We all know the importance of having a good credit score. A bad credit score can affect us in so many ways, from making it hard or even impossible to get a loan, rent an apartment or even land the job we want.
And while we are in many cases responsible for messing up our credit score (because of late payments, when we file for bankruptcy, because of unpaid judgments and more), there are also cases in which we are not the guilty ones. You might fall victim to identity theft, your data might get hacked and so on. That is why is important to constantly monitor our credit, by ourselves or through a credit monitoring service.
What does credit monitoring imply?
Credit monitoring services are constantly analyzing and reviewing your credit report to make sure everything looks good, there are no inaccuracies, suspicious changes on it or fraudulent activities that can compromise your finances and your creditworthiness.
One of the significant reasons why people use these credit monitoring services is to protect themselves from identity theft and financial fraud. Some examples of how things can go wrong and affect you are when someone makes illegal purchases using your name/credit card, files for medical care using your name, tries to apply for a loan using your name and so on.
Credit monitoring services are offered by banks, specialized financial companies and even by credit bureaus. That doesn’t mean that you can’t monitor your credit yourself, it’s just that it takes a lot of time and it’s not the most pleasant activity.
One thing you should know about credit monitoring services is that they can’t prevent financial fraud from happening. All they can do is alert you in case it occurs, so that you can minimize the damages.
What is MyFico?
MyFico is one of the most popular names that pop up whenever you are talking about credit monitoring services. The reason for that is that it is a credit monitoring service offered by FICO and we’ve all heard about FICO. FICO (Fair Isaac Corporation) is the company that invented the FICO credit score, which is the most widely recognized and used score model (over 90% of all lenders use the FICO score). Roughly every time you try to get a loan, buy a new car or house, your FICO score will weigh a lot in the final decision of the creditors.
What is the pricing for MyFico?
MyFico offers both credit monitoring services and one-time credit reports.
Available subscriptions for credit monitoring
There are 3 options to choose from: Fico Basics 1B, Fico Ultimate 3B, Fico Ultimate 3B+.
Fico Basics 1B is priced at $19.95/month and includes 1-bureau credit monitoring and a monthly credit report.
Fico Ultimate 3B is priced at $29.95/month and includes 3-bureau credit monitoring and quarterly credit reports.
The third option is Fico Ultimate 3B+, which costs $39.95/month and includes 3-bureau credit monitoring and monthly credit reports.
What does MyFico offer?
In case of any changes to your credit report, you will be alerted within 24 hours through e-mail or text.
If you opt for their costlier plans, you also get black market web surveillance.
MyFico doesn’t just offer credit monitoring and one-time credit reports, but also identity restoration services in case your ID gets stolen. MyFico offers up to $1 million insurance. This service monitors up to 10 credit card numbers.
You can also use MyFico with your mobile devices, thanks to the MyFico app that is compatible with iOS and Android devices.