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MyFICO, offered by Fair Issac Corporation, is an array of products offered to help individuals monitor their credit standing and, in some cases, protect them from potential identity theft risks.
While MyFICO is often compared to services provided by LifeLock, MyFICO’s focus is less on the identity theft monitoring and more on the access to exactly what lenders see when it comes to your current creditworthiness.
Those who are victims of past identity theft and those who are actively monitoring and/or rebuilding credit need a way to intensely monitor their credit files and MyFICO provides an extremely user-friendly way to do just that.
What Does MyFICO Cover?
MyFICO 3B Report
MyFICO 3B Ultimate
MyFICO 3B Identity Ultimate
Some people know you can get a free FICO score from some banks or credit card accounts. However, you typically only get a single FICO score, such as your FICO 8 or FICO 9 score, and only from one of the 3 credit bureaus. The truth is there are 28 different FICO scores. If you’re applying for a home loan, you need to check your FICO 2, 4, and 5 scores since those are the scores most mortgage underwriters use, and these can be as much as 50 to 100 points different than your FICO 8 or 9. You also have different scores for credit cards and auto loan decisions. One of the benefits of getting your FICO scores from MyFICO is they are the only service that shows you ALL 28 of your FICO scores.
Which MyFICO Plan Is The Best?
If you are someone who wants to stay on top of your personal finances and see exactly what potential lenders would see, then MyFICO’s 3B Ultimate is a great investment for you. True Blue recommends this product for those who are also trying to rebuild their credit standing and want to a more proactive approach to controlling their financial security.
What Does MyFICO Do?
- Monitors Your Identity
When you opt for the MyFICO 3B Identity Ultimate plan, you have access to not only credit monitoring but also 24/7 recovery specialists who can begin preventing further damage from a personal security breech. This service also provides lost wallet support that gives you a single place to deactivate cards you carry and begin the reissue process.
- Access To Credit Score
With many of MyFICO‘s packages, you are able to see exactly what lenders see and understand what criteria they use to measure your credit standing. Optimal for someone who is focused on maintaining their credit standing and preparing for big purchases requiring financing.
- Identity Recovery
With MyFICO‘s identity recovery services (Identity Ultimate), you have 24/7 access to an identity recovery team in the event you notice your identity has been compromised.
Learn More About MyFICO
- Is MyFICO Worth The Price?
Potentially. We don’t recommend sinking large amounts of money into products like these unless the customer is serious about monitoring their credit or has been a victim of identity theft in the past. In any situation where your Social Security Number has entered into someone else’s possession, it is key to actively monitor your credit to be sure your information isn’t used against you down the line.
- Why Would I Want To Monitor My Credit Monthly?
Monthly credit monitoring helps people to stay on track when it comes to rebuilding their credit, being able to see first hand the impact of one-time payments and responsibility regarding how they handle credit issues. It is also worth noting that people who have had their identity compromised may benefit from monitoring their credit for a year after to help ensure personal identity is not currently being exploited.
- What Is Another Option To MyFICO?
LifeLock is another great option to MyFICO but lacks some of the credit monitoring tools you may find useful. If your focus is less on full monitoring of your credit and focused on protecting your identity, LifeLock may be a good option to consider.