myFICO Review

myFICO Review: A Detailed Look at Fair Isaac Corporation’s Credit Monitoring Service

The Fair Isaac Corporation is an industry leader in the world of data analytics and credit scores. Going by the name of FICO, the publicly traded company created what’s known as FICO scoring, which is used by over 90% of lenders to determine borrowers’ creditworthiness.

In fact, your myFICO credit score directly reflects your FICO numbers. myFICO.com is the consumer branch of the FICO company that focuses on credit monitoring. Our myFICO review explains the details.

About myFICO

myFICO credit monitoring started in 2001 under the Fair Isaac Corporation’s supervision. The company excels in providing consumers with up-to-date and accurate snapshots of their myFICO score through the myFICO app in exchange for a monthly subscription fee.

myFICO monitors one or all three major credit bureaus and uses its own FICO scoring models instead of the VantageScore model that most credit monitoring companies provide.

No free plans are available through myFICO, and a trial period doesn’t exist. However, the service is one of the very few companies that offer FICO score reporting, which can differ substantially from other scoring methods.

myFICO Reviews, Ratings and Complaints

• myFICO reviews generally range from good to excellent, and the company sports an A+ rating at the BBB.
• At ConsumerAffairs, myFICO has 26 customer reviews with an average rating of 3 out of 5 stars.
• At the Apple Store, the myFICO app has an average customer rating of 4.8 out of 5 stars, based on over 26,000 reviews.
• At the BBB, there are 50 or more total complaints reported against myFICO from within the last 3 years. (see details below)

We chose myFICO as the best credit monitoring service for rebuilding credit on our annual overview ranking for several reasons, including the use of FICO scores over VantageScore, three-bureau monitoring in the company’s top-tier plans, and its educational website that teaches consumers how to repair and maintain their credit scores.

While the company does provide some level of protection from identity theft, credit monitoring is its main focus.

myFICO Features and Benefits

myFICO offers three plans with monthly subscriptions. The plans feature basic benefits through the lowest-cost program with increasing benefits through each of the top two plan offerings. The company’s Basic plan is the only one that provides score reporting from just one bureau—Experian. myFICO plans generally include the following customer benefits.

• One or three-bureau credit score monitoring, depending on your plan
• Variable FICO model scoring for home, auto, or other personal loans and credit cards
• $1 million identity theft insurance
• Credit score monitoring and alerts
• Identity monitoring in the top plans
• 24/7 help with identity restoration.

myFICO Editorial Rating

Trusted Company Reviews Rating Score for myFICO: 6.5

myFICO Plans and Prices

myFICO offers three paid subscription packages, including a Basic plan for simply keeping an eye on your general credit score to its Premier plan that features the company’s best benefits.

Is myFICO Right for You?

myFICO may be a good fit for those looking to improve their credit scores for general reasons or to reach a goal, such as a home or automobile purchase. While the company’s website is full of advice for improving your credit scores, perhaps more important is the fact that the company reports your score using the FICO model, so you can see what your potential lenders are seeing.

However, myFICO offers no free monitoring or reporting options, while some competitors offer a cost-free plan. If you’re okay with putting up with heavy third-party advertising and are confident you can use the VantageScore 3.0 model as guidance, you can likely work to improve your scores for less money each month.

If you decide to go with myFICO, take some time to carefully look over the plan options and balance their monthly payments against what you’re trying to achieve with your credit score monitoring and identity protection. While the plans generally offer solid benefits, their differences can make or break your experience with myFICO.

myFICO Vs. Experian

myFICO and Experian both use the FICO credit scoring model for their credit monitoring services. Each company also provides some level of identity theft protection. However, most of the similarities end there. Where myFICO provides more plan choices and service options, Experian offers a free monitoring service and member-exclusive features.

Summary of myFICO reviews on WalletHub:

The reviews on WalletHub regarding myFICO are mixed, with some customers expressing dissatisfaction and others highlighting positive aspects.

Here’s a summary of the customer reviews and complaints about myFICO, as listed on WalletHub:

1. Dustin_cortes12345 (May 12, 2023): Not impressed with the service due to late response to credit report changes, errors in removing collection accounts, and generic responses to rectify issues. Believes there are better and faster free monitoring services.
2. Ashley080817 (January 28, 2023): Frustrated with myFICO as it notified of a credit score increase, but upon purchasing a one-time update on TransUnion report, the score went back down. MyFICO was unhelpful in resolving the issue and refused a refund.
3. ErikK2 (June 8, 2020): Finds myFICO expensive and slow in providing alerts compared to free credit monitoring services. Disappointed that a paid service underperforms in various categories.
4. Martisas1967 (June 2, 2018): Has been using myFICO for many years and appreciates the accuracy of FICO scores and the breakdown of scores for different types of companies. Acknowledges the higher cost but values the accuracy.
5. Argonne (Amanda Jepson) (September 16, 2015): Has used myFICO for 7 years, primarily for improving and maintaining credit. Likes getting true FICO scores and text alerts for changes in credit reports. Considers myFICO more expensive but with better information.
6. RNeal89 (Robert Neal) (August 4, 2015): Appreciates myFICO for providing actual FICO scores instead of FAKO scores, easy to use, but notes its higher price may not be budget-friendly.
7. Mrtienn (Tien Le) (July 25, 2015): Finds myFICO easy to use, with scores comparable to Equifax, TransUnion, and Experian. Was able to verify score accuracy when buying a new car.
8. Nathan.mormann (Nathan Mormann) (June 26, 2015): Highlights myFICO as the only source for direct FICO scores but mentions a lack of trial or free options, making it less appealing compared to other sites.

Overall, some customers appreciate myFICO’s accuracy in providing FICO scores, while others criticize its higher cost and slower response compared to free or cheaper alternatives. The absence of a free trial option is also noted as a drawback.

Summary of myFICO BBB Complaints and Reviews for 2023:

On a positive note, myFICO has been in business for 73 years and holds an A+ rating from the Better Business Bureau. However, like most companies, negative reviews and complaints do exist. While we acknowledge that the number of complaints against this company is relatively small compared to the number of consumers helped by their services, we believe it is important for you to be aware of recent complaints and negative reviews submitted against myFICO in the last 12-18 months.

1.) Complaint Submitted Against myFICO on 08/2023:
Type: Problems with Product/Service
Summary: Customer reported inaccurate information on their credit reports.

2.) Complaint Submitted Against myFICO on 06/2023:
Type: Billing/Collection Issues
Summary: Customer was charged for a subscription they did not consent to and requested a refund.

3.) Complaint Submitted Against myFICO on 04/2023:
Type: Billing/Collection Issues
Summary: Customer paid for premium credit monitoring to access mortgage scores, but scores didn’t update, and they were refused a refund.

4.) Complaint Submitted Against myFICO on 04/2023:
Type: Problems with Product/Service
Summary: Customer had difficulty canceling their subscription even after contacting customer support.

5.) Complaint Submitted Against myFICO on 04/2023:
Type: Guarantee/Warranty Issues
Summary: Customer tried to pause their subscription but was billed anyway and was refused a refund.

6.) Complaint Submitted Against myFICO on 03/2023:
Type: Billing/Collection Issues
Summary: Customer wanted to upgrade their plan to access all three scores, but the company’s process required canceling and placing a new order.

7.) Complaint Submitted Against myFICO on 02/2023:
Type: Billing/Collection Issues
Summary: Customer’s subscription was paused instead of canceled, and they were charged without authorization.

8.) Complaint Submitted Against myFICO on 02/2023:
Type: Billing/Collection Issues
Summary: Customer’s account was charged for a subscription they didn’t authorize, and they requested a refund and account unlock.

Complaint Submitted Against myFICO on 02/2023:
Type: Billing/Collection Issues
Summary: Customer claimed to have requested subscription cancellation multiple times, but the company continued to charge them.

Overall, the complaints revolve around issues with product accuracy, billing problems, cancellation difficulties, and refund requests. Some customers were satisfied with the resolutions provided by the company, while others expressed frustration with the customer support and billing practices.

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Deane Biermeier