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myFICO Review |
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Best way to monitor your FICO score but otherwise limited |
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myFICO Score Watch's biggest advantage over the competition is in the type of credit score it delivers - the FICO score. The FICO scoring system is the one most lenders use in determining your credit score so in our opinion is the best score to get. However, Score Watch only computes that score based on your Equifax credit report, so your FICO score could be significantly different when based on your Experian or TransUnion report. Nevertheless, your Equifax FICO score is a great piece of data to know as it is an excellent barometer for what type of rates you are likely to get on loans (home, car, etc.) and what type of credit cards you may be able to get approved for. myFICO Score Watch makes sure you always know your Equifax FICO score by first giving you two free Score Power reports per year (these reports include your latest FICO score, your latest Equifax credt report, a FICO Score Simulator that estimates what your score would be if you took certain actions, as well as a full explanation of factors affecting your credit score). Then myFICO will give you your updated FICO score any time there is a change to your credit report so you are ensured of always knowing your most up-to-date score. myFICO Score Watch is built around monitoring your FICO score but is also one way to guard against identity theft since they monitor your Equifax credit report daily. You'll get an email alert within 24 hours of any change to your report or inquiry into your credit file. Of course, since you get your full Equifax credit report twice per year and are alerted to any change in it, it's also a good way to make sure there are no errors on your Equifax credit report. However, we believe that to guard against identity theft, you should really be monitoring your credit reports from all 3 bureaus, not just Equifax so myFICO Score Watch is lacking in that department. One of the best aspects of myFICO Score Watch is that they offer a 30 day freee trial. This will give you plenty of time to make sure you like the service, and if you don't, you just end up getting a lot of valuable data for free (just buying your Equifax FICO score would cost $16). While Score Watch charges an annual rate of $89.95, that comes out to only $7.95 per month, making it one of the most affordable credit monitoring services while also being one of the better ones. If you cancel after the free trial ends, myFICO will give you a pro-rated refund for the time you did not use, with the one catch that you cannot cancel within the first three months of the service after the free trial ends. While we think myFICO Score Watch is a great service, it does not offer everything. Since the FICO score they give you is based only on your Equifax credit report and they only give you an Equifax report, you won't know if there are errors on your Experian or TransUnion reports nor will you know what your scores are based on those reports. And as we previously mentioned, it is not great for guarding against identity theft because it only monitors one bureau. Score Watch does not offer any identity theft insurance, although this insurance is a bit overrated in our opinion as it typically only covers limited expenses incurred in recovering your identity. However, taken as a whole, the combination of the FICO scoring system, the 30 day free trial and the low cost of this service make it a great value and an excellent choice for those most concerned with keeping tabs on their credit score. |
| Free Reports & Scores: | Free FICO score & Equifax credit report |
| Free Trial & Monthly Fee: | 30 day free trial; $7.50 per month w/ 1 year prepay |
| Reports & Scores Delivered: | FICO Equifax upon any change in credit report and 2 free ScorePower reports per year (Equifax credit reports included) |
| Bureaus Monitored: | Equifax |
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