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Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
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myFICO credit monitoring service — Is it worth the money?
Madison Blancaflor is the managing editor for TPG's content operations team. She focuses on helping TPG's broader editorial team bring news, features and advice to readers. She has nearly six years of experience covering the credit cards and travel industries.
May 15, 2020 • 7 min read
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Quick summary
myFICO offers subscription-based credit monitoring with varying levels of depth, including identity theft insurance and detailed FICO score analysis.
The service provides access to FICO scores used by lenders for mortgages, auto loans and more, across all three major credit bureaus.
Users receive personalized insights, simulations of how financial actions may affect their scores and regular credit report updates.
While free credit monitoring options exist, myFICO is positioned as most valuable for those preparing for significant financial decisions like home purchases or loan refinancing.
What to consider
myFICO subscriptions range from basic to premier, with differences in bureau coverage and update frequency.
There is no free trial, and the service may not be necessary for those only seeking basic credit monitoring or annual error checks.
Free annual credit reports are available from each bureau, which may suffice for routine monitoring.
What you'll miss from the article
A detailed comparison of myFICO's subscription tiers and guidance on when a paid service is worth considering over free alternatives.
Generated by AI with support from our editorial team.
These days, there are a lot of products online claiming to help you monitor (and sometimes even improve) your credit score. While some of these paid services are a scam, there are a few that provide a real service to individuals who want a deeper look at their credit report and identity theft insurance.
But are these plans worth it? If you have a credit card, it's likely that you have access to a credit monitoring service through your issuer where you can check your credit score. If so, what's the real benefit to using a paid service like this? Today I'm running through the subscription options for myFICO to determine just that.
MyFico is the consumer division of FICO®, the Fair Isaac Corporation. The FICO credit score model is the most common credit score used by lenders in deciding your creditworthiness for a new account.
The site offers three levels of subscription-based credit report monitoring, from basic to premier. Here is a rundown of each level and the services each provides.
Basic - $19.95 per month
Experian credit reporting
Monthly updates
FICO Scores
Scores for mortgages, auto loans and more
Credit reports
Score and credit monitoring
$1 million identity theft insurance
24/7 identity restoration services
Advanced - $29.95 per month
Complete 3-bureau coverage
Quarterly updates
FICO scores
Scores for mortgages, auto loans and more
Credit reports
Score and credit monitoring
$1 million identity theft insurance
24/7 identity restoration services
Identity monitoring
Premier - $39.95
Complete 3-bureau coverage
Monthly updates
FICO scores
Scores for mortgages, auto loans and more
Credit reports
Score and credit monitoring
$1 million identity theft insurance
24/7 identity restoration services
Identity monitoring
Each plan also provides a unique analysis of your FICO score. You'll see where you stand compared to those with top scores in the 785+ range. You'll see how your score could impact things like loan rates, monthly payments and more. And you can run simulations on what certain activities (such as opening a new credit card) may do for your score.
If you don't want to pay for a subscription, you can also pay for a one-time report from one or all three of the major credit bureau.
myFICO provides a more in-depth look at your credit report and accompanying FICO scores from each of the major three bureaus. (Photo by cnythzl/Getty Images)
Advantages of using the service
The primary advantage of using myFICO as opposed to your credit card's free credit score tool is that you're getting a more in-depth, full picture of your credit health.
Fun fact: There is more than one type of credit score. Different types of lenders look at different criteria when deciding approval terms. Typically, a credit card issuer or third-party service may provide you with a scoring related to credit card applications. But with a service like myFICO, you'll also be given your true FICO scores for mortgages, auto loans and more from all three major bureaus.
In my opinion, this service is most valuable for those who are about to make a huge financial decision such as buying a house, refinancing a major loan or buying a new car. The application process involved for mortgages can be especially in-depth and strenuous, and having an inside look at your credit reports ahead of time can help you prepare.
A personalized analysis of your credit score can help you understand where you stand, as well as help you determine the steps you need to take in order to put your best foot forward going into a new credit application.
The FICO Score Simulator can also help you make game plan for improving and or maintaining your FICO scores. For example, you can see how opening a new credit card or paying down debt may impact your scores across the three major bureaus.
Lastly, the identity theft insurance and identity monitoring services offered are nice-to-haves. While I wouldn't say they are defining features of the myFICO service but it provides peace of mind in the same way credit card trip insurance does. You never know how valuable it really is until you find yourself using it after an unfortunate turn of events.
These services are most valuable to those preparing to make a major financial change such as applying for a mortgage. (Photo by Amanda Andrade-Rhoades for The Washington Post via Getty Images)
Is myFICO a necessary cost?
This depends on your goals and what you hope to get out of the program. If you just want to monitor your credit score, there are plenty of free ways to do so. Even if you're only after a credit report for annual error checks, keep in mind that you are entitled to one free report from each bureau every year. In those instances, myFICO isn't worth the cost.
However, those who are looking to make major financial moves in the coming months could find real value out of this service. The level of depth provided by the reporting and insights given around how different factors affect your score specifically can help you position yourself for success going into a mortgage application or refinancing discussions.
If you are going to pay for a credit monitoring service, myFICO is a great option. It's not what I consider a cheap service (especially since there isn't a free trial available for users to test it out), but it is a trusted company that will provide you a real, in-depth look at your credit reports and assorted FICO scores.
However, before you hit subscribe, make sure that you need this level of service. Are you just looking to stay on top of your credit score to ensure you're likely to be approved for that new credit card? There are great free resources out there for that. Are you looking for a way to check your credit reports for errors? Bureaus are required to give you a full report once per year at no cost. But if you want a detailed look at your FICO scores and an analysis of how you can get the most favorable terms on an upcoming major credit line application (such as a mortgage), I'd say that the service is worth looking into.
Comments
By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
