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OVERALL RATING:
4/5
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Products & Services:
4/5
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Cost:
4/5
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Ease of Use:
5/5
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Customer Support & Reviews:
4/5
Our Review
myFICO was created in 2001 as the consumer division of Fair Isaac, the company that invented the FICO score. Since then, myFICO has been providing top-of-the-line credit monitoring and reporting services. Many customers are happy with how easy it is to set up service and regular credit reporting. Depending on the plan you choose, you’ll receive an updated report every month or every three months.
We liked the fact that along with credit reporting and monitoring, myFICO also emphasizes education and tools to help their customers improve their credit for the long term. Starting at $19.95 a month, myFICO products are relatively expensive compared to most monthly subscription costs, but customers often seek credit reporting and repairing when they’re already in need.
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Products & Services
4/5
myFICO provides tiered package options of basic, advanced, and premier. You’re charged monthly for each plan, and there aren’t refunds available. Although many of the plans come with similar features, the real difference is how much credit bureau coverage you’re getting and how often your reports are updated.
For instance, the Basic plan only covers Experian, and your reports are updated once a month. The top Premier plan includes all three credit bureaus and is also updated once a month.
The best part about monthly billing is that myFICO doesn’t lock you into lengthy annual plans. With the ability to cancel at any time, you can switch from Basic to Premier or vice versa, depending on your needs.
Basic
The basic plan only includes Experian credit bureau coverage; however, it updates once every month so that you’ll still have an up-to-date view of your financial health. You’ll also pay less because it didn’t come with identity monitoring that the other two plans feature.
Features:
- FICO scores
- Mortgage scores, auto loan scores, and more
- Credit reports
- Scores and credit monitoring
- $1 million identity theft insurance
- 24/7 identity theft restoration
Advanced
The Advanced plan comes with the extra perk of credit monitoring. It provides reports and monitoring for all three credit bureaus, but your report will only be updated once every three months. You’ll also be able to enjoy the extra feature of identity monitoring.
Features:
- FICO scores
- Mortgage scores, auto loan scores, and more
- Credit reports
- Scores and credit monitoring
- $1 million identity theft insurance
- 24/7 identity theft restoration
- Identity monitoring
Premier
The Premier plan is what you need if you’re working to rebuild your credit from the ground up or want the extra peace of mind that comes from coverage of all three credit bureaus. You’ll also receive credit report updates once a month.
Features:
- FICO scores
- Mortgage scores, auto loan scores, and more
- Credit reports
- Scores and credit monitoring
- $1 million identity theft insurance
- 24/7 identity theft restoration
- Identity monitoring
Pros
- Variety of flexible plan options
Cons
- Customers will need to pay a premium for monthly updates for all three credit bureaus
Cost
4/5
myFICO has a simple monthly billing structure that gives customers the ability to cancel at any time. The Basic plan is the least expensive, while the Premier plan offers the most credit reporting from all three bureaus.
| Package Name | Cost with Interactive Monitoring |
|---|---|
| Basic | $19.95/month |
| Advanced | $29.95/month |
| Premier | $39.95/month |
Savings Opportunities
Although we couldn’t find any savings opportunities or discounts on their website, you can skip the monthly plan and opt for one-time reports. Customers can choose from either a one-bureau credit report for $19.95 or a three-bureau credit report for $59.85.
Your credit report will be viewable for 30 days after you activate it. Along with scores for mortgages, auto loans, and credit cards, you’ll receive tools and education to improve those scores.
Pros
- Customers can choose from monthly or one-time reports
Cons
- There are no other discounts listed on the website
Customer Support and Reviews
4/5
myFICO has overall positive reviews online by third-party websites. On the Apple App store, the mobile app has 4.8 stars out of 5 based on 22.7K reviews. On review sites such as Consumer Affairs, the reviews were a little more mixed.
Many people were happy with the alerts they received, but they wished that the company did more to protect their information and felt that the cost didn’t justify their prices. Yet, customers did like that the service teaches them how to improve their scores over time. The additional education is a unique feature that helps justify the costs. One customer suggested that more tools to help customers fully repair their credit would be welcome.
Negative reviews came from people who felt that the customer service representatives weren’t resolving their issues or granting them a refund when they requested one.
I like being able to have a complete list of credits and past due accounts. For every past due bill I paid I was able to get a higher credit score and qualify for mortgage. With the service I was able to contact creditors and pay past due account on past accounts and raise my credit score. I loved this feature. I can lower my interest rate. This is a great service I would recommend to anyone wanting to build their credit and pay on past due account. This service has outstanding customer service. However, I wish the product came with more tools. I would give everyone a tool to teach people how to rebuild their credit, like a book and a DVD about how to improve their credit. With these tools they would help people become more financially secure.
I was able to log in to myFico.com at any time and see where my scores were and things that were impacting them. Most people assume they know what is on their reports, but you’d be surprised learning and reading through them. Most people assume they know what is on their reports, but you’d be surprised learning and reading through them. The report is also very detailed, so you want to take the time to go through it to make sure it is accurate and not containing false information. But the cost associated with myFico.com was what I liked least about myFico.com. Overall I would recommend myFico.com to anyone who is monitoring or trying to rebuild their credit. It is a great way to see what can positively or negatively impact your score.
Pros
- Customers are happy with detailed reports and easy set-up experience
Cons
- Company could offer more tools and services to help customers repair credit
Company Background
The credit risk score FICO was created by the company, Fair Isaac, and myFICO is the company’s consumer division. This consumer service was established in 2001 so that customers could have a greater understanding of their credit scores and how they could improve their financial health.
Today, myFICO has sold over 23 million FICO scores to customers in the United States. Fair Isaac has a more extended history–since the 1960s, they invented credit risk scoring to help financial services objectively measure the risk they’re taking on.
Pros
- Credit monitoring from the company that invented credit scores
Cons
- Focus more on repairing credit for lenders than credit security
The Bottom Line
If you’re more interested in repairing your credit rather than security, then myFICO is an excellent choice for you. Although each plan offers $1 million in identity theft insurance, you’ll need to purchase the Advanced or Premier plans for identity monitoring.
myFICO provides tools and education to help people improve their credit in simple and easy to understand ways. For instance, one of their tools provides simulated results if you took out a mortgage or paid off credit card debt.
Purchasing one of their plans gives you access to a vast educational network that enables you to learn about credit and FICO scores. Customers will also have access to user forums with over 750,000 members. We believe this emphasis on education and tools is essential so that customers regain a sense of empowerment and agency over their financial health.
Disclaimer
The information featured on this page is based on our best estimates of pricing, package details, contract stipulations, and service available at the time of writing. This is not a guarantee. All information is subject to change. Pricing will vary based on various factors, including, but not limited to the customer’s location. For the most accurate information, please ask your customer service representative. Clarify all fees and contract details before signing a contract or finalizing your purchase.