myFico review – is it worth a paid subscription?

Posted on October 6, 2014 by in Travel Deals

Your FICO score is so important (probably the most important 3 digit number you'll ever have the pleasure of) that when checking your score and monitoring your credit you need to know you're with a company that does what it says it will. We see if myFico is one of the good guys.

If you simply want access to your score, some credit card issuers now supply this for free. Barclaycard Arrival, Award and Ring cardholders, Discover It cardholders and Walmart credit cardholders can get this information for free with their statements.

You may want access to your score and not own one of these credit cards. myFico offers two products where you can purchase your score:

FICO Standard is $19.95 and you can choose a report from one of the 3 major credit reporting bureaus – TransUnion, Equifax or Experian.

For $59.85, FICO Score 3-Report View gives you the reports from all 3 of the major bureaus.

If you want more (or regular) access to your info, myFico monitors your credit reports from the major credit reporting agencies and helps you to understand and keep track of your credit with two credit-monitoring products:

FICO 3-Bureau Credit Monitoring costs $19.95pm or $219pa, with a 3-month minimum subscription required. It reviews and monitors your three credit reports and three FICO scores and you can get a detailed analysis of your scores.

Score Watch monitors your FICO score and tracks its progress, giving you instant notifications. It costs $14.95pm or $149.95pa, and there's currently an offer of $4.95 for the first month (which auto-renews to the usual monthly cost unless you cancel).

Are these products worth the cost? Let's look at the reasons why the main myFico products are worth purchasing:

– Get a personalized summary of the factors affecting your scores
– Customize your score alerts for Equifax credit data
– Compare each bureau's credit data side by side
– Easily track changes
– Use the FIFO Score Simulator for all 3 bureaus and see how your financial decisions may affect your scores

All of these are big plus points to using myFico. The fact that data from all three bureaus can be compared is a great feature and the intelligent alerts are an excellent addition. I especially like the simulator and it's something I haven't seen elsewhere. You can simulate scenarios like paying off your card balance, making regular payments and paying your bills on time.

It may not be worth a continual subscription to myFico long-term, depending on your financial circumstances, so I would suggest trying it out for yourself first.

Try Score Watch while the $4.95 first month offer is available, to see if you think it's worth investing in. Most complaints I read online about myFico were because the consumer forgot to cancel. Once this happens, myFico locks you into a subscription and they refuse point-blank to let you out early. They are upfront about this on their website and my view is that if you forget to cancel then it's absolutely your fault. So if you're thinking of trying this and may want to cancel, just set an alert to remind yourself!

This also applies if you're thinking of trying the 3-month subscription of FICO 3-Bureau Credit Monitoring. Set an alert to cancel the subscription just in case. You may be very happy with the service and not want to, but if you find out somewhere down the line that you don't need it or want it anymore, it's better to be reminded that you do have the choice of cancellation than be locked into something unnecessarily.

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