future, who knows? It looks like people who have made bad decisions, missed payments for whatever reason, were greedy, or too stupid to do their own due diligence about adjustable rate loans, will benefit by the new stimulus package, whereas someone like me, a person who has never missed a payment, is not facing foreclosure or a short sale, still employed, and did sign up for a mortgage rate that was ridiculously low will NOT benefit at all. Hmm, amazing how ignorance is rewarded and due diligence and responsibility is not. Seems a tad backwards to me, but I digress.
People we need help out here! Y’all give us these homes, but when we get behind in a payment you want to take it back.
I ask myself why? Why can’t we go to some kind of program that allows us to kept what we have worked so many years for…