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….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 $15.95 or if you want more scores the cost increases…all one time fee.

You’ll get the ability to view the summary reports and an explanation for the risk factors used to calculate your score(s).

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) your credit score(s)…always a good 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, but the FICO score usually lands in the middle of the three, so knowing just your FICO score is also useful…if not imperative…prior to applying for a mortgage.

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 seems a little like “overkill” to me.

But let’s face it, if you already have a great score and therefore have something to protect…it beats using Lifelock or some other firm as your ID Theft Protection provider.

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.

To be clear, there were never any allegations of misconduct if one ordered from the MyFICO.com website directly.

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 or car shoppers needing to know their credit scores before they get the cart before the horse. That can be embarrassing!

So by all means, use the service if you are mortgage shopping so you can’t lied to by an unscrupulous mortgage provider. Give it a try now…Get Your MyFico …Click the link!

Good Luck!

UPDATE 2/11/09: It seems the MYFICO service no longer offers a report with all three scores. No one really needs all three to get a good picture of their credit and it keeps the price down. But if you are desperate for all 3 scores you can click the link below and check out Experian’s service to get all three credit reports.

Good Luck!

PS: If you use my links and end up buying either service, I’ll get a few bucks. But I assure you that in no way influenced my opinion of the two services.

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