myFICO Review: Credit Monitoring Features and Costs
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Monitor your credit — and your identity — with advanced tools and alerts from myFICO.
myFICO is a top-notch option for those looking for comprehensive three-bureau credit monitoring. It even offers fun graphics to help you track your credit journey.
The credit scoring model that most financial institutions use when deciding whether to approve you for a loan is called FICO. So why wouldn’t you want a credit monitoring service offered directly from this same company?
In fact, myFICO offers an excellent credit monitoring program. Not only does it offer multi-bureau monitoring, but it comes with some extracurricular perks that you may not expect, namely, a catalog of identity theft prevention measures.
This myFICO review will help you to quickly decide if the service is for you.
How myFICO Works
myFICO delivers your authentic FICO scores from multiple bureaus, depending on the plan you select, to show you precisely what lenders see when they perform a hard inquiry on your credit profile. This makes it easy to quickly compare and check credit reports to sniff out any fraud or errors with your credit.
You don’t have to do it all yourself, though. myFICO will monitor your credit for things like new accounts, negative marks — late payments, for example, new inquiries, score changes, etc.
That’s not all myFICO monitors. It also watches over your identity by leafing through thousands of websites and internet data based — even chat rooms — to detect any possible threats. This ensures your personal information isn’t for sale. And if you happen to fall victim to identity theft, myFICO offers identity theft restoration and up to $1 million in identity theft insurance.
myFICO Features
Advanced Credit Score Monitoring
myFICO is a high-powered credit monitoring service — with a few identity theft features to boot.
Cost
$0 up to $39.95 per month
Credit Reports
Experian, TransUnion and Equifax
Credit Monitoring Features
Inquiries, new accounts, late payments, change of address
Pros
- Authentic FICO credit score
- Credit monitoring alerts
- Identity theft insurance
Cons
- Plans are pricey
- Lackluster identity protection
Why We Like It
myFICO’s three-bureau credit monitoring is the best in the business for staying up to speed on true FICO credit scores from all three credit bureaus. If you want to know what lenders will see when they run your credit, myFICO is the single best option.
Show Pros, Cons and More
Hide Pros, Cons and More
Credit Monitoring Features
While myFICO has its share of identity protection features, including identity monitoring and identity restoration, its bread and butter is credit monitoring.
Free Plan
The Free plan from myFICO comes with:
- Equifax FICO scores, which are updated monthly
- Credit reports
- Score alerts
- Monitored transactions
You’ll also get up to $1 million in identity theft insurance.
Advanced Plan
The Advanced plan costs $29.95 per month. Opt for this, and you’ll get all the benefits of the free version, plus the following:
- FICO scores for Experian, Equifax and TransUnion — updated every three months
- Special scores for mortgages and auto loans
Premier Plan
The most premium myFICO membership is called the Premier plan. It comes with everything from the Advanced plan. However, the big difference is that its three-bureau FICO credit scores are updated monthly instead of quarterly.
That may sound expensive compared to other services that offer credit monitoring, but again — myFICO gives you your true FICO score. Competitors typically use VantageScore, which is a good way to get an idea of your score, but it’s not the scoring model that most lenders use. That’s a massive advantage.
It’s also worth noting that myFICO allows you to buy a one-time credit report at any time.
- Single bureau report: $19.95 — you can choose which credit bureau you’d like.
- Three-bureau credit report: $59.85
True Three-Bureau FICO
Credit Score Monitoring
myFICO rolls credit score tracking, monitoring, and identity theft prevention and restoration into one package to help you stay informed and protect your financial health.
Pros
- Monitor Experian, Equifax and TransUnion scores
- Receive scores for mortgages and auto loans
- Up to $1 million in identity theft insurance
Cons
- Alerts may not be as instant as other services
- The Premier plan with the most features available, costs $39.95 per month
Why We Like It
myFICO is beautiful and intuitive to use, breaking down your credit journey into a very digestible layout.
Show Pros, Cons and More
Hide Pros, Cons and More
User Experience
In terms of user experience, the myFICO app scores well with 4.4 stars on the Google Play Store and 4.8 stars on the Apple App store. The app has more than 50,000 reviews between both platforms.
That said, when it comes to user reviews on ConsumerAffairs, myFICO receives a less-than-impressive one out of five stars. Reviews complain about customer service, pointing out that it’s unnecessarily difficult to cancel your subscription and that refunds are hard to come by. The site also has some positive reviews, singing the praises of the multiple FICO credit scores you can monitor simultaneously, and the convenience of being alerted to potential fraud.
myFICO vs. Competitor OptionsÂ
myFICO vs. LifeLockÂ
LifeLock is primarily in the business of identity theft — think dark web monitoring and social media monitoring. But it also comes with some credit monitoring features, such as three-bureau credit monitoring with the more premium options. Note that it uses VantageScore instead of a true FICO score.
myFICO vs. Aura
Aura differs from myFICO in that it focuses primarily on digital security — from antivirus protection to VPN to data breach monitoring. Aura also dabbles in credit monitoring, offering three-bureau monitoring and the ability to instantly lock your Experian credit file. Again, Aura uses VantageScore.
myFICO vs. Identity Force
The credit bureau, TransUnion, offers IdentityForce and is an identity monitoring service. It scours the internet for your sensitive information to deliver an identity safety score and personalized action plan. You can also receive three-bureau credit monitoring alerts and quarterly reports. VantageScore is the model used.
Final Take
myFICO is best for those who want the best idea of what a lender is looking at when considering you for a loan. It’s also ideal for those that want monthly updates from all three credit bureaus — and are willing to pay for it.
FAQs on myFICO
Here are the answers to some frequently asked questions about myFICO.- How does myFICO work?
- myFICO works by using its proprietary data to reveal your accurate FICO credit score up to once per month. It also gives you different alerts for both credit and identity monitoring.
- Is myFICO safe to use?
- If you're wondering, "Is myFICO safe," know it's as safe as you can expect a major financial company to be. Nothing is impenetrable. But myFICO doesn't sell your data, and it implements authentication measures to ensure its customers' data is protected.
- Does myFICO include identity theft insurance?
- Yes, myFICO includes up to $1 million in identity theft insurance.
- What features are included in myFICO plans?
- Depending on the plan you purchase, myFICO includes features such as three-bureau credit monitoring, scores for mortgages and auto loans, identity restoration and identity theft insurance.
- Is myFICO worth the cost?
- The question of whether myFICO is worth the cost depends entirely on your finances and the value you place on knowing your true FICO credit score. Because myFICO is virtually the only option that displays the exact number lenders see, it may well be worth the money for your needs.
- How quickly does myFICO detect and alert users to changes or threats?
- myFICO says it monitors data once per day — and never on Sunday for TransUnion. This could prove slower than competitors who alert you as quickly as possible when an eligible change occurs.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.