MyFICO is the consumer division of Fair Isaac, the company that invented the FICO credit score. The company was formed to focus on helping financial institutions to improve their business performance and offering credit-information products that help consumers understand actions they can take to protect their credit standing.
They are allied with national credit reporting agencies — Equifax and TransUnion. They have a BBB Rating of A+ on a scale from A+ to F. The BBB processed a total of 42 complaints about www.myfico.com in the last 36 months. Of the total of 42 complaints closed in 36 months, 11 were closed in the last year.
How myFICO Works
The website offers many different credit information products, which include FICO standard, FICO Quarterly Monitoring, Score Watch, Suze Orman’s FICO Kit Platimun and IDFreeze. Depending on your financial situation and your financial goals you will need to choose one product or more.
If you are new to credit and you just want to see your credit picture you may try FICO Standard. However, if you are getting a loan and need to know what to expect consider trying Suze Orman’s FICO Kit Platinum.
There is also 10-day trial membership in Score Watch. You will begin the trial membership when you order your free FICO Score. If you don’t cancel your membership within the trial period, you will be billed $14.95 per month. And you may cancel the trial membership anytime within the trial period without charge.
Pros and Cons
The benefit of having a good FICO credit score or rating is not only about the chances of getting a loan. It improves your chances of getting a loan and lower is the interest charged on the loan as well. By getting a credit product from a reputable company you can anticipate and avoid last-minute surprises when making a big credit purchase such as home or auto loan.
According to the company, the difference in interest charges between a person who has a score of 500 and other with a 720 score is 4.54 percentage points. This means, on a $ 100,000, 30-year mortgage, you could pay an extra $117,152 in interest charges. Or, in monthly payment, the difference, of your potential saving, would be $326.
Also, your credit score is not as good as you think. It all depends on where you got your credit rating and what kind of score it is. FICO scores are the industry standard of credit scores that lenders use. There is no reason to get other credit scores when your lenders only see your FICO scores.
If you are considering trying their 10-day membership make sure you remember the next billing date. The BBB noted that the majority of reported consumers’ complaints are related to billing and collection issues, which include unauthorized credit card charges and billing errors.
Is My FICO Right for You?
MyFICO has won Kiplinger’s Award for the best place to obtain consumer credit products and advice for the 2nd year running. This is a subsidiary of the company that invented the FICO Score, Fair Isaac Co. If you’re looking for the place where you can get your FICO score, the credit score that lenders use, then myFICO is the best place.
Now, what’s your credit situation? If you’ve never checked your credit consider getting a FICO Standard. By paying $19.95 you’ll get a credit report and FICO score from either Equifax or TransUnion — or both — and the FICO Score Simulator to estimate how certain changes could impact your score in the future.
But if you’re getting a loan and need to know what to expect try the Suze Orman’s FICO Kit Platinum for $49.95. It provides you with 3 credit reports, a personalized Action Planner, and FICO Score Simulators. This credit product helps you minimize the chances of either being denied or paying more than you should for the loan.