The FICO score is a type of credit score developed by the Fair Isaac Corporation (FICO). This is the score most lenders look at when evaluating your credit file. Composed of various components such as payment history, amounts owed, length of credit history, credit mix, and new credit, the FICO score can range between 300 and 850. The higher the score, the better.
While there are various platforms and credit monitoring institutions you can use to keep an eye on your credit score, there's arguably very few better than using the platform developed by FICO itself, MyFICO. MyFICO is a credit and identity monitoring solution that gives you a bird's-eye view of all your important credit accounts, along with identity theft alerts.
In this article, we'll dive into MyFICO's features, pricing, and in-use experience in detail so that you can make an informed decision about whether it’s worth your attention and money.
MyFico: Plans and pricing
MyFICO offers a range of plans to help consumers monitor their credit and identity, with pricing structured across different tiers. The free plan provides basic coverage, including a FICO Score 8 based on Equifax data, monthly Equifax credit reports, and 24/7 credit monitoring.
For more comprehensive coverage, MyFICO has three paid subscription tiers that automatically renew each month:
Advanced Plan: Priced at $29.95 per month, this plan offers three-bureau coverage (Experian, TransUnion, and Equifax) with credit reports and FICO Score updates every three months. It includes comprehensive credit monitoring, FICO Score monitoring with alerts, and identity monitoring. Additionally, it provides $1 million in identity theft insurance and 24/7 identity restoration. Features like the FICO Score Simulator and "How Lenders View You" analysis are also included.
Premier Plan: This top-tier plan costs $39.95 per month and offers a few additional benefits over the Advanced plan. Firstly, your credit scores and reports are updated every month instead of every three months. Secondly, you get an additional simulator for your FICO mortgage score. This lets you see how different financial actions can impact your FICO Scores 2 and 4, which are used by mortgage lenders. Besides this, all other benefits remain the same as the Advanced plan.
MyFico: Features
MyFICO offers a comprehensive suite of features designed to empower you with knowledge and protection over your credit and identity. With MyFICO, you receive FICO Scores and credit reports from all three major credit bureaus: Experian, TransUnion, and Equifax. This is essential because 90% of top lenders rely on FICO Scores. By reviewing your reports from all three bureaus, you can identify discrepancies and errors that may be negatively impacting your scores.
Additionally, MyFICO provides credit monitoring and alerts, continuously tracking significant changes such as new accounts or inquiries. This allows you to quickly detect potential identity theft or fraudulent activity and take immediate action if necessary. You will also benefit from FICO Score monitoring and a history graph, which visually displays your score's progression over time, helping you understand how your financial decisions impact it.
One particularly helpful tool is the FICO Score Simulator, which enables you to explore "what if" scenarios, such as how paying down debt or applying for a new loan could affect your score. This feature empowers you to make informed financial choices before taking action.
Beyond credit monitoring, MyFICO offers identity monitoring by scanning the dark web and public records for your personal information. If your information is compromised, you will receive alerts. In the unfortunate event of identity theft, you are protected by identity restoration services and up to $1 million in identity theft insurance. This coverage includes 24/7 access to specialists who can assist you in recovery and provide financial protection for related expenses.
Finally, MyFICO provides valuable credit education and customer support to help you understand the complexities of credit and offer assistance whenever needed. Together, these features give you a complete picture of your financial health, proactive protection, and the tools to confidently manage your credit and identity.
MyFico: Interface
MyFico truly stands out in the realm of identity theft prevention software, especially when compared to many other programs that often resemble outdated tax software from a decade ago.
Once you log into your main MyFICO dashboard, you'll see three gauge charts showing your credit scores from all three credit bureaus. On the side panel, you'll find various options to drill down into your scores, such as General Credit, Credit Cards, Mortgages, and Other Loans, which show how each of these factors is impacting your current credit scores.
On the top bar, you'll find four options: Scores, Alerts, Reports, and Simulator. The mobile app is also pretty simple to use, with the same gauge chart at the top, followed by the various loan types and insights below.
The app boasts an intuitive layout, allowing users to easily navigate and access key features. Checking your credit score is a swift and straightforward process, while delving into potential credit issues or assessing identity theft notifications is just as seamless.
MyFico: Support
Users who are facing problems can get assistance from the MyFico support team. A direct toll-free number is provided, along with what appears to be an email address but, upon selecting it, directs the user to a support portal. The business is open Monday through Friday from 6 AM to 6 PM and on Saturday from 7 AM to 4 PM PST. However, we didn’t find any live chat option.
Additionally, MyFICO offers a knowledge hub where you can search for frequently asked questions on topics such as payments and billing, FICO scores, credit reports, and more. Overall, the support options are decent, given the platform's relative ease of use. You're unlikely to encounter any unusual technical hurdles while using it.
MyFico: The competition
While MyFICO is the official consumer division of FICO and offers direct access to the widely used FICO Scores, several strong competitors provide comprehensive credit monitoring services, often with different focuses.
One of the most prominent competitors is Experian, one of the three major credit bureaus. Experian offers its own free credit monitoring service, providing access to your Experian credit report and FICO® Score. They also have a unique feature called Experian Boost, which allows users to potentially increase their FICO Score by including on-time payments for utilities, phone bills, and streaming services. While MyFICO also offers FICO scores, Experian's direct connection to one of the bureaus and its Boost feature offer a distinct advantage for some consumers.
However, both MyFICO and Experian are primarily credit monitoring tools rather than identity theft protection platforms. Sure, MyFICO does offer some identity theft features, but they are more ancillary in nature. Other platforms like IDShield and IdentityForce are more focused on identity theft protection.
For instance, both platforms offer comprehensive real-time identity breach alerts coupled with deep dark web and social media scans. There's also a smart SSN tracker that sends you instant alerts if any suspicious names or addresses are associated with your Social Security number. Lastly, some platforms like Norton LifeLock can also scan various data broker websites for your information and submit removal requests on your behalf.
MyFico: Final verdict
If you’re someone with a lot of investments, financial accounts, or lines of credit and want to monitor your finances closely at all times, then MyFICO is one of the best choices for you. You get detailed reports and scores from all three credit bureaus, along with instant alerts for any changes or new accounts. You can view your FICO scores and score history graph, along with a FICO score simulator that helps you plan your future finances.
However, MyFICO is a bit on the expensive side, with plans starting at $29.95 per month. It also isn't a dedicated identity theft protection platform and offers only limited features in that regard. If you're looking for a full suite of identity protection features, such as deep dark web scanning, SSN tracking, address and phone monitoring, as well as identity restoration services, you'll have to consider other platforms such as Norton LifeLock, Aura, or Bitdefender.
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