myFICO offers credit scores, credit reports, and credit monitoring services along with additional features and credit services that can help you monitor your credit reports and improve your credit scores.
myFICO.com is the consumer division of Fair Isaac Corporation, which is the company that created the FICO credit risk score that lenders use to determine your credit worthiness.
myFICO offers access to your credit reports and credit scores, and they also offer credit report monitoring and credit score monitoring services that can protect you against credit fraud and identity theft, or monitor your credit score to help you reach your target score.
It is important to understand that you can Order Your Free Credit Reports in order to review your credit history and verify that your reports are accurate, so you do not need to pay to receive your credit reports, as you are entitled to one credit report from each credit bureau every year.
However, if you want to receive your credit scores as well, you will have to pay for them, and myFICO offers several different combinations of credit reports and credit scores from all 3 of the major credit bureaus including Equifax, Experian, and TransUnion, as well as credit monitoring services if you want to help secure yourself against identity theft or monitor your credit score.
myFICO Credit Reports and Credit Scores
myFICO offers 2 main products for consumers who want to receive their credit reports and credit scores, along with additional features and services, including FICO Standard and Suze Orman’s FICO Kit Platinum.
The FICO Standard option offers you your choice of 1 credit report and 1 credit score from Equifax, Experian, or TransUnion.
You get instant online access to your credit report and score, and they will be viewable for 30 days thereafter.
FICO Standard includes an explanation of your credit report and score including the positive and negative factors that are affecting your credit score, and it also offers access to the FICO Score Simulator, which shows you how certain actions like paying off your credit card debt or taking out a loan could affect your FICO scores.
It also includes suggestions for actions that you can take to increase your FICO score into the higher ranges.
FICO Standard is the basic option, and it’s perfect if you really are just looking to find out your credit score and review a copy of your credit report.
Suze Orman’s FICO Kit Platinum
The Suze Orman’s FICO Kit Platinum option offers you a total of 3 credit reports and FICO credit scores from your choice of Equifax, Experian, and TransUnion, plus a customized guide to help you get the lowest credit card rates, get out of debt quicker, and save on automobile loans and mortgages.
This includes credit explanations, suggestions to increase your FICO score, access to the FICO Score Stimulator, and a complete personalized guide to assist you with your credit needs.
You simply answer a few questions, and based on your financial goals, FICO scores and credit report information, the FICO Kit Action Planner will walk you the a step-by-step process to help you take control of your credit and increase your FICO score into the higher ranges.
Other personalized features of Suze Orman’s FICO Kit include a credit card debt eliminator program, day-to-day bill reminders, online loan coaching, and more services to help you take control of your credit history.
Suze Orman’s Kit is the perfect option if you want to get a complete picture of your credit history and credit score, and you would like to receive step-by-step assistance in the appropriate actions that need to be taken to understand and improve your credit rating.
myFICO Credit Report Monitoring and Credit Score Monitoring
myFICO offers 2 products to help you monitor your credit reports and your credit scores, which also provide you with copies of your credit reports and scores, including the Score Watch plan and the FICO Quarterly Monitoring plan.
The Score Watch option monitors your credit reports and credit scores, and it notifies you of important changes like when you reach your target score or qualify for a better interest rate.
Score Watch monitors your Equifax credit report on a daily basis and your FICO score on a weekly basis, and you’ll receive alerts via email or wireless text messages when an important change to your Equifax report or FICO score is detected, such as an unexpected change to your credit report that causes your FICO score to drop, or when your FICO score changes enough to impact the interest rates you are likely to receive.
myFICO Score Watch allows you to set a target FICO score and receive a notification when you reach it.
You’ll also see your new FICO score every time you get an alert of a change to your credit report, and you’ll be provided with 2 free Score Power reports each year.
Score Power reports include your Equifax credit report, FICO score, and additional credit file information.
Score Watch is an ideal option if you are interested in monitoring your credit score and reaching a target score, and it also protects you against identity theft and credit fraud.
FICO Quarterly Monitoring
The FICO Quarterly Monitoring option monitors your credit reports and credit scores as well as 400 other data sources for signs of identity theft, and it also tracks key elements of your credit over time. The FICO Quarterly Monitoring service costs $4.95 per month or $49.95 per year.
The FICO Quarterly Monitoring plan monitors your TransUnion credit report and FICO score 4 times a year for important changes that could affect your credit score or indicate that your credit has been compromised, and it provides email alerts when any changes are detected.
It also monitors 400 data sources for new information tied to your identity such as new addresses, new social security numbers, and other information that could mean your identity has been compromised.
The FICO Quarterly Monitoring plan keeps track of your credit throughout the course of the year and shows you what types of rates you might qualify for as well as actions you can take to get your score into the higher ranges.
It also provides $25,000 in identity theft insurance to help you recover your losses if your identity is stolen while you are a member, as well as other debt resolution and credit dispute tools to help you take control of your credit history.
FICO Quarterly Monitoring is designed to protect you against identity theft and credit fraud, plus help you monitor your credit score.
However, since the Quarterly Monitoring service only monitors your credit reports and credit scores 4 times a year, it may be worth the additional money to sign up for Score Watch, which monitors your credit reports on a daily basis and may better provide you with ongoing protection.
Overall, myFICO provides several great options if you are looking to receive access to your credit reports and credit scores, as well as credit monitoring services if you would like to protect yourself against identity theft and monitor your credit score.
Even if you decide not to sign up for credit monitoring services, you should still understand how to monitor your credit reports.